Picking the Best SA Home Loan for You

SA Home Loans: When it comes to purchasing a home, you are probably very excited about the fact that you will be starting a new chapter of your life. Everything happens so fast sometimes that you might think that there will barely be any time to read through your loan documents.

You could not be more wrong though. Even though those documents are going to be long and drawn out, it is extremely important to make sure that you or your attorney go through them with a fine tooth comb.

Before you even get to that part though, you will want to make sure that you are even applying for the correct loan to begin with. There are a few types of home loans out there and it is important to make sure that you understand the basics of each in order to make sure that you are making the right decision for you and your family.

Going with the wrong loan could cause you to default on your loan and lose your house. Since this is not something that you want to have happen, it is important to make sure that you are taking the proper precautions from the start.

What Types of SA Home Loans Are There.

The loan that many people consider to be the best option is the fixed rate mortgage. This is a pretty straightforward loan. You have a set interest rate, which will never change for the period it’s fixed, and a set number of years to repay the debt.

Another major loan product out there would be the variable rate mortgage. This is a risky loan in a rising interest rate market because if the prime interest rate goes up, the mortgage company will also begin to increase your interest rate.

This means that you can never predict what your payments are going to be in the future. Many people have found themselves in foreclosure simply because the payments adjusted to an amount that was too much to handle.

Interest only home loans are another option. The thing is though, during the first couple of years of the mortgage, none of your payments goes to the principal balance. If you plan on selling you home within the first couple of years then your payoff amount is basically going to be the same as the first day you took out the loan.

As you can see, there are a few different options out there for you. You really have to look through them all to make sure that you are getting the right type of loan for your needs.

If you need any more information about SA Home Loans or other home loans related questions fo not hesitate to contact us.

HOME LOANS SA

HOME LOANS SOUTH AFRICA: The Reserve Bank has decided to keep interest rates unchanged at 10.50%

This is thought to further stimulate economic growth and recovery which is starting to turn for the better.

Home Loans are still at relatively low rates and it's a good time to buy.

If you need a SA Home loans application to be done for you don't hesitate to contact us.

Are Standard Bank Home Loans Still Being Approved

Standard Bank: Are they still approving home loans? The short answer would be yes. The home loans department has been inundated with bond applications since they re-introduced the use of mortgage originators to their panel.

During the early part of the year Standard Bank Home Loans chose to end their relationship with all originators. After lengthy negotiations they eventually agreed to re-introduce mortgage originators to the value offering they offer clients.

Mortgage originators play an integral role in the home loans business received from the banks and can also help to sift through transactions that should never have been presented to banks.

Applying for a home loan through a bond originator will also help you because you don’t have the stress of applying to all the banks and follow up daily. To add to this, you only have your home loan consultant to speak to, not a different person every time you phone.

Applying for a home loan through Standard Bank is also a much smoother process with a mortgage originator because they will submit the application electronically directly onto the bank’s home loan software.

The home loans department is now up to date with their applications and are processing them quickly.

For more information on Standard Bank Home Loans, visit our website.