Our gift to you… the best chance of securing a home loan and... your dream home!
Like many people, you may not be aware of what a professional agent can do for you when you are looking to buy a home, or are planning to put your home on the market to sell as speedily and efficiently as possible. Today we would like to focus on a few of the most important pre-purchase tips you would need to prepare for when thinking of purchasing your dream home.
Just think about it… a home of our own is a dream that is shared by every single one of us, no matter who you are, where you are, or at what stage of your life you may be. You may be a young person just starting out on the road to building a career for yourself, with a vision to secure your future with a practical, easy-to-manage apartment. Or you may be changing your status from single to sharing life with a partner, or taking the big step of getting married, with a view to starting a family of your own, in which case you would need to consider a more spacious living environment, like a unit within a secure complex, or even a relatively small house. On the other hand, you may be at the stage of your life when you are thinking of scaling down and moving into a more secure, easy-to-manage unit within a complex for mature living. And of course, security is always an important consideration. However, on all aspects of selecting the right home, there is one thing that is absolutely essential to ensure that you are making the right decision, and that is simply this – make sure that get the best possible advice from an experienced professional who is a recognised, respected expert in his or her field with a proven track record in the property market.
No doubt we have all been feeling the effects of the current economic climate, an in South Africa’s current lending climate it is a bit more difficult for potential home buyers to secure a home loan. So let’s take a look at some useful, practical pre-purchase tips to assist a potential home buyer with the process of securing a bond.
Whatever your requirements may be, be it an apartment, freestanding unit or a house, before you even start looking at what the market has to offer, make sure you have a clear idea of the home loan you qualify for – there is no point in spending many hours looking at homes that you may not be able to afford.
The National Credit Act requires banks to assess your net disposable income when determining what loan amount they will offer you (banks do sometimes limit lending to 30% of gross income in circumstances where the net disposable income value is higher). To help you understand and calculate your net disposable income (i.e. your net income after deducting all expenses) see our Net Disposable Income Calculator on www.multinet.co.za or ask your estate agent to put you in touch with a MultiNET Home Loans specialist who will assess your affordability.
Know your credit rating
Before qualifying you for a home loan, the banks will assess your credit history and rating. Judgements, arrear accounts, and slow payment of accounts can affect your credit rating negatively. MultiNET Home Loans is able to offer you an up-front free credit report service. For more information, contact MultiNET Home Loans on 0861 54 54 44.
Research has shown that home buyers who are prepared to put down a deposit are more likely to have their bonds approved. A deposit could also result in a more favourable bond rate, which will save you a considerable amount in interest rate charges over the term of the loan. Sellers are often more willing to accept a lower offer if the buyer has a deposit, as there is a greater chance that the sale will be successful.
Use an experienced Bond Originator to process your home loan application
CEO Shaun Rademeyer says, “Using an experienced originator such as MultiNET Home Loans will give you a much better chance of approval in the shortest possible time. MultiNET Home Loans has extensive knowledge of the specific requirements of every financial institution, and is able to make applications to all major financial institutions on your behalf. With only one person to deal with throughout the entire process, MultiNET Home Loans cuts down on time, stress and inconvenience. “
MultiNET Home Loans is without a doubt your best choice of securing your dream home quickly and effortlessly. We wish you the best of luck with planning your way forward, and trust that your dream home will soon become a reality that will be a firm foundation for the rest of your life.