What are the benefits of using Mortgage Plus Bond Originators ?

By using our services, you avoid the hassle of going from bank to bank dealing with tedious and repetitive paperwork and not knowing if you are getting the best deal. With Mortgage Plus Bond Originators, your personal property finance consultant is able to advise as to the most appropriate home loan options to suit your individual needs and source competitive interest rates from all the major banks. We handle the entire application process on your behalf.

Are there any costs for using Mortgage Plus Bond Originators ?

No, there are no costs for using our service as the lenders pay Mortgage Plus an outsourcing fee to complete the application process. “Applicable only to ABSA, NEDBANK, STD BANK and FNB”

Is there any obligation to accept a home loan sourced by Mortgage Plus Bond Originators ?

No, there is no obligation to accept any approved home loan that we have sourced on your behalf. “Applicable only to ABSA, NEDBANK, STD BANK and FNB”

When will I need to contact a property finance consultant ?

You don’t have to contact us, as your dedicated Mortgage Plus Bond Originators property finance consultant will contact you should we require any further information or to expedite your home loan approval.

How is Mortgage Plus Bond Originators different to other home loan brokers ?

Mortgage Plus is only one of a few full-service origination companies in South Africa, capable of handling the entire home loan approval process, with a national infrastructure and proprietary software able to automate the application transaction making home loan approval as convenient as possible.

How will I be able to track my application status ?

Your dedicated property finance consultant will keep you informed throughout the entire process and will be available at your convenience should you have any questions.

How long will it take to approve my home loan ?

Normally, applications are approved within 4 days, assuming we have received all the information required.

If I have obtained a pre-approval through Mortgage Plus Bond Originators, how will I obtain a full loan grant after I purchase a home ?

All you have to do is inform your dedicated Mortgage Plus consultant and he/she will complete the application process on your behalf.

What if I already have a pre-approval from another lender ?

We can complete the application process on your behalf, or we can try to source a competitive rate from another lender.

After I apply for a loan online, what should I expect ?

Once your application is received, you will receive notification of receipt and that your application has been submitted. Within 24 hours you should receive an email or a call to inform you whether your loan has been approved in principal, or further documentation is required. If approved, you will also be notified of the interest rate pertaining to your approved loan.

Do I have to apply online ?

You can either apply online, or call us and an experienced Mortgage Plus Property finance consultant will contact you at your convenience.

Who will see my application ?

Only those parties involved in processing your home loan will see your application details.

Are there any hidden fees ?

No, there are no costs for using our service, as the lenders pay Mortgage Plus Bond Originators an outsourcing fee to complete the application process. “Applicable only to ABSA, NEDBANK, STD BANK and FNB”

Will I get the same interest rates as if I applied through the bank directly ?

Yes, amongst other things, your credit profile, affordability, and loan to value ratio determine your interest rate on your home loan. All these details are captured into the lenders credit scoring models and your interest rate is calculated. Whether you apply through Mortgage Plus Bond Originators or through the bank directly, the same credit scoring model is used to determine the interest rate applicable to your home loan. However, our experienced home loan consultants are able to motivate further on your behalf.

Can I purchase a property in South Africa if I am a non-resident?

Non-residents may purchase property in South Africa but in terms of Exchange Control Regulation 3 1 (f) they may not be granted any financial assistance e.g. Bond. However, the South African Reserve bank will consider requests by Non-Residents for bond facilities not exceeding 100% of his/her borrowing base.

The ‘Borrowing Base” of a Non-Resident individual is the sum introduced into South Africa to fund the purchase of a property e.g
“A non-resident wishes to purchase a property in South Africa for R600,000.00. Provided R300 000.00 is introduced into South Africa to effect the purchase he / she would be able to apply to the South African Reserve bank for permission to avail himself of a bond of R300 000.00. In other words 50% mortgage loans are available to Non-Residents. However, it must also be borne in mind that the banks will only grant a bond of 50% of their valuation of the property, which may in some instances not equal 50% of the purchase price.

All requests of this nature must be routed through a commercial bank and not directly with the South African reserve bank.

