How to get a home loan approved

Even though property prices have soared in recent years, you can probably still obtain a home loan to buy your own home if you are earning a regular salary. Here are some ways that you can get that home loan you need to become a home owner without needing an excessively high income.

Look For Special Home Loan Deals

Keep an eye out for special deals offered on home loans by the various banks in South Africa.  There are good home loan products specially designed for first time home buyers who do not have huge incomes or cash on hand to pay deposits on the home loans. Always try and negotiate with the bank on a better interest rate as even a small decrease on your interest rate can make quite a large difference on your monthly repayments. For a family on a tight budget even a R100 less per month spend on your bond can make a big difference.

You can often bargain with a home seller to get the price down to something that you are more able to afford so do not just accept the first offer as something you cannot afford. Also keep in mind that many of the cheaper properties are not always advertised so drive around in your area and look out for the “For Sale” signs in front of houses. Do this especially on sundays as this is the day most sellers choose to place their homes on show.

Increase Your Home Loan Repayment Period

You do not have to take your home loan over a 20-year period but you could stretch it over a 30-year period. This will cause your monthly repayments on the home loan to be lower which will allow you to afford a higher loan amount. On the negative side this kind of home loan will cost you more over the long run in the form of the interest you will pay.

Get a Joint Home Loan

If you cant afford a home loan on your own salary consider buying a home with a partner. Instead of looking at your personal income as a measure for calculating an amount you can afford on a home loan, banks will look at the joint gross income of the two partners buying property together. If your gross income is R4000 and that of the partner is R8000 the bank will calculate the amount that you jointly qualify for on the combined R12000 income. The bank usually will not give a home loan on more than 30% of the gross income so jointly you should be able to get a loan for R400000. If you decide to take this option make sure that you sign a legal agreement with the partner on the amount each will pay on the repayments of the home loan and how the proceeds should be spilt when the home is sold in the future.

Enter The Market With a Lower Value Home

A common mistake prospective home buyers make, especially first time buyers, are that of aiming to high. Only for a hand full of people will their first home be their dream home. It helps to get into the property market first with a lower value home and after a few years, with the increase in value of your property and promotions in your job, you will be able to afford a better home.

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

With so many bond choices available in South Africa, how do you choose the most suitable one to cater to your financial situation, and at the same time get the best possible interest rate? Simple, let Mortgage Plus Home Loans originate the bond process for you absolutely free.

Advantages to you, for using Mortgage Plus Home Loans

Lowest Bond Rates In South Africa
You will be pleasantly surprised at prime less interest rates we can negotiate on behalf of our clients. We are commited in finding our clients the best rates in the current mortgage bond market.

Expert Bond Advice
Our mortgage bond consultants are fully qualified professionals in South Africa. We provide free expert advice and guidance to all our clients. We uphold a high standard of ethics, integrity and professional conduct.

Bonds To Suit Almost Any Situation
Whether you are a first home buyer, investor, refinancing or need debt consolidation, we can find the best loan to suit your needs. (1) New Home Loan Bond, (2) Bond Switch, (3) Second Bond or Further Loan (5) and Debt Consolidation.

 

Free Mortgage Bond Registration Costs

If you make use of our attorneys for both the registration and the transfer, the registration will be free of charge.If you make use of another attorney for the transfer, but still use our attorneys for the registration, we will offer you a 15 % discount on the registration costs.

Mortgage Plus Home Loans is a free professional mortgage origination service in SA. We do all the hard work to ensure you get the best possible home loan product in South Africa.

How we can help can be summarised as follows:

	Better Choices We analyse hundreds of different loan products from major banks and lenders in South Africa. By comparison and thorough analysis we are able to provide you with better choices, ensuring you get the best possible mortgage product in SA.
	Unique Attention We recognise that no two customers are the same, so we take the time to assess your individual needs and help you find the loan that works for you.
	Convenience We take out the hassle and stress of finding a suitable loan that fits your individual needs. By making use of just one application form, we can apply to multiple lenders on your behalf. Let us do all the hard work for you.
	Lowest Interest Rates You will be pleasantly surprised at prime less interest rates we can negotiate on behalf of our clients. We are commited in finding our clients the best rates in the current mortgage market in SA.
	Free Mortgage Bond Registration Costs If you make use of our attorneys for both the registration and the transfer, the registration will be free of charge. If you make use of another attorney for the transfer, but still use our attorneys for the registration, we will offer you a 15% discount on the registration costs.
	Expert Advice Our mortgage consultants are fully qualified professionals in South Africa. We provide free expert advice and guidance to all our clients. We uphold a high standard of ethics, integrity and professional conduct.
	Free Service Our services are free of charge and can save you thousands in the long run.
	Fast Delivery Time Our existing relationships with lenders, allows us to deliver quicker loan processing times.
	Loan Product Variety Whether you are a first home buyer, investor, refinancing or need debt consolidation, we can find the best loan to suit your needs.   New Home Loans   Bond Refinance (Bond Switch)   Second Mortgages (Further Bond Loans)   Debt Consolidation Loans (Using Home Equity) APPLY ONLINE

Please go to www.mortgagepluscc.co.za for more home loan options or call us on (011)327-4489.