Pre-Approval For A Home Loan

What is a pre-approval certificate?

People interested in buying a house can approach a lender who will check their credit, verify their income and then assures them that they would be able to get a loan up to a certain amount. They receive a pre approval certificate for the specific amount, but unfortunately a pre-approval is still not a guarantee that the loan will be provided, taking into consideration that a pre-approval is valid for 90 days and lender’s finances (income and expenses) as well as interest rates might change during this time.

Why do you need to be pre-approved?

A pre-approval certificate can be worth a fortune for homebuyers. Most real estate experts will advise home buyers (especially first-time buyers) to apply for a loan before shopping for a home. By getting a pre-approval for a home loan you will speed up the buying process and with a pre-approval certificate in the hand, agents and sellers will take you seriously when knowing that you are financially secured. The pre approval gives a guarantee to the seller by ensuring you a good standing in the market as a honest buyer with credibility.

Advantages of pre-approvals include the following:

• Saving you time
• Today, time is money. A pre-approval can save you a lot of time in many different ways. You will not waste your time by looking at homes you can’t afford.
• Narrowing Down your Home Search
• It makes your task of house hunting easier and faster by eliminating houses bigger than your budget. The time you save can rather be spend on checking the details of the houses that you can actually afford.
• Adding Bargaining Power - A buyer with a pre-approval is usually more favoured by the sellers than a buyer without one. Sellers are more likely to accept your purchase offer, putting you ahead of other buyers, increasing   your bargaining and negotiating power. By knowing that you are really serious about buying the home, a seller gets some peace of mind and might offer you some discount or additional benefits to seal the deal.
• Quicker Loan Disbursal or Processing Period - Buyers with a pre-approval will have the benefit of a faster loan-processing period, again saving you some valuable time. The lender can expedite the processing procedure of your loan  application without a window period and immediate instructions for appraisal, smoothing down the home purchase process.

Loan approval is generally the longest contingency to fulfil in the home buying process, there for a pre-approval certificate is advisable. The certificate will give you the confidence you will need for with the seller as well as the real estate agents.

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Buying a home is one of the biggest investments a person will make in his or her lifetime. Because your home purchase is probably the most expensive one you will make, the homeloan itself is an important financial decision.

The prospect of owning a home is exciting, but it can also be a time of anxiety. This is a time when emotions must be kept in check, and one should make an informed financial decision. Our aim is to help you understand, from start to finish. From your first contact until your final approval of your loan, everyone at Mortgage Plus is dedicated to saving you money and getting you the loan you need. Fast and effective, without any sweat from your side.

By making the process a simple and uncomplicated as possible, AND BY SUBSIDISING SOME OF YOUR COSTS, we guarantee your total satisfaction.

When purchasing a property, there are normally two major costs involved, namely transfer and registration costs. This is where Mortgage Plus plays a major cost saving role to the buyer. We will give you a cash back bonus plus 30 % off the attorney conveyancing fee (when using our preferred attorney).

If you are thinking about a new purchase it helps to understand the options available to you which ultimately saves you money.

STEP 1: House hunting
STEP 2: Sign offer to purchase.
STEP 3: Seller accepts offer.
STEP 4: Contact MORTGAGE PLUS.
STEP 5: Financial Institution will confirm requirements.
STEP 6: Property Valuation done by bank.
STEP 7: Decision taken by bank.
STEP 8: Final approval. (Letter of Grant)
STEP 9: Registration attorney instructed to attend to the registration.
STEP 10: Customer to sign documents at 2 sets of attorneys.
STEP 11: Home loan registered in buyers name at Deeds Office.
STEP 12: First monthly instalment due within 30 days of registration date
STEP 14: Get your CASH BACK BONUS from Mortgage Plus.
STEP 13: Title deed & sent from attorney to Bank for safekeeping.

Let our extensive experience work for YOU.
Let us do all this for you FREE OF CHARGE!

Mortgage Plus : knows the business of mortgage bonds.

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