Applying for Mortgages successfully has becoming increasingly difficult. With a worldwide financial downturn, the banks are clamping down to try to decrease their losses. With stricter procedures, many individuals are struggling to get the needed finance, either for buying a new property or a further bond on an existing property. So for individuals that need to apply for a mortgage, there are some steps they can take to increase their chances of an approval.

No. 1

Make sure you qualify

This is especially important if you are purchasing a new property. First find out what amount you can qualify for on a mortgage loan. Stay within this amount. A guaranteed way to have your application declined is by applying for more than you qualify for. The banks are not lenient with regards qualifying clients, and will not consider your application further.

No. 2

Mortgage Affordability

Go through your budget and see how much you can afford to pay on a bond. And be reasonable when doing this. If you can’t prove to the bank that you will be able to afford this new expense, they will say no. By granting Mortgages their clients can’t afford, the bank is running a big risk of not getting their money back. This is a risk they are not willing to take.

No. 3

Have a good credit/payment profile

Your credit profile is the first thing the bank will look at. From how you have serviced your existing commitments they will draw conclusions, and decide whether they feel you will meet your new commitments. So make your full payments on time. Too much debt can also affect your application. So if you can pay something off, this can help with both your exposure and affordability.

Approved Mortgages are not something impossible. With a bit of planning and common sense you are very likely to be successful with your application.

If you feel like it is too much to tackle an application on your own, there are professional mortgage consultants that can assist you.

If you want more advice I am happy to spend some time with you and answer any questions you have about choosing the best Mortgage for you. – Morne Prinsloo

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

Mortgage Refinance

If you are stuck by paying your monthly bills and looking out for some rates on your mortgage loan, refinancing is there to help you out. You can also consolidate your debts and pay your debts much faster and easier than before. All these can be done through mortgage refinancing. You should first know what mortgage refinancing is before we start.

Mortgage Refinancing

Mortgage Refinancing gives you the opportunity to use a mortgage loan to replace your current mortgage bond. You will be able to replace it, with favorable terms and rates that you can afford. The mortgage bond is taken against the same property as collateral. This may not or may exceed the current loan balance.

You can also use the left out cash, after you have paid for the current mortgage. This is a great advantage because you get some extra money to use it for your other requirements. This type of refinancing is known as the cash out refinancing.

On the other hand, getting the exact amount as loan and replacing the balance is called mortgage refinancing. Now that you are clear with the meaning of refinancing, you should also know that you can save a lot through it.

The amount that you get as loan is given at a low interest rate and this saves you money and leaves you with less stress. The terms seem to be very flexible and meet all your requirements. If mortgage refinancing can help you to save your cash, why not go for it and pay down all your existing loans.

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