5 Tips to Do When Applying for a Loan

All big events requires an equal time for preparation. The same goes when applying for home loans. For many people, getting your home loan approved is a challenge and indeed it is. Getting financial help today undergoes incredible scrutiny.

So we cannot afford to sleep on the wheel .We have to help our application gain a favorable eye. We have to be prepared ourselves.

Committing to a home mortgage requires incredible sacrifice and emotional fortitude. Everything will be a challenge. So in order to help ourselves, in order to not waste our time here some quick tips to get us going with our loan application.

There are my 5 Home Loan Tips often Overlooked

Interesting Article About SA Home Loans

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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.

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
.

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.

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.

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 @)

Banks Drop Interest Rates

Interest rates are at a 15 year low after the reserve bank announced a drop in interest rate of 0.5% - bringing the prime lending rate to a low 9%

Now is the time to do your sa home loans application.

Are banks still giving 104% home loans?

Do you need a home loan and don't have a deposit?

Don't dispair, banks are still giving 104% home loans subject to certain conditions and requirements.

Check out my latest video post as to what is involved.

Can You Get A 100% Home Loan?

How can you get a 100% loan from the banks. Check out my latest video in the Q & A series.

Home Loans

Home Loans and Divorce: How It Affects Your Home and your Mortgage

I don’t like writing about negative things, but the reality is that today divorce is common-place due to various factors including pressure and financial strain. When the decision is made to separate a marriage is normally a very hard and difficult time. An unfortunate aspect of a divorce is the splitting of your combined assets. This includes your home.

By getting impartial information on options about your home it will make vital decisions during this stressful time easier.

The first step is that you must to decide who, if anyone, wants to live in the house. Many times neither party wishes to stay in the home due unpleasant memories. Other times, there may not be any choice on which party will stay at the house.

I’ve written this article to help you understand what your decision will mean to you financially and where you will live.

Can you afford to move? Will you have to refinance? If you do move what can you afford?

Home Loans & Divorce: 4 CHOICES

Click to read the rest of this home loans article

My Clients Speak Out...

Have a look at what types of things clients have said about GPF Mortgage

Home Loans Made Easy

To view all my Home Loans related articles, click the link or ask my any related question on http://gpfmortgage.co.za/contactus.html


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Can You Trust Your Bond Originator?

I’m writing this article today because I had an interesting experience the other day. It’s happened many times before, but when it happened again I thought: "I must write about this".

Somebody phoned me and asked me if we were able to apply to banks where she had already applied.

I replied that we couldn’t because then it would be a duplicate application, but I asked why?

She explained that she had worked through the estate agent’s bond originator and that she was getting no feedback.

I got a grin on my face….

Click Here to Read the rest of : Can You Trust Your Bond Originator?

Interest Rate Hike Warning!!!!

In the latest Property Barometer newsletter, Johan Loost, property strategist at FNB has warned of possible interest rate hikes in the future.

What does that mean to you? So where to from here?

Well, he suggests that now is a time to tread with caution for a few reasons:

• Firstly, at 10% prime, history suggests that we may be at or near to the bottom of the interest rate cycle.

Interest rates will go up at some point. History also tells us that recent rate hiking cycles have been by 4 to 5 percentage points.

It is essential to be pro-active and make financial provision for the possibility of a 4-5 percentage point interest rate increase at some point in future, and if you cannot fund such an increase, rethink expenditure commitments.

• Secondly, there is the important issue of massive future hikes in Eskom tariffs in the next 2 years, and similar increases in municipal rates and other utilities’ tariff cannot be ruled out, given the need for big infrastructure upgrades in the coming years.

I would suggest that significant provision be made for such household-related
cost increases in the coming years too.

These are the comments of Johan Loos, if you require advice on your home loan or how to consolidate your debt into a current bond, don't hesitate to contact me:
http://gpfmortgage.co.za/contactus.html

Is a Home Loan Rate Cut On The Cards?

Cees Bruggemans, economist at FNB seems to think there might be a possible future interest rate cut.

In his latest newsletter he referred to the: Dollar's strapless bra starting to slide

I thought that was hillarious, but ultimately it makes sense, because he said that the rand is strengthening against the Dollar and other major currencies are following the same trend. This means we'll pay less for imports, but also earn less income on exports - nonetheless, it could mean a home loan interest rate cut.

He ends off by saying: The Dollar's strapless bra hasn't yet fallen off, possible still supported only by a thread....

So let's see what Gill Marcus and her team decides at the next monetary policy committe meeting on October 14.

If you'd like any information on SA Home Loans please don't hesitate to contact me by following the links.

Standard Bank Has Joined the 100% Party

Yes, at last, Standard bank has added it's vote to relaxing lending back to 100% for qualified buyers.

This now brings to the full all four banks' 100% home loans offering.

That being said, they have taken the same route as ABSA, and are only offering 100% loans to Standard Bank transactional account holders.

Also, this only pertains to purchases, not 2nd bonds.

So, if you are a Standard Bank client, looking for a 100% home loan, look no further, GPF Mortgage will help you secure the best home loan for your needs.

Should you need any further assistance or need more information, read some of my other articles on: http://www.gpfmortgage.co.za/

Bumpy Ride for 100% Home Loans!

If you thought you could arrive at a show house, sign the deal and all is finalized, think again. These days getting a home loan is not easy and certainly not for the faint hearted.

I'm not saying that getting a home loan is impossible, but you really have to know your stuff, or even better still, have someone who knows their onions do the deal for you.

Currently there are only 3 banks/lenders that give 100% home loans and it's not easy to get.

One late payment or arrears account on your credit profile and you're declined. You have to have a squeaky clean record to get 100%.

Fact is, while some 78% of home loan applications were successful in the 2005 and 2006 boom times, only around 45% of home loan applications are currently successful.

The amount of debt you have in relation to your income is something the banks take very very seriously. Your affordability is crucial and will make or break the approval of your home loan.

If you are thinking of buying a home in the future, call us first so that we can work out your affordability in line with the banks rules and regulations. You'll get a pretty good idea of what type of home and home loan you will be able to afford.

ABSA 100% Home Loans Returns

The ABSA 100% home loan rumour is reality.

You can now get a 100% home loan from ABSA if you are an ABSA transactional account holder. Your salary has to go into that account to qualify.

This means, that on a house of R1 000 000 you no longer need to give a deposit of R100 000 - that is a huge saving, and also makes a big difference to first time buyers.

For more information on, or to apply for home loans, contact us.

Absa Home Loans 100% Loan Rumor

There are rumor's that ABSA will also soon be giving 100% loans to their account holders again. How true that is remains to be seen.

As per my last post, it's still only FNB and Nedbank that offer 100% home loans, so if ABSA does come to the party that gives you, the client, more options to choose from.

Remember, working through a bond originator gives you the stress free way of only sending through your documents ONCE and they send it through to the various banks simultaneously.

Also remember to choose your bond originator wisely. Ask them questions. What options will they be giving you? Only the 4 major banks? A connected bond originator would always give clients an unbiased service, not only limited to the 4 major banks, but also some non-bank alternatives, like SA Home Loans.

Don't forget - ask, because you're going to be paying that loan at the end of the day and you want to know that you've had options to choose from and that you've got the best deal possible.

To apply for a home loan, including SA Home Loans, contact us today!