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

Home Loans – Frequently Asked Questions

What is a Home Loan?

It is the funds a buyer has to borrow (usually from a bank or other financial institution) to purchase a property, generally secured by a registered mortgage to the bank over the property being purchased. A home loan requires you to pledge your home as the lender’s security for repayment of your loan. The lender agrees to hold the title or deed to your property until you have paid back your loan plus interest.

How long does it take for the property to be registered?

Depending on the transferring attorney the registration process will take about four to six weeks. If it is an additional home loan on a property you already own registration should be quicker.

What happens to the title deed after its registered?

The bank holds your title as collateral for as long as the home loan is operative and the title deed will only be returned to you once the home loan is fully paid.

Is it necessary to read through the entire home loan document?

You can rely on the bank’s attorney to guide you through all the home loan documentation but you will need to acquaint yourself with the content of the documentation because, as far as the law is concerned, ignorance is no excuse.

When will my first home loan instalment be deducted?

The first payment on your home loan usually will be deducted on the first day of the month following the month of registration. When signing your bond documents the bank’s attorney should be able to tell you when the first payment will be debited from your account.

Do I need life assurance before I can get a home loan?

This will be required if ceding the life policy for the value of the home loan is a condition for granting the home loan. You are not obliged to use the bank’s insurance company but you can use another insurance company or cede an existing policy of your own.

Do I have to use a debit order to pay the monthly instalments on my home loan?

The banks will most likely include the signing of a debit order as a condition of the home loan as the bank will then be sure that they will be paid each month. The bank will usually allow you to choose the day of the month that you want the payments to be deducted from your account.

How is the bond attorney selected?

The major banks all have a panel of attorneys in each town from which they randomly select an attorney to register the bond. Usually the banks transferring attorneys will also be used for bond registrations.

To whom is my deposit paid?

Depending on the stipulation in the contract, the deposit is either paid over to the Estate Agency or the Transferring Attorneys as they both have trust accounts where your money is protected. Never pay the deposit directly to the seller or the individual agent and always insist on the relevant receipts.

How long will the transfer take to register?

This usually takes about three months from the date of sale, depending on the circumstances and due dates for the home loan grant stipulated in the deed of sale. Registration can be completed within 6 weeks to 2 months from the date of sale if there are no complications or delays from any parties involved in the deal.

What is the cost of transfer and home loan registration?

There are schedules of transfer and home loan registration costs available from both estate agents and conveyancing attorneys. Transfer costs are based on the value of the property and whether you are buying as a natural person or legal entity such as a Trust, close corporation or company. Home loan registration costs are based on the total registered value of the loan.

When must my transfer costs be paid?

Transfer duty has to be paid in advance and is usually due a few weeks after the date of sale. Any delay in making this payment will unnecessarily delay the transfer.

Who will register the home loan?

All the banks have panels of conveyancers that they use for home loan registration and one of these will be instructed to register your home loan. Your mortgage broker at Mortgage Plus will have special rates with various attorneys on the banks’ panels and it is advisable to use one of those. Furthermore, if the transfer conveyancer is also on the bank’s registration panel it will be expedient to let them do the registration as well.

Who will contact me on registration?

Your conveyancer’s secretary should contact you on registration and provide you with a final statement of account. Your estate agent may also confirm registration. Finally, your bank will send you a letter advising you of the registration of the home loan and the date when your first instalment is payable.

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