Get your Home Loan Pre-Approval Certificate today and Make sure you're qualified before you buy.

It's a fantastic time to be buying property, but there's no point in starting your property search unless you know the bond amount for which you'll qualify.

When buying property in the currently soaring South African property market, a pre-approval certificate can be just the thing you need to close the deal. It removes the uncertainty, knowing up front how much you qualify for.

When you are searching for your ideal property, having this certificate will also allow you to negotiate a better price. It shows the seller that you are serious, smart and prepared.

The seller will know that you will not have any trouble getting your home loan because you are already pre-approved for a certain amount. The whole process of getting pre-approved takes about 1 to 2 working days.

One common misconception is that getting your pre-approval certificate is as easy as answering a couple of questions. In reality, you have to go through the same process as when applying for a home loan. This is the only way to know for certain how much you will qualify for.

There is also a difference between pre-qualification and pre-approval certificates. Pre-qualification usually means that according to the information you supplied, you would qualify for a home loan. Pre-approval on the other hand means that a bank has already approved your application in principle.

You should not have any trouble getting you loan registered. This certificate does not guarantee your home loan in all cases however. There might be other unforeseen reasons such as when the property is valued for a much lower price than you were applying for. Just make sure you know what the value of the property is and also what similar neighbouring properties are selling for.

To apply for a pre-approval certificate Send an email to Mortgage Plus and we'll do the sums that will set you on your way to becoming a property owner!

E-mail morne@mortgagepluscc.co.za

Tip: Providing the Bond Originator with required information

The selected bond originator (Mortgage Plus) will require certain information that is essential for completing the pre-approval process. This information will enable the bond originator to determine your ability to pay the monthly bond instalments.
Most financial institutions require three to six months payslips or bank statements as proof of income as well as a list of monthly expenses. High debts will increase their risk and therefor increase your interest rate.

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

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