Determine What You Can Afford With A Home Loan Calculator

It’s clear that every family should really have a home of their own. This is one of the most fundamental dreams of almost every couple when they start to build a family of their own, and that’s to buy their own house within a specific time frame. It is very important that these considerations are always kept in mind so that you are able to position yourself and your money to be geared towards this goal of buying a home.

The difficulty comes when you are thinking about a Home Loan and need to calculate how much you can actually manage to pay in line with the income that both you and your partner are making. The home loan calculator can be your best tool to organize your finances, and to find out exactly where you stand well before you jump into a loan with your bank or the lender as they work to give you the loan.

There will probably be plenty of appealing words and sales tactics these home loan consultants will use to convince you to take advantage of the loan services that they are extending to you. You should recognize that loan companies are earning revenue from the loans that they make, so you have to be aware that not all sales pitches that they deliver are to your benefit.

The initial factor that you need to find out for yourself is the amount of loan that you are able to afford to borrow. This home loan calculator tool offers you the very best estimation of the loan that you can take out determined by your income and expenditures. Your monthly cash flow will actually identify exactly how much remains for your mortgage payments. It is going to provide you an honest and accurate income expenditure worksheet which is almost like having your own private accountant right next to you advising you about your best financial moves.

It’s pretty common that interest rates won’t be stable for a prolonged time period, so it is advisable to have a buffer for this scenario which the home loan calculator can easily calculate for you. It is also possible that you can make advance payments for the loan that can allow you to build up equity in your property more quickly, and you will additionally be able to calculate the adjustments that will be made to your loan standing.

This adjustment will definitely have an effect on the length of your amortization period if the loan interest rate is fixed, however there are some institutions that are prepared to reflect the advances you make which reduces the overall amount of the loan and will lower the interest as well. It is most effective to be ready with this information in advance to make sure that you will know your negotiating strength.

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

What Is An Access Bond?

Access Bonds are by far the most popular type of home loan currently available.

An Access Bond is very much like an ordinary home loan except it has an added saving benefit attached to it.

The savings portion of this type of home loan, allows you to pay extra funds into you bond, and still have access to those extra funds.

The big benefit is that any extra monies you put into your bond account will help to reduce the total interest you end up paying on the outstanding home loan.

Since the interest on your home loan is calculated on the total outstanding amount. If you pay a little extra into you bond every month, you be lowering the total outstanding amount and therefor you’ll pay less interest.

The reason why Access Bonds are so popular, is because you continue to have full access to any extra money you place in your bond account, while enjoying the benefit of paying less interest overall.

Some banks ,do however, only allow you to withdraw R 1000 or more from your Access Bond account.

For more details regarding Access Bond, speak to a Mortgage Plus Home Loan Consultant.

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