Looking For The Best Mortgages in South Africa?

There are very few people who can afford to buy a home outright and this is why home loans are so important. If you are considering purchasing a property you will need to ensure that you understand what homes loans are and the steps you need to take to ensure that you get the best possible deal when applying for one of them.

The Size of your Home Loan

Before you start searching for homes in your area you will need to see what type of loan you are eligible for. Banks will usually approve you for a loan by taking 30% of your income into account in order to determine whether your salary is large enough to accommodate the repayments on the loan. The larger this income is, the more you will be eligible for. If you want to apply for a larger loan, you can always apply with your partner’s income for a joint loan.

Putting down a Deposit

When applying for home loans you will need to decide what type of loan you are going to apply for and whether you are going to put down a deposit. Banks in South Africa are now offering 100% loans which means there is no deposit required but you will probably be expected to pay a higher interest rate if you decide to choose this option.

What is a Loan Term?

A loan term is the period during which you will pay off the loan. The loan term will affect the interest you pay on your loan and it will determine the rate at which you will be expected to pay the loan off. The longer the loan term is, the lower your monthly premiums will be but you must remember that most banks will give you a maximum term of 30 years and even then you might need to apply for a life policy.

Choosing your Property

Once you have an idea concerning the amount you are eligible for you can then begin searching for your dream home. The location of this home should be carefully considered and you will need to take a few factors into account before you set your sights on a property, including the location of schools in the area, whether the property is close to your work and whether the location is safe and secure.

What do you need to apply for a Loan?

In order to apply for home loans you need to ensure that you meet all of the requirements as these can be quite strict. When applying for a loan you will need to be at least 21 years old, permanently employed for 6 months (or self employed for at least 2 years) and have a clean credit history. If you meet all of these criteria you will then need to be aware of the documents that will have to be submitted when you apply for the loan.

Bond Originator Lending a Helping Hand

Applying for a home loan can be a lengthy and difficult process but you can make this entire experience a simple and enjoyable one by contacting a bond originator that will help you through it. Bond originators will not only help you choose the right bond but they will also assist you in getting all of the correct paperwork in order to ensure that your application is submitted and approved without a delay.

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 Plus Bond Originators – It’s all about Keeping it Simple

Mortgage Plus offers the following services:

• We evaluate your financial situation and give you professional advice on how best to finance your new home. Mortgage Plus offers you a free affordability assessment.

• We pre-qualify you so that you know how much you can spend before you start looking.

• We outline all the costs of buying a home so you do not get any surprises down the line. This includes all the costs involved in buying a home, including up-front payments, monthly repayments and any other costs that may occur as a part of the property transaction. This is important as the National Credit Act wants to ensure you do not overspend and we can assist with a basic guideline.

• We explain your home loan options from the major banks.

• We negotiate with the top banks on your behalf and present you with a shortlist of options.

• We liaise with your chosen bank.

• We do all the paperwork right through to the registration of your bond and beyond.

• We explain the stages of buying your home, pointing out the responsibilities of everyone involved, when money is due and the potential pitfalls along the way.

• We are on hand to assist you throughout the process until the day you move in.

Mortgage Plus has relationships with all the major banks in South Africa like Standard Bank, ABSA bank, First National Bank, Nedbank as well as niche banks for example SA Home Loans, Mercantile Bank, Bank of Athens,  Rand Merchant Bank, Investec and BoE Private Bank.

So why go anywhere else if you got all these options available to YOU our client.

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