16 Critical Things to Know About Getting a Mortgage in Portugal in 2024

Kalie from ExpatsEverywhere sits down with Rafael, a mortgage broker in Portugal, to discuss the top things you need to know about mortgages in the current market. They talk about current rates, how to get pre-approved, the optimal timeline for a mortgage, and more.
Want to get in touch with Rafael? Email Kalie and she will introduce you: [e-mail]
* ABOUT US *
Josh and Kalie left the US for a life abroad in 2009 and haven't looked back. They have lived in Spain, South Korea, Saudi Arabia, Singapore, and are currently in Portugal. Yes, they realize they only moved to countries starting with the letter "S" until they spoiled that streak with their move to Portugal. Follow ExpatsEverywhere as we aim to get information to you through expat interviews, city breakdowns, expat life, travel, vlogs, and more.
* VISAS FOR PORTUGAL *
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* YOU NEED THESE FOR YOUR D7 & REMOTE WORKER VISAS *
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*LEARN A LANGUAGE
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* TAXES
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*AROUND PORTUGAL
Want to check out some awesome spots we like around Portugal? Check out our Atly Map: go.steps.me/hvX41KPnDwb
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#ExpatsEverywhere

[@ExpatsEverywhere]

Note: The forms referenced should be the US 1040 and in England the P-60, thank you. - Josh

[@REASONFORTRUTH]

There is no channel like this. Kalie and Josh address Portugal very practically, accurately and very applicable.

[@ExpatsEverywhere]

Thank you very much. We appreciate that support and vote of confidence. :-) - Josh & Kalie

[@lokimikko3516]

Wife n' I definitely recommend Rafael. His group were very proactive and kept us updated through the process. His recommended realtor (Mariana) and lawyer (Emilia) have been rockstars. We bought the place for €8k below listing!!

[@ExpatsEverywhere]

Thanks for the feedback!! Great stuff. Congrats on the purchase. - Josh & Kalie

[@RICARDOABECH]

Well, hard to say but Portuguese list prices are normally inflated 15 to 20%,not like USA or UK where list prices are much more firm and you can search history of prices in the area. Sometimes you may feel like you did a great deal where in reality, you overpaid.

[@mariacorreia8362]

How much did they charge you for the service ?

[@redsand06]

Raphael and his team are amazing! Cannot recommend them enough! Buying in Portugal isnt easy, but Raphael and his team were the easiest part of the process.

[@rafaelfonsecaportugal]

Thank you so much for your great comment! Count on us for everything. Rafael

[@ExpatsEverywhere]

Thanks for your vote of confidence in Rafael and his team! - Josh & Kalie

[@carminfrancisco9512]

Rafael and his team are helping us right now during our property purchase. He is so informative and knowledgeable (and calms our nerves 😊) ! His team is very responsive and helps us to feel confident while we wait for the deed date.

[@ExpatsEverywhere]

Thanks for the feedback and comment! We also appreciate your public subscription. You're coming up on 8 months with us! - Josh & Kalie

[@Brasilcat]

Rafael is the best. He was a tremendous help and extremely professional in assisting us purchase our home in 2022. I would recommend him to everyone looking to finance a property in Portugal!

[@ExpatsEverywhere]

Thank you for the message. Glad to hear that worked for you. - Josh & Kalie

[@mariacorreia8362]

How much he charged for his service ( Rafael )?

[@ExpatsEverywhere]

@@mariacorreia8362 Rafael's services are free to the client. The banks pay Rafael a commission for bringing them business. - Josh

[@planecrazyish]

Fantastic video 👏👏👏👏👏👏👏👏👏 most informative and detailed video on buying property in Portugal that I have ever watched on KZbin. This agent is on the ball and clearly competent 👍.

[@ExpatsEverywhere]

Thank you very much. We really liked the way this one came together. Thanks for the feedback. - Josh & Kalie

[@_LifeIsGood]

I can attest to this for just going through the process here in Portugal as an American citizen. The pre-approval takes 2 days. The approval from the bank takes about two weeks. Then the bank must schedule an evaluation of the property. This bank will charge you for this valuation about €250. They will not go by any other valuation of the property by any other bank, even if one was done within the same month by another bank. This new valuation (appraisal) takes about two weeks to schedule and then another week until it is performed. When the valuation is finished, then you go to the bank to sign the loan documents which the bank will require you to open an account that has a monthly fee. A free account is not permitted. If this entire process bleeds into a new month, then the original fixed rate you were approved for, even if you signed the loan documents, the new month will change your rate based on the fluctuations in the market. This fixed rate you were approved for keeps changing each month until you sign the deed of the house. Only then is your rate locked in with the bank. This entire process that takes about 1 week in the USA, takes almost 2 months in Portugal. Why it’s so slow here, I have no idea.

