If you’re buying a home, you’ll be following the following steps in getting your new bond through Mortgage Plus:

• Arm yourself with information – Use our handy Mortgage Calculators to give you an idea of what home loan you could qualify for and what size mortgage bond you can afford.
• Apply on-line and / or
• Speak to a specialist home loan consultant – Call your closest branch or our Contact Centre on 011.327.4489 to discuss your needs with our specialist consultants who can advise you on the products that suit your specific needs.
• Confirm your credit status and see what you can afford – our consultants will assist you to clarify your credit worthiness and affordability for a new home loan.
• No-obligation proposal – We’ll prepare a no-obligation proposal for you including all the costs, interest rates and mortgage installment for you to evaluate and review.
• Sign the Acceptance – Once you sign your acceptance of the offer, we take care of all the red-tape. You just need to send us some documentation and we take care of the rest.  Your consultant will do all the leg-work and will guide you and manage the process, step-by-step.
• Property Valuation – A Valuator will call at your convenience to value your property.
• Conveyancing – Our national panel of attorneys will prepare all the necessary bond registration documents and will contact you to make an appointment to sign all the documentation.
• Lodgment – Lodging your bond registration is the next step and happens immediately after you sign your papers at the attorney. Re-registration can be effected within 45 days. We’ll keep you posted.
• Registration – Once registered, you can look forward to the ongoing amazing service which our client services team offers you over the life of your bond. If your needs change, your home loan will keep pace with you and your lifestyle.

What documentation is required?

If you are employed, you’ll need to provide us with the following documentation:

• Proof of income: your latest salary advice. If you earn commission or overtime, please provide the latest three salary advices. (For both applicants if applicable)
• Three months personal bank statements. (For both applicants if applicable)
• Copy of your ID document. (For both applicants if applicable)
• Copy of Marriage Certificate or ANC Contract. (If applicable)
• Copy of the Purchase Agreement.

If you are self employed, you’ll need to provide us with the following documentation:

• Proof of income: Letter of Drawings from an Accountant. (For all applicants if applicable)
• Six months personal bank statements. (For all applicants if applicable)
• Six months business account bank statements.
• Last two years’ Financial Statements.
• Copy of your ID document. (For all applicants if applicable)
• Copy of Marriage Certificate or ANC Contract. (If applicable)
• Copy of Registration Documents or Trust Deed. (Whichever is applicable)
• Copy of Purchase Agreement.

How long does approval take?

• Approximately five working days
• Approval in Principle takes two working days
• Valuation takes approximately three working days

By choosing Mortgage Plus for a loan, you will get that continual service to make sure you are getting the best deal possible.

CONTACT US

Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.

Complete this short form online
Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

In the world of finance, a bond is a debt security. It is an agreement to pay back the borrowed money, and interest is accrued. So, for all intents and purposes, a bond is very similar to a loan. They can provide a borrower with external funds which can be used for long-term investments. Bonds are generally issued by credit institutions, and the most common process is through underwriting. Underwriting is simply the process a large financial institution goes through, to assess the eligibility of a consumer to receive their services.

The type of bond or loan you apply for determines the time required for processing and completion, and different types of loans require different kinds of documentation. Paperwork for bond issues and loans can be overwhelming, but there are basic documents required by all lenders, prior to processing an application.

Verification of your income is a major priority. To do that, you will need earnings statements like your W-2 forms, pay stubs and tax returns, for at least two years. For those who are self-employed, profit and loss statements and tax returns can be used. If you have additional income, such as social security, bonuses, commissions, interest and so on, be sure to have that documentation available as well.

Bank account and savings account numbers, along with those statements, should be provided. Also have information available for all savings bonds, stocks and investments, as well as copies of titles to any vehicles that are paid in full. Supplying a copy of a ratified purchase contract for the property in question, along with a copy of the cancelled check used for a down payment, will also be required.

You will want records of your debts, as well. Credit card bills, car loans, furniture loans, student loans, and other installment loans should be made available, along with creditor contact information. Also, if you have paid child support or alimony, make those records available, as well.

Verify your credit history by supplying the lender with canceled checks for rent, utilities and other recurring commitments. This shows a payment history, as well as the amount of your revolving debt.

When all the proper documentation has been received, it goes to a processor. Their job is to verify and validate all the information. You should anticipate that verification requests will be sent to your employers, mortgage holder or landlord, and lending institutions.

For the most part, securing a loan or bond will depend on your previous financial habits, in other words, your credit report. Before they step out on a limb and extend credit, lenders want to know what the risk factor is, in getting their money back. Make sure you know what is in your credit report, prior to applying for a loan or bond. If you find an error, take the needed steps to correct it before you apply. On average, almost 50% of all credit reports have errors that are noteworthy enough to cause a loan or bond denial.

Once all the information is collected and verified, the file is sent to the underwriter.

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

INTRODUCTION:
A first-time home buyer is someone, looking to purchase their first property or home. But before you’re able to purchase your first home you’ll need to secure a home loan.

In many cases a monthly installment on a home loan is more or less the same as a rental payment on a lease contract. The only exception is the transfer duty fees which is payable upon registration of your bond “ although this may even be included in your bond amount.

So, you’ve decided to purchase your first home and all you need now is the finance.

You’ll want to remember that as a first time home buyer there are a number of special criteria which you’ll need to fulfill if you wish to qualify for home loan finance.

One of the most important factors to consider is what size bond you can qualify for.
Often this is about 25-30% of your joint salary, meaning that if you and your partner apply for the home loan jointly you could be approved for a larger loan.

KEY FACTORS for your home loan application:
The minimum home loan amounts offered by most banks in South Africa usually vary between R100 000 and R150 000.

Upon the application for your home loan the bank will consider the Loan-to-Value ratio (LTV) , which is the ratio between the home loan amount you’re applying for and the value of your property.

For example, Mrs. A. has R100 000 available as a deposit for a property which is valued at R500 000, she therefore only needs to apply for a R400 000 loan, the LTV is therefore 80%.

The reason this is so important when applying for a home loan is because the LTV percentage forms part of the interest rate calculation on your loan amount.

The lower the LTV percentage – the lower the interest rate will be on your mortgage.

Remember that as a first time home buyer you might not have a deposit available for your new home, therefore many banks provide LTV percentages of up to 108%. Meaning you can get a loan which covers the full value of the home and all costs included.

The maximum loan term offered by all banks is twenty years, and some banks require a life policy to be ceded to them. It is important to clarify this with your bank immediately.

REQUIREMENTS:
The general requirements of applying for your first home loan are the basic details of your monthly salary, your credit history and the offer to purchase.

The following criteria will need to be passed to qualify for a home loan

1) You’ll have to be 21 years or older
2) Six months permanently employed or at least self-employed for two years
3) The minimum salary requirements can vary between R8,000 and R10,000/pm joint or single income.
4) You’ll need to have a credit clear history, i.e no judgments or defaults.
5) Some banks may require SA citizenship.

Make sure you have all the following documents available.

1) Copy of ID,
2) If you’re full-time employed, 3 months bank statements.
3) Offer to purchase, which is the written agreement between the seller and the buyer on the purchase price of the property.
Sectional Titles must submit most recent body corporation financials.
4) Most recent payslip, although commission earners will need to submit 6months payslips.
5) If you’re a self employed business owner,
- 6 months business accounts statements
- 6 months personal bank statements
- a letter from auditor or accountant stating monthly income.

To apply for your Loan – Click Here

or call us on 011 327 4489