Can I hire a personal credit along with a housing credit?

Is it possible to hire a personal loan together with a mortgage?

Yes, it is possible to hire a personal loan along with a home loan. This process usually occurs in order to cover expenses such as furniture, renovations, or other needs when buying a house. However, it is important to assess the impact on the family budget.

By accumulating credits, the effort rate (percentage of income dedicated to paying credits) increases, as well as the risk of over-indebtedness. It is generally recommended that the total of installments does not exceed 30-40% of the family's monthly income (effort rate).

As such, it is essential to compare conditions and interest rates, as personal credit generally has higher rates than housing credit.

So, to understand if you can hire both credits simultaneously, follow the following steps:  

1. Evaluate the effort rate: Make sure that the installments are affordable in the monthly family budget.

2. Analyze the deadline and rates: Personal credit has higher rates and shorter terms; 

3. Consider consolidated credit options: Consolidating credits can help reduce rates, change terms, and decrease the total amount of monthly installments into one installment.

Consulting with a specialist can be useful to better understand the impact of benefits and choose the best financial strategy.  

To achieve this, you can count on the credit intermediaries of Poupança no Minuto for a process of continuous cooperation at no cost! Save yourself from bureaucracies and headaches, to save money. Simulate now: Poupança no Minuto