Home Loans
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.
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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.
To understand what your home loan repayment is made up of (in terms of principal and interest), you first need to understand compound interest, and how it works in reverse for debt.
Many homeowners don’t understand the difference between a market value and a bank value. This is particularly important when a homeowner wants to refinance a property that was previously unbonded, or paid off.
It can be a shock when the bank valuation comes in below the market value they had already assessed in their head. So, why does this happen? How can two “values” be so different for the same property?
Purchasers buying property for R650,000 and below will potentially qualify for FLISP, a government subsidy for first-time homebuyers. FLISP can be used to cover transfer and bond registration costs, thereby allowing the purchaser to buy a home without upfront savings.
South Africa's interest rate hike has been a topic of much discussion among economists and consumers alike. The recent increase in interest rates by the South African Reserve Bank has sparked a wave of concern and speculation about the impact it will have on the economy and individual households.
Phoenix Bonds is a leading home loan advisory service provider in South Africa, offering expert guidance to clients seeking to finance their dream home.
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