Home loans for first time buyers

Like many South African, you are probably dreaming about owning your own home but your are intimidated by everything involved in the process. Well, the process is not painless, but it does not have to be a nightmare either. With just a little common sense you can find yourself owning the keys to your new home in no time. Here are some suggestions to prepare you for that adventure.

First, like in lots of areas of life, preparation will get you everywhere. You need to know everything you can about the process so that you can make informed choices each step of the way. Do your research. This is the information age and there is a glut of information online as well as in your local libraries that could fill your time for hours. While you don’t want to become mired in your search for home-buying information, you do want to hit the high points and ensure that you’ve covered all the bases.

Enlist the help of professionals. Real estate is not an area that most people are experts at. There are people who spend their days immersed in every aspect of real estate dealings and they can be a treasure trove of information and valuable advice. Obviously a real estate is beneficial in this regard, but also consider a bond credit agent who can advise you on the financial side of purchasing a home.

You should do everything you can to improve how you look financially. You want to paint a picture of being on solid ground when you have your interview with the loan officer. Let him see that you are a responsible person who saves where you can, and uses your money wisely. Impulsiveness will look bad, as well as the fact that you have little saved up. Everybody face financial hardships, but all too often we just spend our money rather than saving it. If you can show that you have the commitment to squirrel away some extra funds, you can get a leg up on your peers who spend all their money.

Pay down your bills. How are you going to meet a major financial obligation if you are weighed down by other obligations. Before seeking a home loan, you should try to pay down some of your existing debt. This does not mean that you have to be debt-free. But you don’t want to be in a situation where almost all of your money is going to monthly creditors.

Finally, don’t sweat it. Buying a home can be a lengthy process. Try to enjoy it without stressing too much. It will not be the end of the world if you don’t get accepted on your first few attempts at getting a loan. Rejections are just an everyday reality in real estate. Try to learn what credit officers are looking for and make a point to meet those expectations.

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

Mortgages – Looking for the Best Mortgage

You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of rands.

Obtain Information from Several Lenders all at once through Mortgage Plus

Home loans are available from several commercial banks and mortgage companies. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker.

Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application.

Be sure to get information about mortgages from several lenders or your mortgage broker. Know how much deposit you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough.

Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information.

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