When it comes to your home loan application, geography matters. Banks have an area classification risk rating that is factored into the customer’s overall risk assessment. The outcome of this risk assessment is what determines the price of your loan, or the interest rate the bank will offer you.
The bank will assess your application by way of a sustained affordability test – assessing future economic factors as well as current ones. The main ones include interest rates and inflation. Read on to learn more...
What is a credit score? A credit score, also known as a credit rating, is a number that reflects the likelihood of you repaying money you want to borrow. Lenders like banks and credit card companies will look at your credit profile and calculate your credit score based on that information as well as their own, which will show them the predicted level of risk in lending to you.
It’s great to move straight into a newly-built home with brand new furnishings and fittings. But it’s also important to understand the benefits and risks involved with the different types of developments, particularly if you are looking to finance the property with a mortgage bond. How do you determine which one is the best for you? Read on to find out.
You don’t need to be a South African citizen to buy property in South Africa. You can apply for a home loan as a foreigner directly through one of our experienced mortgage brokers. Working with a mortgage broker allows you to apply once and receive multiple offers at all the main South African banks. The best news – our services are totally free of charge.
It’s great to have a selection of home loan quotes to choose from. You can save yourself significant amounts of money in the long-term by choosing the best home loan quote. But how do you determine which one is the best?
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