Why do I need a mortgage originator?

Because your home purchase is probably, the most expensive one you will make in your life, the home loan itself is an important financial decision and the benefit to be gained from making a correct choice can amount to savings of hundreds of thousands of rands over the life of the loan.

Is choosing a home loan really that difficult?

All home loans differ from one another and each bank may evaluate your worth differently, so it is not as simple as shopping around for what appears to be the best rate in the market. Each bank has varying credit policies that cater for different claim circumstances. Mortgage Plus has knowledge of all banks’ products and will advise you on the type of loan that best suits you. They will negotiate with the banks on your behalf to get the best rate for that product.

I’ve heard that this service is free – how so?

Indeed, the service is free for the homebuyer. Mortgage Plus receives a fee from the bank for doing the groundwork on the loan and thereby reducing the bank’s costs. The bank is, by law, not allowed to add this cost to the amount of the loan, so you will not pay more than, if you approached the bank yourself.

Isn’t it easier to just get my home loan from my regular bank?

Your bank will encourage you to keep all your finances under one roof, so to speak – but at what cost? Because Mortgage Plus originates loans for all major banks, this offers you, the buyer choice and by being able to compare various products and rate offers, you get the best home loan deal in the end.

How do I know if I’m getting good advice?

The professionalism of the originator will quickly become evident, so make sure you are dealing with someone who can explain their recommendation clearly and are credible. Check their track record and only deal with an originator that is a member of the National Association of Mortgage Originators (NAMO).

Must I accept any of the packages they offer?

No – you have not entered into an agreement with the originator, other than to give them the information they need to get quotations from the banks. You still make the final decision whether or not to accept their offer.

Once I’ve accepted their recommendation, what happens?

Mortgage Plus will submit your applications together with the relevant documentation, such as copies of your ID and salary advice, to the bank agreed on and advise you once your loan has been approved. A good originator should also keep you informed all the way through to registration and liaise with the conveyancing attorney on the loan’s progress.

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

Standard Bank Home Loans

If you ready to purchase that property you have always wanted why not apply for Standard Bank home loans?

Standard Bank is one of the leading home loan institutions in South Africa and has assisted millions of individuals to obtain their dream homes. It has been able to do so as Standard Bank home loan branches can be found all over the country and is easily accessible.

Standard Bank complies with the National Credit Act of 2005 (NCA) and sound banking principles are followed which ensures that a professional service is rendered to individuals. Standard Bank also uses state of the art technology which allows for speedy home loan application and results.  In fact, many South Africans are pleased to find a Standard Bank branch in many overseas countries in Europe.

But how can one go about to obtain a Standard Bank home loans and what does it entail?

Firstly individuals will have to proof that they earn a fixed monthly salary of at least R6000 on a single or joint salary.

When applying for a Standard bank home loan through Mortgage Plus, individuals will require to submit other information such as the green South African I.D. document, proof of permanent residency and salary slips will have to be submitted with the actual signed application.

First time home buyers could qualify for a 104% loan where the additional 4% is to assist with transfer and registration fees.  Individuals may also apply for an AccessBond where individuals are allowed to transfer surplus funds to other Standard bank linked accounts.  Installments will also increase if available money is transferred out of the AccessBond.

Ordinary Standard Bank home loans are only offered to the loan to value of 95% where the individual will have to provide the additional 5% of the bond and cater for other bond costs.  Individuals normally provide the outstanding amount in cash or via a personal loan.

Various options are available to cater for customer specific needs and include interest rates which are either fixed or variable.  Fixed interest rates on a Standard Bank home loan simply means that interest charged on your home loan will never change even if country wide interest increase or decrease over time.  Current interest rates, as from November 2010 on Standard bank home loans are charged at 9% (and is variable) but individuals may be charged at a higher or lower rate depending on their credit score rating.

Insurance to cover the value of the structure is also compulsory and need not necessarily have to be taken out through Standard Bank. Standard Bank offers two types of structural insurance:

• Home Loan Protection Plan
• Home owner’s Comprehensive Insurance Policy

Mortgage Plus Home Loan division may also provide individuals with a Pre-qualification certificate which is valid for three months. It allows individuals time to shop around for a property of their choice. It could speed up your application process and Standard Bank will only need to assess the actual property for the final process.

Interested individuals can also use the Mortgage Plus website to calculate and apply for Standard Bank home loans and to find other valuable information.

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