[@ExpatsEverywhere]

True. :-) Same thing for us. - Josh & Kalie

[@charmerci]

Probably depends on where and when. I did it in January in a smaller town. Got everything done in 5 weeks and two of those weeks were 10 business days we had to wait to see the notario. It actually would have been a little quicker if I hadn't been out of town twice when the bank wanted me to sign/approve the proposal/offer!

[@tamaramadelin4831]

Closed in 30 days, but I think only because my husband is an EU citizen and has an EU pension...Bank loved that!!!

[@flaviamitkiewicz3125]

Congratulations for the interview!Rafael is the best mortgage broker for foreigners in Portugal! I do recommend him.

[@rafaelfonsecaportugal]

Thank you !

[@ExpatsEverywhere]

Simply the best! :-) - Josh & Kalie

[@ribl1000]

6% in Canada. Damnnn 3% is wild.

[@ExpatsEverywhere]

Yea, it is pretty wild. - Josh & Kalie

[@suebowman7258]

Kalie asked great questions! Excellent video! Thank you.

[@ExpatsEverywhere]

Thank you for the feedback, Sue! We appreciate it. :-) - Josh & Kalie

[@ribl1000]

Thanks for asking great questions!

[@ExpatsEverywhere]

Thank you. Most of it was client and audience questions. We just post them together to fire at Rafael. - Josh & Kalie

[@larryalesi6356]

Wow great segment! Very informative. He answered many of my questions and highlighted the need for help navigating the Portuguese system when we decide on moving. It will be a big investment and there shouldn't be any need to make costly mistakes if there's help like this available.

[@ExpatsEverywhere]

Thanks for the comment, Larry! That's really nice feedback. We actually took common client questions and community questions to put this video together. Let us know if you'd like to be introduced to Rafael. - Josh & Kalie

[@moniquemoran9390]

Great interview! We highly recommend working with Rafael and his team. He is a very knowledgeable and trustworthy mortgage broker. Everyone we worked with that he recommended were also very helpful.

[@rafaelfonsecaportugal]

Thank you Monique ! Happy Easter

[@ExpatsEverywhere]

Thanks, Monique! We appreciate the feedback. - Josh & Kalie

[@terrisokolow7796]

Great info, Kalie!

[@ExpatsEverywhere]

Thanks, Terri! - Josh & Kalie

[@homyce]

Great video, thanks a lot!

[@ExpatsEverywhere]

Thank you. Thanks for watching. - Josh & Kalie

[@miguelbarradas9858]

Thank you 👏👏👏👏

[@ExpatsEverywhere]

Thanks for watching. - Josh & Kalie

[@christobar]

Great information! Thanks for setting up this great conversation.

[@ExpatsEverywhere]

Our pleasure! Thanks for watching and commenting. - Josh & Kalie

[@seamusp5991]

Great information and, as ever, great interview. Thanks!

[@ExpatsEverywhere]

Glad you enjoyed it! Thanks for the comment, Seamus! - Josh & Kalie

[@GeraldFigal]

Great info. It puts me back into my original idea of buying sooner rather than later even if we’ll be applying for visa later. We shouldn’t have a problem getting a mortgage-we own our house, our cars, have zero consumer debt, and have more than adequate income. Where is Rafael based? I’ll be back scouting for a couple weeks on my own mid-May, so maybe we could actually have a f2f.

[@ExpatsEverywhere]

Thank you, Gerald. We missed you last weekend. He's based in Aveiro, does most things remotely for clients but also travels for closings with clients from time to time and come to Porto often. - Josh & Kalie

[@GeraldFigal]

@@ExpatsEverywhere​​⁠Yeah, I intended to be on the call this month, but something came up. I’ll be in Porto a few days in May (14-16 I think). Maybe see you then!

[@ExpatsEverywhere]

Reach out via Patreon. - Josh

[@tamaramadelin4831]

FIXED ALL THE WAY!!

[@ExpatsEverywhere]

ALL. THE. WAYYYY - Josh & Kalie

[@Bo-tz4nw]

Another great tourist selfie.thanks!

[@marcusviniciussilveira637]

Great informations! Rafael is the best!

