If you are self-employed and looking into buying a home for yourself, make sure you have all the paperwork ready, so that you can save time and start looking for your dream home.

There is more paperwork involved if you are a self-employed person, especially if you are trying to obtain a bond. No matter how well your business is doing, questions will be asked, and proof must be given.

Requirements for a self-employed bond applicant:

* A three-month utility bill
* A copy of your ID
* A recent IT 34 (SARS acknowledgment of tax return and statement of monies owed)
* A letter from your accountant stating your overall gross profit and earnings for the past year (or more)
* The last six months bank statements – both business and personal

If you are not buying the house alone, your partner (if self-employed) will also be required to submit all this information. If you are married, you will need to submit registered copies of your marriage certificate too.

Requirements for individuals employed by a company

* A copy of your ID
* A three-month utility bill
* Your tax number
* Six months bank statements
* Letter of employment
* Most recent payslip

Get all the paperwork ready before going to a mortgage originator – he or she will only tell you to get all these ready before they can even start with your application. So save yourself the time and get all your statements and documents in place and go to a reputable bond originator with confidence. A bond originator will source the best deal from a number of institutions given your particular circumstances.

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

With house prices firmly back on an upward trend and banks beginning to relax their lending criteria for home loans, consumers are increasingly looking to get back onto the housing ladder.

As the property market becomes more competitive, however, it is vital for consumers to make sure they are well prepared and can act quickly when an offer is accepted.

Craig Deats – has the following advice for potential homebuyers when applying for a home loan to ensure they have the ultimate opportunity for success on their bond applications.

1. Make sure you are aware of all the costs involved in buying a home. In addition to arranging a home loan and paying a deposit there are a number of other costs involved including legal costs, transfer duty, bond registration fee and bank charges. These will need to be paid in order to complete the process.

2. It is advisable to have a clean credit record before applying for a home loan. As a result of the National Credit Act and current market conditions, banks have tightened their lending criteria and a negative credit record may impact the result of your home loan application.

3. Provide your bank or bond originator upfront with all required information and documentation requested. Each bank has their own set of criteria so ensure that you have met the requirements of each lender.

4. Make use of a reputable bond originator, who can assist you by facilitating bond negotiations with all major lenders in one simple process from prequalification to registration, with less hassle and minimal paperwork. They also provide regular feedback of progress on your application.- www.mortgagepluscc.co.za 

5. Shop around with multiple lenders. According to the latest statistics, 19.8% of applications in January 2010 that were declined by one lender were approved by another, indicating that it is important to approach multiple lenders to ensure a positive outcome on your home loan. Shopping around also ensures that you get the best rate on offer.

CONTACT US
For more assistance with regards to Applying for Home Loan Finance .
Email: morne@mortgagepluscc.co.za
Ph: 011.327.4489
or Complete This Online Form