Proof must be provided that the funds physically came into the country (which can be done by the Transferring / Conveyancing Attorney), so that when the property is sold, the Deposit plus profit can be released. The title deed will be endorsed “non-res”.

The Non-resident does not have to open a banking account in SA, although some banks insist, as he/she can transfer funds directly from his overseas account into his Mortgage Account. If an account is to be opened, especially if an access facility is required for the capital paid off, then the non-resident is required to obtain an original letter of credibility from his bankers.

As Exchange control is a complex subject, Non Residents are advised to consult with our Mortgage Plus Bond Originators property finance consultants on this issue.

If I am a South African Resident, working abroad, can I apply for bond finance to purchase a property in SA?

Yes, if you are a SA resident, working abroad, an 80% mortgage Bond can be obtained. Most banks will look at granting up to an 80% loan but each application will be looked at on individual merit. Some clients have been granted 100% finance but in exceptional circumstances.

You must only be living abroad temporarily and must have plans to return to South Africa. Moreover, an application to emigrate must not have been made, nor should you have surrendered your permanent residency status in South Africa. Please speak to one of our experienced Mortgage Plus Bond Originators property finance consultants to assist you in this regard.

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

0861.111.193

info@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Mortgage pre-qualification – why it can help you close the deal

In the property game there are two ideal scenarios. The first is a serious seller who is happy to price their property competitively. The second, a serious buyer with a clear idea of what they want. In these scenarios the chances of matching buyer and seller is strong.

But what about the rest of the market? Here it takes a little bit extra, and a pre-qualified mortgage application in the hands of the potential buyer could make the difference.

Morne Prinsloo, Chief Executive Officer at Mortgage Plus Bond Originators, said it could be this reassurance, provided in the form of an endorsed certificate from a recognised mortgage originator or similar accredited financial services provider, which sways the seller or in a case where it looks like competing offers may shortly be made for the same property, he said the pre-qualified certificate could clinch the deal for the buyer.

Historically most banks were prepared to do a formal home loan pre-approval, which basically guaranteed that the finance would be made available to the buyer on request.

“The banks have moved away from the pre-approval service because it requires them to go through a complete mortgage application process with very little client loyalty when taking up the bond. Historically the pre-approval took as long as an application. This resulted in duplication and bottlenecks in approving legitimate bond applications and so the banks stopped this service,” said Prinsloo.

To aid and inform homebuyers Mortgage Plus Bond Originators introduced formal and certificated pre-qualification. This is not the absolute guarantee offered in a pre-approved scenario, but it does detail the financing options available to a potential buyer subject to them meeting the bank’s lending criteria. Mortgage Plus uses similar credit scoring models as the banks in issuing its prequalification certificates.

As a result the number of Mortgage Plus pre-qualified clients not being granted a bond when formal bank application is made, is minimal. Pre-qualification really does give both the buyer and the seller peace of mind.

For buyers there are a number of advantages. First, it introduces them to the process of applying for a mortgage. This is particularly useful for first-time homebuyers. They get a clear indication of what they will be required to show the banks on formal application, and do not feel intimidated when the formal application gets underway. Buyers also get a clear view of their budget range and can house hunt accordingly. Once they have found their house, the process of originating a mortgage for them is quicker as the bulk of the required information is already on hand.

For the seller a pre-qualified mortgage certificate indicates a serious buyer. It indicates the buyer’s ability to secure funding. The pre-qualified buyer will in all likelihood, be granted finance swiftly.

Many sellers lock themselves into a sale and then wait for the buyer’s finance to be approved. If finance is not granted, the chances are the serious buyers have moved on and the seller has to start the marketing of their property from scratch.

Mortgage Plus has invested a significant amount in the technology and infrastructure required to provide pre-qualification certificates.

“Our team can generate a certificate in no time at all, and we’d be happy to assist any buyers with the process,”

Among the clutter of speculative offers to sell, and less than serious buyers, the pre-qualified certificate sends a clear signal of intent.

That might be all it takes to clinch the deal.

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