Bond Originators and Mortgage Experts
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Our Mortgage Experts Specialises in First Time Home Buyer Loans, New Home Loans, Building Loans, Further Home Loans, Bond Switches and Mortgages throughout South Africa. Click Here to go to The Mortgage Plus Website.
We offer a wide range of advice on different home loan options - 0861 11 11 93*
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Home Loan Terminology
After operating in the home loan industry in South Africa for a number of years, Mortgage Plus has been able to build up the experience and thus the expertise necessary for giving the best assistance to those looking to take out a Home loan or Mortgage on a property in South Africa
We consequently become a specialist in the field of home loans with more and more people in South Africa coming to us for our expertly reliable home loan assistance services.
Before you apply for a loan, it might be best to get in contact with Morne Prinsloo the General Manager at Mortgage Plus Bond Originators that will explain the home loan and real estate terminology to you the consumer in addition to this he can also negotiate the terms of the home 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.
Home Loan and Real EstateTerminology in South Africa:
| Access Bond | You can draw money ( up to a predetermined amount ) from this type of home loan. |
| Administration Fee | This fee is charged by the lending bank to cover the initial costs of processing a home loan application. |
| Agreement of Sale | Contract stating the terms and conditions under which the property is sold |
| Assessment | This is the bank’s assessed value of the property. It will usually be done prior to the final approval of your home loan. |
| Assessment Fee | Cost of the administration work that accompanies an assessment. |
| Bona Fide | Means ” in good faith” |
| Home Loan / Bond Costs | Fees payable to the registering attorney which includes conveyancer’s fees, stamp duty and VAT. |
| Home Loan / Bond Registration | Fee payable for the registration of a home loan in the new property owner’s name. |
| Home Loan / Bond Term | Original term over which the home loan was taken. |
| Broker / Estate Agent | Person or persons who bring buyers and sellers together and negotiate contracts for them. |
| Building Loan | This type of home loan is usually issued to a buyer of vacant land for the purpose of building on the land. |
| Capped Home Loan Interest Rate | Limits the amount the interest rate on an adjustable rate home loan can change over the life time of the home loan. |
| Collateral | Assets that are required as security for your home loan. |
| Contract of Sale | This is the agreement between seller and buyer covering the price, terms and conditions of the sale. |
| Conveyance | Document used to effect a transfer. |
| Credit Profile | A report detailing the credit history of a prospective borrower that’s used to help determine borrower creditworthiness before a home loan application will be approved. |
| Deed | This is a legal document by which title of a property is transferred from one owner to another. |
| Default | Term use to denote failure to make payments on a home loan. |
| Equity | The amount by which the value of the bonded property exceeds the outstanding amount on the home loan. |
| Finance Charge | Interest charge on a home loan |
| Fixed Home Loan Rate | The interest rate on a home loan is fixed for an agreed period of time and will not change for that period even if the variable home loan rates rise or fall. |
| Foreclosure | Legal process by which a bonded property may be sold to pay off a home loan that is in default. |
| Freehold | Ownership of the property as well as the land on which the property is built on |
| Grace Period of Home Loan | Amount of time after the due date of the home loan payment in which a payment may be made without a late penalty fee being applied. |
| Home Loan Application | A statement of personal and financial information required by the bank when you apply for a home loan |
| Home Loan Plus Costs | Allows borrower to lend more than 100% of the property value to cover the registration and transfer costs. |
| Interest | Fee paid for borrowing money usually calculated as a percentage of the remaining balance of the amount borrowed. |
| Interest Rate on Home Loan | Annual rate of interest charged on a home loan. |
| Lender | Bank, Mortgage Company, or Mortgage Broker offering the home loan. |
| Mortgage Broker | Individual or company that arranges home financing for borrowers. |
| Mortgage | Agreement with the bank stating that the bank will lend you a certain amount of money in the form of a home loan that will be paid back over a period at a certain interest rate. |
| Offer to Purchase | Offer in writing from the buyer to the seller which becomes a legal contract once it is signed by all the parties. |
| Pre-Approval | Lenders firm commitment on a home loan. |
| Prequalification | Process of determining the amount of home loan you are eligible for. |
| Purchase Agreement | Contract stating the terms and agreement under which the property will be sold. |
| Refinancing | Process of paying off one home loan with the proceeds of a new home loan on the same property. |
| Second Mortgage | Additional mortgage placed on a property that has rights that are subordinate to the first mortgage. |
| Term of Home Loan | Period between the beginning of the home loan and the date the entire balance of the home loan is due. |
| Title Deed | This document gives evidence ownership of a property. |
| Underwriting | Process of determining the risks involved in a particular home loan and establishing suitable terms and conditions for the home loan. |
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
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