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Banks’ methods of handling bond applications questioned
Bank-bashing (by no means always justified ) has become a popular pastime in SA – but there is one serious cause for concern and that is the banks’ methods of handling bond applications, says Clarke.
“Almost daily,” he said, “we pick up complaints about the way mortgage bond applications are handled by the banks.”
The big four SA banks, he said, are fortunate to have many exceptionally loyal clients – and one result of this is that often these clients will reject any help from bond originators and will instead go directly to their own bank.
Here, said Clarke, after an initial meeting with a consultant, who is not always an expert in bond finance, they can often find themselves having to track the progress of their bond via a call centre.
This, says Clarke, can be a totally impersonal experience.
“The client finds himself dealing with a disembodied voice on the end of a line – and this bank representative voice is likely to have no concern or compassion for the client’s position.”
In the worst cases, said Clarke, the bond gets seriously held up or even lost – sometimes forcing the applicant to start all over again.
“It goes without saying,” commented Clarke, “that this can result in the buyer losing out on his dream home and the seller having to start the sale process all over again.”
The (sometimes) unsatisfactory bank performances, said Clarke, date from the time when bond origination caught on and the banks found that they could leave much of the paperwork to the originators. This, in turn, led to their cutting back on staff numbers.
Now, said Clarke, they are on a different tack and are trying once again to channel more applications directly to themselves.
“By and large,” he said, “this does not work to the benefit of the applicant. If, however, he approached a bond originator to apply to several banks to get the deal best suited to the client.”
“The importance of this cannot be over-emphasised. “It is perhaps the main reason why Mortgage Plus Finance is achieving a hit rate 10 to 15% above the SA average and building such a good reputation for itself.”
“All in all, therefore, I am inclined to feel that banks must foster rather than try to eliminate originators.”
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
Introducing Mortgage Plus Bond Originators
When looking for a home loan in South Africa that will best suit your needs as an individual but have no idea where to start or how to go about this intricate task, then look no further.
MORTGAGE PLUS Home Loans is here to help. As a specialist in home loans, MORTGAGE PLUS Home Loans is more than able to give you the assistance you have been looking for regarding taking out a home loan that will not be heavy on your pocket but which will be something you can manage in the long run.
MORTGAGE PLUS Home Loans knows that purchasing a new home, or taking out a mortgage on your existing home, is a rather costly activity and therefore all the available options need to be considered before an adequate final decision can be made concerning the home loan which is most ideal for you.
After operating in the home loan industry in South Africa for a number of years, MORTGAGE PLUS Home Loans has been able to build up the experience and thus the expertise necessary for giving the best assistance to those looking to take out a home loan or second mortgage on their house.
MORTGAGE PLUS Home Loans has consequently become a specialist in the field of home loans, with more and more people in South Africa coming to us for our expertly reliable home loan assistance services.
MORTGAGE PLUS offers the following services:
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First Time Buyer Home Loans | |
Bond Switches |
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New Home Loans | |
Debt Consolidation Loans |
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Second Bonds | |
Development Finance |
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Further Home Loan / Re-advance | |
Commercial Loans |
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Building Loans |
It should be noted that MORTGAGE PLUS Home Loans is not a bank or an estate agency but is a bond originator who will assist you by starting the bond application process on your behalf.
MORTGAGE PLUS Home Loans has great contacts with a number of the major banks in South Africa, which means that we are more than able to get all clients the best rates possible. Furthermore,
MORTGAGE PLUS Home Loans has their own attorneys and by making use of these you can save up to 30% on your attorney fees.
And if you so wish, you could even receive your funds in as little as 7 days.
Thus with their expertise and networks MORTGAGE PLUS Home Loans will:
• Consult with you regarding the best approach for financing your mortgage.
• Do the legwork in contacting all the financiers in the country.
• Handle all the administrative and legal paperwork on your behalf (with permission of course).
• Negotiate the best offer for you.
So, to be established from what has been said above, MORTGAGE PLUS Home Loans is the best choice to consider when looking for assistance to guide you through the strenuous process of taking out a home loan or getting a second mortgage on your house. MORTGAGE PLUS Home Loans is here to help you make the best decision you most possibly can.
Why not get in touch with us and allow yourself the opportunity to save big on a home loan most suited to your individual needs and pocket.
With MORTGAGE PLUS Home Loans you will not be disappointed.
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
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