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ARTICLES
WHY BONDS4LESS IS BETTER THAN THE REST
Buying a home is an exciting yet somewhat daunting time, especially for first time homebuyers.
Most people cannot afford to pay the full asking price in cash for property, and therefore the majority of property buyers need to apply for a bond or mortgage to finance their property acquisitions.
The bond application process can add to the stress of the entire process as you wonder if you will qualify for the dream home you have found, or if you can afford the repayments. You may also have legitimate concerns about possible interest rate hikes that could push your monthly repayments beyond your financial capabilities. Many a sleepless night for those in the market can find its root based in the application for a home loan.
If you are buying a property in South Africa, whether it is an apartment, home, farm, business or open plot of land, you will need to decide on the best way to finance the deal. You may choose to approach your bank directly. Many people believe that because they have a history with a certain bank they will be given the best rates for a bond possible. This is unfortunately by no means always the case - no matter how friendly your bank manager is, it always pays to shop around for a good deal on your home loan.
The estate agency through whom you are buying the property may recommend one or another bond procurement company. Bear in mind that these companies go out of their way to promote themselves to the estate agents with gifts and good commission structures. This means you may not always be on the receiving end of completely impartial advice and recommendations.
Shopping around and comparing rates across multiple bond agencies can be time consuming, and you may not have the luxury of time if the property you have your eye on is in demand. The last thing you want to do is miss out on an excellent deal because you were standing in bank queues or on hold to a mortgage dealer while someone else with a pre-approved bond was ready to snap it up from under you.
So how do you find the lowest possible bond rate in South Africa if you are new to the game of real life monopoly and have limited time?
Bonds4Less is at your service! We are South Africa's number one onsite bond comparison company. We compare mortgage deals across the major banks and find you the best deal on bonds in South Africa, based on your personal qualifications. No need to phone or get in the car, we do all bond applications online and offer fast, accurate results so that you can make a truly informed choice on your home loan.
Bonds4Less promise to deliver this outstanding service as we negotiate the best possible home loan interest rate for you.
We provide professional service and 100% confidentiality to each client regarding all personal information obtained during the process.
Fill out the form on the Bonds4Less homepage to find out if/which home loan you qualify for, or go to the Contact Us page for more general enquiries and one of our highly specialised bond consultants will assist you further.
HOME LOAN NEED-TO-KNOWS
When first considering looking for a house to purchase, one of the biggest stumbling blocks can be the cost of the house. This of course leads to one of the biggest questions new homebuyers ask: where will I get the money?
The answer is simple! Millions have done it before and it's the easiest, safest way to ensure the gem you want to buy will not slip through your fingers.
Home loan, mortgage, bond - that's exactly what you need in order to purchase that picture perfect house you've always dreamed about!
Remember that buying a house is a long term investment. Yes, this means that you must actually see yourself living in that house for more than 3-4 years in order to cover the buying and selling costs.
Your future can be uncertain due to things that are totally out of your control like being transferred by your work, losing your job etc. Of course, some relatively controllable situations can also influence your future significantly. A newborn baby, grandma moving in, all your kids moving out etc. To small or two big a house can change your whole opinion of your once 'picture perfect' home, resulting in the need/want to move. The main thing is to be sure that you are 100% certain about your choice of house and the area it is located in.
Now, before starting to look for that perfect house of yours, you need to know what size home loan / bond you can apply for. The good news is that couples can join their salaries in order to calculate how big the bond will be. The bigger the two individual salaries, the bigger home loan you will be able to get! Usually the size bond you will qualify for is 25-30% of your joint salary.
Now applying for a bond can be as easy as 1-2-3, depending of course whether you do all the hard work and apply for your home loan yourself, or if you make use of an independent bond origination company like Bonds4Less.
Making use of a bond originator makes everything just so much easier! And most of the time, like in the case with Bonds4Less the service is FREE! Yes! That means that one of the company's specialised bond consultants will contact you and all you need to do is supply the applicable documentation. After that, all you have to do is wait.
Now, before you apply for a bond there are certain requirements you need to meet in order to qualify for a home loan. It is best to know what will be needed and what will be expected of you before you enter the whole process.
Home loan criteria:
- Firstly, there is an age restriction on people wanting to apply for a home loan- you will have to be 21 years or older.
- The minimum salary that you (single income) or you and your partner together (joint income) need to earn can fluctuate between R8000 and
R10 000 per month.
- When applying for a home loan your credit history will be checked. This means that you will have to ensure that there are no negative marks against you. Remember that things like bouncing debit orders and late payments also influence your credit history!
- You will need to have a permanent job (for at least 6 months) or be self-employed for at least two years.
- If you are not a South African citizen, you might not be able to get a home loan as some banks require citizenship.
Remember that your Bond Originator will need certain documents from you. A copy of your ID and three months bank statements are a must. Your payslip, and that of your partners if you are applying for a joint home loan. If you own your own business, different documents are needed which your Bond Originator will ask for.
If you knew nothing about Bonds, this might have been a bit much to take in at once, but remember at Bonds4Less we do all the work for you! There's no need to stress or worry, one of our specialized Bond consultants will contact you and tell you exactly which documents we will need. |
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