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Strong indications show that, after a three-year lull, the Battle of the Banks for home loan market share is about to heat up again – to the benefit of homebuyers and the property market in general…
“This month’s decision by major lender Absa to once again start accepting applications for 100% loans from mortgage originators (Mortgage Plus) is, we believe, just the first salvo in the renewed battle”
“The move will no doubt prompt counter-measures from the other banks anxious to retain and gain top quality clients, and shrewd consumers will be the real winners.”
There will no doubt be many people, he says, who believe this scenario is wishful thinking on his part, “but even now, most lenders are already offering bonds of up to 100% to their own existing clients in good standing – and bonds of 90% on average to new clients – despite their stated determination just a few months ago to insist that every potential borrower pay a sizeable deposit.
“What is more, I am not suggesting that the banks will immediately relax their lending criteria. Bond applicants will still need to have excellent credit records, low debt loads and good employment prospects in order to be approved – just now perhaps they won’t need to have such a large sum of cash on hand to pay a deposit and cover transfer costs.”
Prinsloo says that in due course – and if inflation tails down later this year as expected – the banks will probably also become more negotiable once again on interest rates.
“Meanwhile, bond applicants can at the very least expect higher levels of service and faster response times, as banks increasingly relearn that home loan borrowers are very often the most loyal consumers of their other, very profitable, banking products and services – and not just a high-risk nuisance as they have often been viewed in recent years.”
From an industry point of view, he says, the results of this shift in attitude will be an increase in the number of loans granted, and a decrease in the number of “repeat” sales for estate agents. “Indeed, originators are already reporting an increase in volumes of loans being approved over the past few weeks, and that will inexorably lead to surplus stock being absorbed and home prices starting to show real increases. In short, it will open the way to the proper recovery of the market over the next two to three years.”
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
Many people are giving high regard to properties because of how they can be helpful with their financial issues. As the saying goes, you will never know when crisis may hit you so it’s better to have an investment in the form of real estate as a backup. Mortgage is a tool in investing on a home so the assistance of a mortgage broker is also needed.
The real estate sector has lots of experts such as mortgage brokers. The main task of these experts is to provide assistance in getting mortgage from lenders. Technically, they will serve as mediator between the company and the borrower in processing this loan. If you also need to invest on properties, it’s a must for you to hire the services of reliable brokers.
Looking online, you will see that the number of brokers found in the real estate market is steadily increasing. The good news for property investors is that they these experts have been trained after finishing their mortgage broker courses to help you in the process. Aside from finishing their courses, a mortgage broker turns out to be more reliable because of their licenses and certifications. However, you must still be wary of the fact that there are people who may take advantage of your mortgage needs. You will know the broker to trust by knowing some of the best characteristics of a reliable broker.
Mortgages can be a little bit confusing so these experts must be observant to every detail that the procedure demands. It is essential for them to note everything on their checklist so they can monitor the mortgage process’ progress. This is important since one left out detail can be damaging to your budget.
Aside from thinking of the details, a mortgage broker should also think of the clients first. Keeping their clients’s welfare in mind includes finding the right deals or options suitable for their requirements. But before they can find the right option, they should be able to listen to your needs. They should listen to every detail that you will say, like those about your finances.
Moreover, your broker should be able to introduce different options. There are lots of possible options for mortgage and your broker must exhaust all of them for you. This will be helpful especially since it is essential to find the best and most flexible option for you.
Finally, you must know everything that is happening throughout the procedure. This means that your broker should have the prerogative of giving you updates about the process so you will know whether you have to do something on your end. Aside from this, your broker must tell you properly about the process and explain every aspect. In looking for brokers such as Mortgage Plus South Africa, you must find those who will keep you updated about the overall procedure.
Choosing the mortgage broker for your property investment needs should not only rely with mortgage broker course completion and licenses but also their personal qualities. This will help you hire only the best in the industry and complete your mortgage procedure in no time, and with no hassle.
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
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