Using the home loan repayment calculator to save on interest

• Monthly Payments Calculator

When you make the decision to buy a new home, you are going to be excited and eager to jump into your dream home. But wait. If you are like most South Africans, you probably do not think about things like the current interest rate on a daily basis. You need to know how the rate set by the Reserve Bank will affect how much you are going to have to pay on your new home.

One way to help you do this is to use a mortgage calculator. This tool allows you to input all the variable that are involved with buying a home such as the interest rate, the purchase price of the house, and how much you make in a month. It will give you the expected payments you would have to make.

There a various ways you can use the calculator. It all depends on what you want to know. If you know how much you have available to spend, you put in that monthly payment, the interest rate, and repayment terms such as 15 years or 30 years, and it will tell you the maximum home price that you can afford. That is useful in narrowing down your search. If you can only afford up to a R 100 000 home, you can save time not looking at homes that cost more than that.

Or you may have your sights on a home that you are not sure you can afford. In this case, you would punch in the price of the home, the interest rate, and you would try different amounts in the repayment terms variable. For example, you may not be able to buy the home with a 15-year mortgage, but it may be possible to get it at 30 years. You would end up paying more in interest over the extra fifteen years, but it could mean the difference of whether you can buy that house or not. If that was your dream home, or a home that has been in the family for years but your grandmother can no longer afford it, you may find the extra interest you would pay more than worth the investment.

Further, if you know the home you want and you’re the income you can expect to make over the next several years, but you want to rate for the interest rate to be perfect for the amount you want to spend, you can input the total cost, the number of years you want to pay, and your income, and the home loan repayment calculator can tell you what the interest rate would have to be to meet those goals. That way you can get yourself prepared, and when the time comes that the Reserve Bank lowers the interest rate to the necessary level, you can jump on your opportunity.

Overall, you want to be as prepared as possible before making a major financial decision such as buying a home, and learning to use a valuable tool like the home loan repayment calculator can save you much hassle and much money in the process.

For further information contact Morne Prinsloo on 011 327 4489 or email morne@mortgagepluscc.co.za

If you would like to know more about your home loan services and mortgage requirements please phone the Mortgage Plus Head Office on:

Attached please find the Home Loan Application Form * - Short Home Loan Application Form

0861.11.11.93

info@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Contacting a Bond Originator to do your home loan rather than trying to go directly through to the Banks

Before you apply for a loan, it might be best to contact a bond originator like Morne Prinsloo the (CEO) at Mortgage Plus cc that will negotiate the terms of the loan to ensure that you get the best possible deal. Applying for a home loan / mortgage on your own might be a complex and tricky task and a bond originator can assist you in speeding up this process and raising your chances of having the loan approved in a very short amount of time.

Mortgage Plus Bond originators provide an invaluable service to the South African public when it comes to applying for a home loan. We will be able to assist you in making a sound financial decision regarding your future by helping you choose a loan that is practical and affordable and helping you to avoid the common pitfalls of applying for and accepting the first mortgage loan that comes along. Obtaining the perfect home loan for your financial situation takes careful consideration and knowledge of the home loan and financial industry in South Africa, you can obtain all of this by contacting Morne Prinsloo a bond originator at Mortgage Plus on 0861 1111 93 before applying for your loan.

A bond originator like Morne Prinsloo plays an important role when it comes to applying for a home loan. A large percentage of all home loans in South Africa are generated through this system because they assist with the entire process, from start to finish. Morne will apply for a home loan at many banks and negotiate low interest rates on your behalf and with no costs to you.

At Mortgage Plus Bond Originators we know everything there is to know about home loans and can become a vital link between the bank and you. They will submit your application to many banks and will usually do business with those that offer the applicant the lowest interest rates. In turn, they receive a fee from the Home Loan Department of the bank for bringing them new business.

Banks are becoming more bureaucratic these days because of the economic downturn in the world. In this regard, they will usually require a mountain of paperwork and a motivation as to why they should lend you the money. Mortgage Plus Bond Originators is aware of this and can ensure that you send in the correct documentation such as bank statements and a payslips, together with your application.

Mortgage Plus is a well-established originator company that is linked via the internet to all the major banks, we are able to see on the system how far your application has progressed and we are also able to find out the reasons for delays or why an application was declined by speaking to the right people.

Another important aspect of using a bond originator like Mortgage Plus is to help you pre-assess your finances to ascertain whether you are likely to qualify for a loan. We will also help you calculate the maximum amount you can apply for by taking into consideration your income status. They do this by calculating assets and liabilities, together with your monthly expenditure. Once all these factors have been considered, then an accurate assessment can be made on the amount of money you can apply for at a bank.

The thrill of buying a new home is not easily matched and many people lose their focus when it comes to financing the property. Additionally, if more than one person makes an offer on the home then you stand a great chance of losing out because you are not using an originator like Morne to speed up the process.

A Mortgage Plus bond originator will continue assisting you with all the legalities until you become the official new homeowner.

If you would like to know more about your home loan services and mortgage requirements please phone us on:

Attached please find the Home Loan Application Form * - Short Home Loan Application Form

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za