Wednesday, October 26, 2011

Sabric says Beware of home loan scams

Source: www.news24.com

Johannesburg - Beware of scamsters offering to bail out debt-ridden home owners, the SA Banking Risk Information Centre (Sabric) said on Monday.

"The banks are concerned about the relentless offers doing the rounds," said Sabric CEO Kalyani Pillay.

"These offers are, in actual fact, calculated scams that may result in homeowners losing their properties."

Distressed home owners should discuss repayment options with their banks rather than taking up offers promising bail-outs.

There were numerous variations of the property rescue scam and they often appeared to involve a legitimate consultant with a listed telephone number and website.

"They advertise their services through newspapers and outdoor signage, and they also use court foreclosure notices in newspapers to source details of their victims," Pillay said.

Consumers taking up their offers often ended up in worse debt or even losing their homes, she said.

In one variation of the scam, fraudsters offer to bail out the home owner who unknowingly signs documents handing over his property for sale.

Home owners may be told if they surrendered the property title and stayed on as renters, they could buy back the property once the matter has been "fixed".

Instead, they end up losing the property.

Sabric advised home owners not to do business with companies or individuals saying they could stop a foreclosure process or telling them not to contact their bank.

Consumers should not ignore letters from their bank.

They should also not agree to a repayment program without making sure the bank had been informed and agreed to it, Pillay said.

If you're concerned about your situation and want some home loans advise, don't hesitate to contact me on www.gpfmortgage.co.za

Tuesday, September 27, 2011

Mortgage reducing program

Mortgage pertains to the loan or lien on the asset or house that need to be paid on a particular period of your time.

Mortgage loans are the necessary liabilities within the world these days. Mortgage or home loans procedures in widespread differ from twenty to thirty years. There are huge numbers of ways in which of lowering the mortgage loans.

Refinancing mortgage is one kind however even now it's advantage in a position when the mortgage interest is huge than the present cost of interest.

You'll be able to be in a position to refinance the mortgage loan and use the benefits of reduced interest price. This lower the monthly payments and thus you'll be able to create the payments very easily even before the date promptly.

You have to avoid unwanted insurance coverage rates. Both are same type of mortgage loan and cope with borrower payment as little funds as down payment. The fees are charged on month-to-month basis and men and women are unknown of these fees last until 78 p.c of the balance principal quantity.

Thus apply now these fees can be posted on the mortgage by lowering the term. You'll additionally bust the month-to-month payment in to weekly terms. The calculation of interest is finished on the day after day.

Recently people today prefer to avail the road of credit as the everyday account of usage. Because of everyday calculation of interest, the larger you lower the principal the more you gain. The methodology is to from monthly huger installments to mortgage that is line of credit and draw quantity from when required.

This largely lowers the term and you can be in a position to avoid wasting huge quantity on the interest. Considering of these techniques, you've got to work out which is suitable for you to use.

Whilst selecting a mortgage dealer, you have to be very careful. You have to check varied aspects of them before picking for your purposes.

9 Critical Questions You Must Ask Before Applying For A Home Loan

Friday, July 22, 2011

Home Loans Rates Remain Unchanged

Yesterday, the South African Reserve bank announced that the REPO rate is to remain unchanged. That means that the prime interest rate on home loans also remains unchanged at 9%

Home loans interest rates at current levels are still the lowest in 30 years, therefore if you are a first time home buyer and want to purchase, now is the time to enter the property market. Currently it's a buyer's market as there's an over supply of properties.

Banks are strict on granting home loans but it's not impossible if you have a professional bond originator on your side.

If you need help or information about getting a home loan approved, don't hesitate to contact me.

Monday, May 9, 2011

Struggling to get a 100% home loan?

Have you been hearing horror stories about banks only approving 60% or 70% loans?

Well they are totally true. Many people have been applying for 100% loans but have only been granted 70% or 85% which still leaves them way out of pocked for the rest, and that’s not to mention the transfer and registration fees that must still be paid.

