Buying a home is one of the biggest investments a person will make in his or her lifetime. Because your home purchase is probably the most expensive one you will make, the homeloan itself is an important financial decision.

The prospect of owning a home is exciting, but it can also be a time of anxiety. This is a time when emotions must be kept in check, and one should make an informed financial decision. Our aim is to help you understand, from start to finish. From your first contact until your final approval of your loan, everyone at Mortgage Plus is dedicated to saving you money and getting you the loan you need. Fast and effective, without any sweat from your side.

By making the process a simple and uncomplicated as possible, AND BY SUBSIDISING SOME OF YOUR COSTS, we guarantee your total satisfaction.

When purchasing a property, there are normally two major costs involved, namely transfer and registration costs. This is where Mortgage Plus plays a major cost saving role to the buyer. We will give you a cash back bonus plus 30 % off the attorney conveyancing fee (when using our preferred attorney).

If you are thinking about a new purchase it helps to understand the options available to you which ultimately saves you money.

STEP 1: House hunting
STEP 2: Sign offer to purchase.
STEP 3: Seller accepts offer.
STEP 4: Contact MORTGAGE PLUS.
STEP 5: Financial Institution will confirm requirements.
STEP 6: Property Valuation done by bank.
STEP 7: Decision taken by bank.
STEP 8: Final approval. (Letter of Grant)
STEP 9: Registration attorney instructed to attend to the registration.
STEP 10: Customer to sign documents at 2 sets of attorneys.
STEP 11: Home loan registered in buyers name at Deeds Office.
STEP 12: First monthly instalment due within 30 days of registration date
STEP 14: Get your CASH BACK BONUS from Mortgage Plus.
STEP 13: Title deed & sent from attorney to Bank for safekeeping.

Let our extensive experience work for YOU.
Let us do all this for you FREE OF CHARGE!

Mortgage Plus : knows the business of mortgage bonds.

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

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

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.