Home Loans – What You Need to Know…

Home Loans: If you have never purchased a home before it can be a daunting proposition. In this economy it can be even more intimidating to think about trying to secure financing.

All that you seem to hear is that financing is very difficult if not impossible to secure these days. However, just because it is scary does not mean that it is impossible.

If you are ready to purchase a home there are ways to get financing, but it is essential that you take the time to learn about home loans before you start to apply for them.

Before you start to apply for home loans you will need to take a solid look at your credit report. To many banks your credit score and history is the most important thing that they look at when they are deciding whether you are a good financial risk.

Your credit report can be listed with one of three reporting agencies. You will want to check with Experian, TransUnion, and XDS independently to be sure that you do not have any inaccuracies or errors on your report.

If you do find a mistake this will take a few months to correct so you want to do this prior to your deadline for receiving financing.

You must also take a very serious look at your budget. You need to understand exactly what your financial situation is and how much you can afford. A safe equation to think about is to take your annual gross income.

Then multiply that by 2.5. This will give you an approximate home value that you can afford. However, be sure that you factor in your monthly expenses like utilities, car payments, and food costs to be sure that you are not overextending yourself.

One way to make purchasing a home a more possible purchase is by putting down a deposit. Banks like to see that you are wiling to invest your own cash into a property as well. This deposit payment will go towards covering different fees like initiation, valuation, and legal fees.

Coming up with a substantial deposit payment can be difficult. Most lenders will give you a 100% home loan, but some ask that potential homebuyers come up with a 10% deposit.

That being said there are many different government programs that can allow you to put down a smaller deposit or that will help guarantee your deposit.

So, before applying for a home loan, think about your situation and ask your mortgage broker for advice. www.mortgagepluscc.co.za

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

“Most Banks Are Full of Nonsense…Their Customer Service Is Poor…They Treat You Like an Account or Number…And, If You’re Really Lucky, It Usually Takes Days or Weeks to Let You Know If Your Bond Has Been Approved!”

Home Loans – If you’re considering applying for a home loan, don’t even think about approaching your bank or mortgage broker until you read this.

Dear Home Buyer,

 

Are you tired of only hearing bad news…..that it’s virtually impossible to get a home purchase loan nowadays, even with the recent interest rate cuts? Fed up with incompetent people? Poor service?

You are busy. Pre-occupied with work. Aggravated by stressful situations you have to deal with every day…Tired…

Let’s face it…it’s  a hassle to go the bank…the paperwork is overwhelming and it’s a pain in the neck to deal with Call Centre ‘consultants’.

You have to deal with a multitude of faceless people who are only trained to deal with one aspect of the process… or they transfer you from one person to another in your quest to get a satisfactory response.

Then to top it all…after all this struggling to get your home loan approved , the bank declines your application and even worse, they don’t give you a clear cut answer for not approving it.

Believe me, I’ve been there…I know the feeling of not getting answers when you want it and not getting help when you need it. What is it about banks – the more you need them, the less help they seem to give?

 

But don’t despair,Mortgage Plus will take the hassle out of applying for a home loan.

 

 

So, What to Do Next?

You can pick up the phone and call me at 011.327.4489 during normal business hours or send me an email at morne@mortgagepluscc.co.za. I will be happy to talk with you, answer any questions you have; and if you’re ready, collect the information I need from you to suggest the best possible mortgage plan for you. If you want to apply for a no obligaton quote Click Here