Make Sure You Qualify For A Home Loan
When you want to apply for a home loan, make sure you have a sufficient amount of knowledge thereof in order to eliminate mistakes like choosing a bond that you can not afford. Make sure that you understand the application process to the fullest and don’t be ashamed to ask questions. Research the requirements you have to meet by going to a consultant or different banks. Understanding the process will save you and your bank valuable time and effort.
So, do you qualify for a home loan? As you know, some banks may have different criteria that one has to meet before qualifying for a loan. It is important that you first decide which bank you would like to approach with your application. You can research the different requirements and terms and conditions on the internet before approaching one of the banks. You can also go to an independent bond consultant to explain the differences and requirements to you: this will save you time and effort and you know that you will receive the right information as the internet can sometimes be deceiving.
As I said, some banks can have different types of requirements you would need to meet in order to qualify for a bond. This can include, but are not limited to:
– You have to be at least 21 years of age;
– You need to have a permanent job where you have worked for at least 6 months;
– If you are self employed, you need to have been so for at least 2 years;
– You have to have a good credit record. If you have been blacklisted before, even for something small like a R100 cell phone bill, it will count against you. If you do have bad credit, wait it out until it is better and then apply for a home loan.
– You monthly salary also plays a big role in your application being approved. You can not pay something if you do not earn enough money to do so. The amount may vary from bank to bank, and you will need to do the necessary research on the differences first.
It is also very important that you follow the right procedure when applying for a bond. If you can not commit to a certain environment or location, do not apply for a bond. Only when you are one hundred percent sure that you will be able to stay put, can you apply for a bond. When you are ready to go house hunting, always look at the location of the home you are interested in. Does it have reputable schools? Will you be able to raise children there? Will you be able to retire there, if needed be? Always consider the future possibilities and changes that may arise and be prepared for them by choosing the right home.
If you are not sure of how to obtain a home loan, get professional help. Approach a bond consultant, it will make the process a lot easier, and it will save you time and effort
For more information about a home loan visit the website http://www.isureins.co.za
Processing your request, Please wait....
