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

Tips for Repossessed Property

The purchase of repossessed property has become quite a favourable option among first time buyers. The recent increase in the supply of repossessed property has created quite an optimistic spirit over this unique opportunity for investors and first time buyers.

A good example of the benefits would be to look at a situation where a person is merely looking for a house of their own but due to a tight budget can’t afford property priced at the full market value. This potential purchaser is now able to look into buying a repossessed property at a substantially cheaper price. These repossessed properties were reclaimed by the lender due to the debtors inability to keep up with monthly instalments.

Before such repossessions, a grace period is given to the owner in order to offer the opportunity to repay the missed instalments or to approach the bank with an alternate but suitable payment plan. Should the owner still be unable to repay the outstanding amount during this grace period, the ownership of the property then falls to the bank who may resell it again.

Consider the following should you wish to purchase a repossessed property;

1) Even though a repossessed property is a favourable option, they are tricky to find. A reason for this is that a loan buyer is unlikely to disclose the fact that the property is currently going through repossession. This is done in order to uphold a certain image and to avoid the label of ‘home breaker’. Online property listing companies however, are able to provide you with an extensive list of available repossessed properties.

2) As you may already know, when looking to purchase a repossessed property it is important to remember that it may not always be in a good condition. This may be due to a shortage of money or the fact that not every property is situated in a appropriate area.

It’s a common misconception to say repossessed properties are sold at dirt cheap prices, however, this all depends on the outstanding balance still owed on the loan.

3) When it comes to bank repossessed property, two surveys are made to assess the market value. When the price is established its put up for auction where the highest bidder is the winner.

With a few simple repairs and renovations a repossessed property holds the potential to become a very profitable venture. Finding a repossessed property however, is a process that should be approached with patience and revere.

Buying Repossessed Property: Guidelines

Repossessed property often brings to mind the endless images of abandoned homes in ruins and the odd tumble weed driven forward by the wind. A remembrance of good times gone bad. When you find these thoughts slowly creeping into your mind, remember the potential they carry to be the symbol of hope to countless want-to-be homeowners. If you are a potential first time property buyer or an investor on the lookout for excellent bargains, repossessed property is exactly the thing you need.

* The first part of buying a repossessed property involves selecting a property you wish to purchase. Simply go online and register with a sound property listing company in order to view the various houses up for auction, as well as their various viewing dates.

* Once you have decided upon a property, attend its viewing. In so doing you will be able to spot any essentials, such as leaks, cracks and any other necessary repairs. A viewing such as this will help you to assess whether or not the house is worth buying.

* For first time buyers, auctions on repossessed property differs quite a bit from a usual property purchase. Once the highest bidder wins, the deal is practically finalized and backing out may be a pricey mistake.

* Even though this simplifies things tremendously you now become responsible for handing over a deposit on the day of your winning bid, which you would have to part with should you decide to change your mind and back out.

* Be mindful of the fact that repossessed property has been vacant for ‘X’ amount of time, therefore it may require some repairs. Remember to account for these when looking at its purchase price to ensure that the property is worth your while.

With any luck you should now have come to the realization that there is a lot more to repossessed property than meets the eye. Buying repossessed property doesn’t just revolve around finding the best deals or buying at a bargain. It’s essential for you to always be aware of what lies ahead. With some patience and perseverance that dream house may not be as far from you as you imagine it to be.

Please Note: at Mortgage Plus we offer 100% home loans on repossessed properties.

Mortgage Plus offers a wide range of advice on different bond options and further advice on the above. Please call us for further information on:

Complete this short form online

Call us on 011.327.4489

Email: morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za