Home Loans
It’s no doubt that 2023 was a tough year for real estate - unfavourable selling conditions, characterised by diminished affordability and tighter lending standards, have caused many homeowners to re-evaluate their decisions.
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The banks are charging penalty interest if they are not given 3 months’ notice of intention to cancel a bond. Therefore it is beneficial to notify your bank of your intent to sell as soon as you decide to do so.
Some tidbits from an optimist - could 2024 be the Golden Year in Real Estate in South Africa?
The decision by the Monetary Policy Committee (MPC) of the Reserve Bank not to raise interest rates again has provided a candidate for “good news item of the year”. With a bit of luck and a further drop in inflation over the next two months, rate cuts could occur before year-end.
The late 1990s and early 2000s witnessed the growth of mortgage origination companies in South Africa. These companies acted as intermediaries between borrowers and lenders, helping borrowers secure mortgage loans by matching them with suitable lenders and assisting with the application process. Mortgage origination companies played a crucial role in increasing competition, streamlining processes, and expanding access to mortgage finance.
Self-employed individuals in South Africa can absolutely obtain a home loan. However, the process may require more documentation and present additional challenges compared to salaried individuals.
A home loan pre-approval provides you with a clear understanding of how much you can afford and helps you focus your house hunting efforts accordingly.
Before you start the process of applying for a bond, it is important to determine how much you can afford to repay each month. This is where you need to do a thorough analysis of your finances. Consider your income, monthly expenses, and any outstanding debts.
Bond originators are experts in the home loan application process and have an in-depth understanding of the home loan industry. They are trained and experienced professionals who have extensive knowledge of the requirements of various financial institutions.
A credit bureau is a company that collects and maintains information about consumers' credit and payment histories. Their purpose is to provide credit providers with accurate and up-to-date information to assess the creditworthiness of individuals and determine their ability to repay loans.
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