[@rafaelfonsecaportugal]

Thank you Marcus !!!

[@ExpatsEverywhere]

Thanks for the comment, Marcus. - Josh & Kalie

[@rtortima]

Whooa nice explanation for a newcomer

[@rafaelfonsecaportugal]

Thank you !

[@ExpatsEverywhere]

Thank you. We're glad that you liked it. - Josh & Kalie

[@mariacorreia8362]

Love this video , thank you so much for doing this 😊 the only question I wish u would ask is Airbnb since I heard Portugal is strict on that , wonder if you can or just renting ! But there’s a lot you asked that I didn’t even think of asking . Loveddddddddddd all questions 😊

[@ExpatsEverywhere]

Thank you, Maria. Just reach out and we can put you in contact with Rafael to ask whatever questions we left out. You can email me at [e-mail] - Kalie

[@Neliaspnp]

Another great video. Curious what homeowners insurance costs are there. I realize it varies but any resources to find quotes?

[@ExpatsEverywhere]

We got a variety of quotes from €200-500 (annual) depending on coverage amount. - Josh & Kalie

[@simanwang2975]

Love your channel. Thanks for your hard work! Got questions: Cash out 60% from purchased apartment value is possible in Portugal? It still needs life insurance? What’s is cashing out interest rate? Is the penalty for early repayment 2%? The loan amount is 40% of gross income? (US W2 wage )

[@ExpatsEverywhere]

Thanks for the love and recognition. All of those questions should be really straightforward for Rafael to answer. Email Kalie ([e-mail]) and she'll get you connected ASAP. - Josh

[@tamaramadelin4831]

Rafael is great, but we found our mortgage and banker through BPI and now it's all wr deal with! Nuno rocks!!!

[@ManjitSingh-jk6jb]

I'm also planning to buy a flat

[@ExpatsEverywhere]

Nice! - Josh & Kalie

[@VictorPinhoUSA]

We are currently preparing for a purchase in Portugal and we heard IVA is included in the list price on all listings? Is this true? If not, how do we know which ones are bundling the IVA into the list price?

[@ExpatsEverywhere]

IVA wouldn't be the tax you need to be concerned with. IMT, IMI and stamp duty are the ones that add up. - Josh & Kalie

[@mariacorreia8362]

By the way does anyone know a good lawyer in Lisbon ? Or does Rafael know anyone ? Please leave comment 😊 deeply appreciated

[@augustineokorie1975]

Please, I need your advice on a better country to move to. I have opportunities for moving to Romania and Italy to study. Romania has a very very cheap living cost, affordable tuition and jobs while Italy offers a lot of Scholarships. So I am confused where to go for better living even after study. Please help me. I am facing serious financial constraint

[@tamaramadelin4831]

Our mortgage rate is at 3%...My banker said interest is around 6 %...We got lucky and love Nuno at BPI!!

[@tamaramadelin4831]

My husband us an EU citizen so we were able to get a loan at 85%...could've been 90% depending on the valuation. Every broker we looked into could not beat our deal!

[@leonidaratovski1403]

Do rafael help with finding real estate and can it be rented true company that take care of it ?

[@ExpatsEverywhere]

No, Rafael handles mortgages, however, you can email Kalie and she can recommend some realtors. Her email is [e-mail] - Josh

[@DarioCrm]

Stop invading! In the middle of a housing crisis where most young portuguese people cannot buy or rent a house this shouldn't be allowed. We are already strangled enough!

[@luisfilipe534]

Non residents should not be allowed to purchase residencial houses in Portugal. Thats causing a major problem to portuguese and imigrants because the house prices speculation makes Impossible for them to find a place to rent or buy

[@flaviamitkiewicz3125]

The resident buyers accounted for 25 billion euros of the total transaction amount in 2023 and the foreign buyers accounted for 3 billion euros. The problem with prices is that Portugal does not promote the new construction and renovation of old properties that have been abandoned for decades. Source: Idealista.pt

[@flaviamitkiewicz3125]

The resident buyers accounted for 25 billion euros of the total transaction amount, and the foreign buyers accounted for 3 billion euros. The problem with prices is that Portugal does not promote the construction and renovation of old properties that have been abandoned for decades. Source: Idealista.pt

[@shaiksalamzubedi2026]

Yeah yeah

[@user-to3pb6ct9j]

I find it impossible to Listern to you as you shout like your scolding people! It’s like your telling off the guy like you have control issues