Home loan advice for first-time buyers

Looking to buy your first house, flat, or other type of residential property? Be sure to read on for some critical advice on buying a house and applying for your first home loan…

Do your homework properly – www.propertymax.co.za
Informed buyers get better bargains. If you familiarise yourself with the property market and get a feel for what properties cost in a certain area, you will recognise a good deal immediately, while simultaneously ensuring that you don’t end up paying too much for a property that isn’t worth it.

Be realistic about what you can afford – Affordability Calculator
A good property doesn’t come cheap, and a good property buy is more than just a house – it’s also the location that counts. Yet everything comes at a price, and you may find that you have to sacrifice on space or an extra bedroom in order to buy a property in a more sought-after area. Don’t be disheartened – the challenge is to get into the property market and buy wisely. The last few years’ rapid growth in the property market seems set to continue, which should help you to afford a bigger, more valuable property as time progresses and property growth continues. But first, you have to make inroads into the market as a buyer!

Location is everything
If you wish to buy a property with good investment potential, the neighbourhood you buy in will be a key consideration. If you are looking to buy a family home, it may also be worth your while buying a house close to schools, crèches, etc.

Also attempt to find a home that is situated relatively close to your place of work, as traffic congestion and increasing commuting times can also influence a residential property’s price.

Read – and understand! – the fine print
Buying any property comes with a fair amount of administration. As a first-time homebuyer, you’ll need to familiarise yourself with the mortgage application process, so be sure to ask questions if you don’t understand something. Also have your mortgage contract documents and application forms explained to you in detail, and keep copies of all signed documents in a safe place.

Choose a home loan that best suits your needs
Unsure of which bond solution to choose? If you’re a first-time buyer, why not talk to one of our qualified home loan consultants. Who can advice you on how to meet the home loan requirements of first-time homebuyers.

Allow for interest rate increases
When calculating your budget, it is important to bear in mind that the prime interest rate will influence your monthly home loan instalments if your bond features a variable home loan rate. Unless you opt for a fixed rate home loan solution, any adjustments to the prime rate will directly affect your home loan interest rate.

If prime is lowered, your monthly instalments will in turn be lower, and visa versa. If it increases, however, your monthly instalments will increase by substantial amounts. As such, it is advisable to allow for potential interest rate hikes when calculating your budget – even before buying a house! Be sure to use our
bond calculators to see how big a loan you could qualify for, and also to assess how much you’ll need to allow for potential interest rate increases.

By choosing Mortgage Plus for a loan, you will get that continual service to make sure you are getting the best deal possible.

CONTACT US

Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.

Complete this short form online
Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Mortgage Plus Bond Originators in South Africa

Mortgage Plus, your first choice for finding the mortgage that’s right for you. We understand every situation is unique and every client has individual needs, so on our website there is no such thing as a “one size fits all” home loan. We work directly with you to find the best home loan possible, allowing you the freedom to focus on finding the perfect home.

Why Mortgage Plus?

Put simply, Mortgage Plus  is your first choice for home loans because our mortgage advisors have the expertise necessary to help you find the right home loan for your specific needs. Whether you are a first time homebuyer, looking to refinance an existing home loan, or looking for financing to buy an investment property, our mortgage advisors are ready to provide you with comprehensive services.

We know the home loan marketplace in South Africa, which means we know how to get you the best deal for your individual needs. From government loan programs to banks to specialist mortgage lenders and more, our services cover the breadth and depth of home loan options available today.

Mortgage Plus will help you through the entire process from start to finish, working closely with you throughout to make certain everything proceeds smoothly and meets your expectations. You will be connected with your own personal home loan specialist who will work not only with you but also for you, acting swiftly and responsibly to ensure your best interests are at the forefront every step of the way.

All you have to do is click here ” www.mortgagepluscc.co.za “

Or

Call us on 011.327.4489 to find out more about how Mortgage Plus can help you achieve the dream of home ownership.

No stress. No worries. No costs.