The good news however, is that it’s only a horror story if you are working with someone that is not experienced enough to determine where to place the bond and not.

Also, it’s best to give a client realistic expectations from the word go.

Therefore, work with an experienced mortgage broker who will be able to offer you sound advise and give you realistic expectation.

100% home loans are not that easy to get these days, but it can be done.

If your joint income is less thanR16 000 pm you shouldn’t have a problem because you should be able to get a cost included bond providing you meet the minimum criteria.

Contact us for more information on how to get no-deposit or low deposit home loans
.

Thursday, March 24, 2011

Buying Jointly? Not Married? Think Ahead!

Here are a few points to keep in mind when unmarried parties buy a house together. Should the relationship not work out:

1) What are you going to do about the mortgage payments? Both parties are jointly and severally liable, so if the one can't afford it the other will be asked to pay and vice versa. Non payment will negatively affect both profiles.

2) If the parties are in a partnership and one wants to sell, but the other either does not want to or cannot buy out the other party, what then?

3) One of the parties wants to marry another, then that home loan repayment will affect the affordability of the new couple.

These are very important points to keep in mind before deciding to purchase a property with another person. The information mentioned here is not to put anyone off from buying, but so that you can enter into a contract with eyes open.

I also suggest that similar points are set out by an attorney should things not work out that there is a pre-agreed way to either buy out the other person or to dispose of the property in an amicable way.

If you have any questions relating to home loans or home loans financing, please do not hesitate to contact me.

Friday, January 21, 2011

NEED A HOME LOAN?

I wanted to share with you a really touching appreciation letter I received from a client this morning:

Dear Zulika
Once again ,I would like to thank your for the exceptional service that you render.I would definitely recommend you to any first time buyer so that this smooth transition leaves them with no stone unturned and with peace of mind of being in safe hands and achieving the best deal possible.With your words of wisdom & insights of how the banks operate is the best security a person could ask for especially when the nitty gritty is concerned and a first time buyer could easily be mislead.You definitely have the highest of abilities to help people aquire a dream of owning a home of their own.
Regards
D.Chetty


So, if you need a home loan and you would like to use our service, please do not hesitate to contact us.

Monday, January 3, 2011

How to Get a Home Loan Without Using a Bond Originator

In many circles bond originators are in the same popularity category as lawyers and accountants, therefore many people these days are seeking to rather go directly to the banks so that they have more "control" over the application.

Below are the tasks involved in obtaining home loans on your own:

1) You would need to complete at least 5 different application forms if you are hoping to get a fair chance at choosing a competitive package

1.1) This means that you would either physically need to drive or walk from one bank to the other, or, for those who are more Internet savvy, complete online applications.

2) If you have opted for the "going into each bank" route, you would also need to have originals or copies of originals of your bank statements, ID and latest payslip.

2.1) If you have opted for the online application you are going to have to send 5 different faxes and hope and pray they actually receive it. In most cases you are going to have to send your faxes.

3) Phone each bank each day and follow up on the application. It usually takes an average of 4-5 working days to process, so that means you're going to have to phone each bank each day for 4 days, that's 20 phone calls. You also better hope that the home loans department doesn't cut you off, ask you to call later because they're offline, or that they keep you holding so long you HAVE to call again.

4) Should there be complications, or if your application is declined, you have to deal with a call centre, so, because you don't speak to the same person every time you have to explain the story over and over again - hopefully that's not the case at all the banks.

The above is NOT an exaggeration.

The bottom line is, if you don't have a private banker looking after your needs, and in most cases that doesn't even help, it is better to deal with a reputable bond originator that is experienced and is committed to assisting you.

Their service is free and they go through the hassles explained above on your behalf.

If you want to apply for a hassle free home loan then don't hesitate to contact us today on: info[at]gpfmortgage.co.za (replace the [at] with @)