SA Home Loans – Are You Paying too Much Per Month?

Face it; the manager at your bank is not going to help you decrease your monthly home loans installments. Why should they?

Are you finding yourself having to deal with various issues with SA home loans, credit cards and personal loan installments? A huge problem with rising debt is that it becomes more and more difficult to pay off only the interest, not to mention the debt capital itself.

If you are a normal South African, you are probably balancing work, putting out fires, working long hours and dealing with other issues, and the last thing on your mind is thinking about saving money on home loans.

The last thing you have time for is wasting time in a bank or talking to a call centre consultant.

SA Home Loans Issues SA Home Owners Have- So Where Can We Find The Solution?

Imagine…you are able to save a lot of money on your home loan, and at long last you are able to put away money for savings!...Less stress and your family’s financial future is secure.

It probably sounds too good to be true, but, if you have the right tools, information and resources, it will come true.

It’s said that the first step to overcoming a challenging situation is to acknowledge that there is a problem and that a change is needed.

If you continuously do the same things over and over again you’ll keep getting the same results.

As South Africans, we pay too much for debt, especially SA home loans. We often do not realize what effect higher interest rates have on our finances.

If you can decrease the interest rate on a home loan of R700 000 from 12.5% to 10.5% you will save R965pm or, from another aspect R231 438 in interest over the home loan term and that’s not including other costs and charges.

Are SAhomeloans Difficult To Qualify For?

If you have tried applying for sahomeloans on your own you might have found that it’s difficult to get your homeloan approved.

What can you do to easily qualify for sahomeloans? By following these 3 easy guidelines you’ll be able to get your dream home soon.

SAhomeloans tip no. 1: Pay your debts on time

Did you know that companies no longer accept payments by the 7^th of the month? If your statement says that you must pay by the 1^st or by the 3^rd, then that’s the day the payment is due.

If you don’t pay by that date the company may list you as a slow or erratic payer which may hamper you getting approved for sahomeloans with ease.

SAhomeloans tip no. 2: Don’t make additional debt

It may seem obvious, but to qualify for sahomeloans you should make extra debt when applying for a homeloan.

Making extra debt means that your credit score will decrease.

Why? Well each company you approach will do a credit check, and every time that happens your credit worthiness decreases because of all these credit enquiries.

SAhomeloans tip no. 3: Save for a deposit

Even though it looks like the banking industry is easing up on their lending criteria you should still save up for a deposit.

How do you save during these tough times? Well, work out how much you will be spending per month on a bond installment if you buy and use the difference between that and what you’re currently paying for rent and save that.

Doing this will achieve 2 goals. Firstly you will be able to save this difference and use it as a deposit, and secondly and most importantly you will know if you will be able to afford the monthly homeloan installment.

In a few months time that may work out to enough for a 5 or 10% deposit on a house.

Click for more information on how to qualify for sahomeloans.