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If you are considering to buy a property for the first time, or you want to take up an additional mortgages bond on your existing property, it makes a lot of sense to use a bond originator. Even if you just want to get pre-approved for a certain amount so you can shop around in comfort knowing you already have finance, a bond originator can be of tremendous help to you.
In the current economic downturn it’s not always easy to get a mortgages bond. You might think that your own bank knows you best and they would be more inclined to give you a loan. That is not always the case, especially if you have a less than perfect credit record. There might be other banks that will be prepared to grant you a loan, provided you put down a more substantial deposit for example.
That is where the bond originator comes in. They do business on a daily basis with all the major financial institutions. Since they bring in a lot of business for the banks, there is a very good working relationship between them. They will submit your application to all the major banks, thereby substantially enhancing your chances of being approved by one of them. You can still advise the originator to apply at your own bank first if that is your preference.
Bond originators are also very clued up when it comes to the different packages offered by the various banks. Some banks specialize in first time buyers. Others give special rates to people with a high net worth. They don’t all charge the same interest rates. The originator will be able to advise you about all these different options.
Another plus when making use of an originator is that you only have to fill in one set of forms. If you were to apply to all the different banks yourself, you would have to fill in a separate form for every single bank that you apply to. This is a very laborious and time consuming process.
The same is true when it comes to enquiring about the progress of your application. Your originator will keep you informed about any possible news from all of the banks. If you apply to each bank separately, you will have to keep on phoning all of them individually to keep track of how things are going with your application.
The best part of the deal is that the services of a bond originator comes at no cost to you whatsoever. They get a commission from the bank based on the amount of the home loan should your application be approved. This does NOT mean you will be paying a higher interest rate. To the contrary: you could be getter a better rate than if you applied on your own.
Once your loan application has been approved, the bond originator will assist you with the rest of the paperwork required by the bank to finalize the process. If you are approved by more than one bank, you will of course have the option of choosing the loan which suits your particular needs best.
CONTACT US
Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.
Complete this short form online
Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za
www.mortgagepluscc.co.za
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