Home Loans
More and more South Africans are opting to utilise the services of Bond Originators owing to the numerous benefits that are presented by their services.
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The interest rate on a credit facility forms part of the Lender’s profit and benefit, and is therefore structured to achieve that end. With regards to Home Loans, there are two types of rate of interest structures which an applicant may choose to apply on their loan.
The purchase price of a house is only a part of the costs involved in buying a home, although it is understandably the largest chunk, it is not the only cost or fee involved.
Fewer experiences in life are as comforting and exciting as purchasing a house. It is indeed a feeling of significance and security especially in situations where one could not have imagined owning a home of their own. Owning a house is real security regardless of what the intended purpose is e.g leasing out, living in, renovating and selling.
Securing a bond is fraught with technical and legal hurdles which one would rather navigate through with some expert guidance and advice to weigh the better options. The financial implications are significant if approached without due caution, therefore it is imperative that home seekers intending to secure mortgages to finance their purchase do so from an informed perspective.
The approval of a Home Loan definitely comes with a priceless feeling of relief and security on the part of the consumer. For most, it will be a journey ending in tears of joy following tears of pain caused by numerous application rejections brought on by stringent criteria from financial institutions.
Owing to a number of dynamics, the South African mortgage market still has lenders with 100 percent mortgage facilities, unlike on the global stage where cut-backs are the order of the day and lenders introduced restraints on mortgages i.e debt to earnings ratios, loan to value ratios.
The keen anticipation of a financial boost by way of a credit facility to fund a transaction is what makes its rejection of sombre mood. In irreverent terms, it is nothing short of adding salt to injury in situations where the consumer’s circumstances critically needed the funds.
With regards to immovable property Sale and Transfer transactions, there are various costs and fees involved which must be settled in order for the process to be concluded. Knowing what each party (seller or buyer) must pay for is important so that one is prepared beforehand to avoid unnecessary delays.
A lot of pitfalls present themselves when buying a home through a Home Loan credit facility. If you are not careful, you may find yourself facing serious financial implications.
Interest rates are just one of the eminent issues...
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