An offer to purchase (OTP), sometimes referred to as the sale agreement, is a legally binding contract between the buyer and seller of a property. This document governs the sale agreement entered into by both parties.
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What is a credit score? A credit score, also known as a credit rating, is a number that reflects the likelihood of you repaying money you want to borrow. Lenders like banks and credit card companies will look at your credit profile and calculate your credit score based on that information as well as their own, which will show them the predicted level of risk in lending to you.
It’s great to move straight into a newly-built home with brand new furnishings and fittings. But it’s also important to understand the benefits and risks involved with the different types of developments, particularly if you are looking to finance the property with a mortgage bond. How do you determine which one is the best for you? Read on to find out.
You don’t need to be a South African citizen to buy property in South Africa. You can apply for a home loan as a foreigner directly through one of our experienced mortgage brokers. Working with a mortgage broker allows you to apply once and receive multiple offers at all the main South African banks. The best news – our services are totally free of charge.
Self-employed home loan applications are notoriously more difficult to get approved than other types of applicants – but they don’t have to be. In many instances, self-employed purchasers can afford the bond… it’s just about knowing what documents are needed. Understanding what the banks require and why is the best starting point for applicants.
You can access funds from your existing home loan in different ways. Your decision would depend on your personal circumstances and financial goals, but here are the three ways in which you could use your bond.
The banks’ criteria for the maximum loan-to-value (LTV) depends on the applicant type. LTV is the loan amount offered by the bank, divided by the purchase price of the property.
It’s great to have a selection of home loan quotes to choose from. You can save yourself significant amounts of money in the long-term by choosing the best home loan quote. But how do you determine which one is the best?
There are many things to look at when purchasing a property, but the first step is knowing what you can afford. Our bond originators will assist with a prequalification or affordability assessment free of charge.
The Reserve Bank of South Africa (SARB) recently announced that the Monetary Policy Committee (MPC) had decided to raise the repo rate by 50 basis points, to 4.75% with effect from the 20th of May 2022. This is a departure (though not shocking) from a trend that the market had got accustomed to, where the rate mostly fluctuated on a quarter point basis.
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