Mortgage & Property Talk SA
South Africa's Leading Bond Originator and Home Loan Advisors
South Africa's Leading Bond Originator Site - Apply Online Now!
Our Mortgage Experts specializes in First Time Home Buyer Loans, New Home Loans, Building Loans, Further Home Loans, Bond Switches and Mortgages throughout South Africa. Click Here to go to The Mortgage Plus Website.
We offer a wide range of advice on different home loan options - 0861 11 11 93*
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By gathering the clients’ information and providing the banks with prepared applications, iLoan streamlines the process, lowering the banks overhead costs. In return Mortgage Plus is paid a fee by the banks. This fee cannot, by law be included in your loan, and you will pay no more than if you approach a bank directly. |
The lenders benefit from the services provided by iLoan as it reduces their overhead costs and allows them to provide a far more efficient service to customers. |
Because we deal with the banks every day, we know their products backwards. That way we can find the best loan for you. What’s more we can negotiate a good rate with them, and speed up the process of approval and registration. So we take away the guesswork and hassle of doing it all yourself. And it won’t cost you a cent more! |
With Mortgage Plus you get the benefit of comparing all the banks’ home loans without lifting a finger. And you get the advice of an independent party when evaluating their relative home loan offers. |
Mortgage Plus will ‘shop around’ on your behalf for the best loan for you – not only in terms of rate but also other features of the loan. And because we do so much business with the banks we can negotiate from a position of strength. Invariably we will get a better rate than if you approached the bank yourself. |
There is no obligation to accept any approved home loan that Mortgage Plus has sourced on your behalf. The offer we make to you is effectively a quotation from the relevant bank. |
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There are no hidden costs for using our services, as the lenders pay Mortgage Plus an outsourcing fee for completing the application process. All the normal costs involved in getting a home loan that will be payable to attorneys, the bank and the state (transfer fees) will be presented to you before you go ahead, so you know what you are in for. |
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For your Mortgage Plus application form – Click Here
How to manage your credit score and buy property
Weak economic conditions, higher interest rates and the global credit crisis have forced banks to be far more picky about who they will lend money and less generous with their lending rates.
But Mary Jane Lefevre, said that before you apply for a home loan, there are steps you can take to improve your credit status and encourage lenders to look more favourably on your application.
“Even those who know that they have a good credit history should request a copy of their credit record from ITC and Experian (contact details for these can be found on the web) to ensure that all information held on you is both accurate and up to date,” says Lefevre. “You can also approach an origination company such as Mortgage Plus who will, with your written consent, provide you with your credit records.”
Be aware that each time your credit record is accessed; it affects your overall credit score at the bank. Therefore don’t allow everyone and anyone to access your credit record.
- Sever old relationships
When you apply for credit, it isn’t just your details the potential lender will scour. They will also check the credit history of your spouse (if you are married in Community of Property) or any co applicant or surety you may apply with. Joint bank accounts, if not conducted correctly could have an adverse affect on your application and if you are divorced or separated, make sure you are not linked to any debt or open credit facility with your ex.
- Cancel out of date credit cards
Many people switch credit cards frequently but fail to cancel old agreements even if they no longer use the credit or retail card, these lines of credit will still appear on your file, which can make lenders wary about the potential size of your total debt – some may fear that you will “max out” these cards and then struggle to meet repayments. If you don’t need the full credit limit given on a card, ask your lender to reduce it. The same applies to retail credit.
- Build a track record
Banks want to see that you have a record of managing credit sensibly. So if you are a first-time buyer consider taking out a credit card six months before making your bond application. Of course, you’ll need to make sure that you pay off the balance in full each month, and on time, to avoid interest payments and to show that you are diligent with managing your debt. Also, make sure your income is deposited monthly into a bank account as the banks will ask for proof of income via your bank statements.
- Ensure details are the truth
Make sure that information you provide on applications is accurate and truthful. Inconsistencies can have a negative effect on your credit score and you must be able to prove any income that you have declared.
- Include additional information
Where necessary, add further information about previous credit problems. If such problems were after redundancy or divorce, for example, and your financial situation has since improved, you can add a note explaining this. Likewise, if you have been a victim of identity fraud in the past, make sure that any credit problems caused by this are removed from your file. Always keep proof of paying up any arrear debt and rescind judgments. Companies such as ooba can help through services such as oobaassist, which will assist you through the process of clearing any negative credit records.
- Before you put in an offer, get pre-qualified
Even if you only plan to buy a property in six months time, start talking to a reputable bond originator like Mortgage Plus who is able to help you with any potential problem as well as prequalifying you on income less expenses and deductions. Mortgage Plus Bond Originators will also have solutions to any potential problems facing you in a tougher credit environment.
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