What You Should Know Prior To Applying For A Home Loan
For a first time home buyer, purchasing a property can be an extremely confusing and intimidating encounter, but it’s among life’s most cherished occasions. Buying a home means more than merely purchasing a house, a building. This is the beginning of the life you and your spouse will share. You’ll live together as one, it’ll be your own home; the place you can always return to; in which you feel most secure and safe. It’s where your heart will be; you will raise your children there; you’ll make precious and cherished memories there; memories that you’ll always remember. So yes, buying your first house is a big deal; a very big and important one!
And then the picture gets smashed by your financial limits: where will you find the extra money to buy a home; will you have enough to still cover the rest; will you be approved for a home loan; what does your credit score look like; do you even have a credit record; what happens if I was mistakenly blacklisted; what if, what if, what if. And so it goes on. I will be a first time home buyer shortly, and I am experiencing this from my perspective. These are all worries I think about every day. What happens if something goes wrong and we can’t purchase a home. We can’t rent forever, right? I’m anxious and stressed out about my situation. I need to prepare for this. And that’s precisely what I did.
I went online and started doing research on home loans. It was easy, really: I simply searched for home loans South Africa and was given loads of links and website addresses to visit and I found what I was looking for. In order for me to qualify for a home loan as a first time buyer, I have to earn a salary of R6000 a month as individual income, or my partner and I need to earn R10000 as a combined income. Both of us need to have an immaculate credit score. Clothing accounts, personal loans and credit cards all contribute to your credit rating. If you know you won’t be approved because of your rating, you could check up on it from time to time and focus on getting it better. All you need to do is request your annual credit report from the company dealing with your credit.
Keep in mind, there are other costs involved in owning a home than simply the repayment. You have to account for other expenses like water and electricity, property rates and taxes, levies, refuse and garden service. Once you finally have everything in order and are absolutely sure of your decision, it’s time to make the final move: applying for the bond. You will need to take some personal documents with you, like your ID, banks statements and pay slips. You can find out which documents to take with you by searching home loans South Africa, or by visiting the website of the bank you’re applying with: they should list the documents there.
I am not stressed anymore. I know what I have to know and am ready for what lies ahead; and I achieved this by simply searching a couple of keywords, home loans South Africa to be precise. Now, all that is left to do is sit back and enjoy the experience!
For more information about home loans South Africa visit the website http://www.isureins.co.za
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