Mortgage originators – 0861 1111 93

Qualification Matrix

Transfer and Bond Cost

With a myriad of mortgage products on the market, it is not always easy to know where to go to obtain the exact bond finance you need at the time and in the circumstances.

That is where the mortgage originator comes into the picture. “However, many people are unsure of exactly what services a mortgage originator should offer and what benefits they provide”.

The key function of a mortgage originator is to introduce a borrower to a lender and to act as a personal consultant in an attempt to help you obtain mortgage finance for a property. “The mortgage originator will apply to and negotiate with a financial institution in respect of the home loan on your behalf.”

A mortgage originator should have specialized knowledge of the various products and rates available on the market in order to give independent advice with the aim of obtaining the most suitable bond from the most appropriate mortgage lending financial institution for your particular needs. They should help you assess your affordability and explain fully and in plain language the material terms which you need to be aware of to make an informed decision.

“While you are not obliged to use their services, it can make the process much quicker because of their familiarity with the process, products, assessment yardsticks and requirements of the individual financial institutions,”

“With a mortgage originator you only have to fill out one application and they request only one set of the relevant prescribed supporting documentation, such as identity documents and salary advice slips, required by the financial institutions. They then submit the application to the various financial institutions on your behalf and try to negotiate a lower rate for you.

It is generally understood that a bond originator is able to secure a cheaper rate than if you approached the bank directly as they are on a better negotiating platform. A good mortgage originator should also follow up with the financial institutions on a regular basis and keep you informed.

Once the mortgage originator receives the various quotations, they should sit down and help you to assess your options, advising you of the pros and cons of each with your particular needs in view. “Essentially, the final decision should be yours after weighing up all your options and taking into consideration the advice and recommendations of the Mortgage Originator. Apart from providing you with information on the various mortgage products they should also be able to assist you with convincing and related costs.

The mortgage originator is usually paid a fee or commission by the lending institution with whom the loan is taken up, so the service should be free.

Remember Originators do not have control over and cannot therefore accept responsibility for credit decisions or valuations made by the mortgage lending financial institutions and is a good idea to approach a mortgage originator before you go house hunting so that you know what loan amount you will be eligible for.

Should you have any problems complaints may be addressed to the Office of the Ombudsman for Mortgage Originators which has been set up to deal with complaints against mortgage originators.

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

Bond Originators South Africa – 0861 11 11 93

Before there were any bond originators, you had to go through the process of applying for a home loan / mortgage with every single bank individually. You had to go to their office during regular hours. This took extra days and hours of trying to shop for home loans with the best interest rates you could live with. When you hire a bond originator in South Africa, things work very differently. Bond Originators like Mortgage Plus will often come to your home, even after normal business hours. They take you through the application just once. No matter how many other lenders they will approach on your behalf. This means that you do not have to spend hours going t hrough the same home loan process repeatedly.

Mortgage Plus have signed contracts with all of the bigger banks as well as many of the smaller independent banks and a list of kinds of lenders that they have worked with in the past. The thing that is good about this is that when you get the okay from multiple places, you can choose which one you want because by being able to compare home loan interest rates and terms you can pick the one that offers you the very best terms.

Mortgage Plus bond originators do all of the negotiating with all of the lenders, banks and financial institutions in order to get you the best home loan interest rates possible in South Africa. When all is said and done, Mortgage Plus Bond Originators can usually get between a 0.5% and 2 % lower than the current prime interest rates. Estimates in South Africa say that the origination industry will save their clients around 5% per year in rate concessions. The lenders, banks and financial institutions all know that they have to be very competitive if they are to get any business. There will be times when the negotiations have been completed, a lender, banks and financial institutions will tell the originator like Mortgage Plus that they will give them an extra percentage discount beyond what the best lender has negotiated. The originator will not reveal what has been negotiated but will give each of the lender, banks and financial institution one final time to bear the best rates or terms that the originator has in hand.

It is also a good thing that regardless of all the red tape the NCA causes, bond originators somehow manage to take your application through the process of getting approved in just about half the time it would normally take you if you were approaching the lender or bank directly. Mortgage Plus takes 4 working days to get you a bond approval. Therefore, you not only save on rates and get better terms, but you also save time and we all need to save as much time as we can.

It is no secret that banks ar en’t very enthusiastic about the bond originator industry. They have to give up some of their margin and what they would have earned on insurance as well, when bond originators secure the bond on behalf of their clients.

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