So you've identified your dream home and at this point you are prepared to take out a mortgage to purchase it Well done, however this is actually the easy aspect Subsequently there is the bond application together with all the paperwork that goes along with it The good thing is, there are folks who can assist you in the process of applying for your mortgage Needless to say, if you're a first-time property buyer, you may not really know who to go to to help you with your bond application and that's what this document is about
If you are clueless as to where to begin, you could try asking the estate realtor who has shown you your new residence how you might go about doing a bond application Because selling houses is their business, they'll more than likely know quite a bit about the overall house buying procedure Bear in mind, however, that they might be biased towards applying to a particular institution like Nedbank Home Loans, for instance, simply because they've have personally had dealings with that establishment in the past The same goes for going along with the suggestions of friends and family Through no failing of their own, these people might only be familiar with the terms and conditions of loans being offered by a single institution which might not be the most beneficial for you
Sure, there's a limited number of institutions, namely the key banks, that you may get a mortgage from, hence you will in all probability come across the abovementioned Nedbank home loans division in any case However, you ought not to limit yourself to making an application at the first institution you come across because there might be some variation in the interest rates they're giving, for instance, which means you will want to shop around to find the best rates for you Either you can approach these major banks yourself to make application for a bond or you can get the help of a mortgage broker
If you are using the help of a mortgage broker, chances are they will look for the very best rates on your behalf and also advise you regarding the actual house loan application per se Moreover, some brokers have connections with a specific home loans department such as the Nedbank home loans department, for example, that will offer the broker a more favourable package than you might get alone thus it can pay to apply for your bond through one of these specialists
On the other hand, if you decide to 'go it alone' as far as your house loan application goes then it is helpful to use the web to do this There a number of different forms of home loan calculators to be found online that you can easily play around with to get an idea of what your monthly bond repayments might be or the size of the mortgage you could get in terms of your earnings, for example On the subject of actually filling out the mortgage application forms; you could find that the different banks tend to be more than happy to assist you
Source:
Exactly Who Handles Home Loans
Article By:
Jonathan Morleson
Source: http://www.internet-marketing-cafe.com/Art/194033/51/Exactly-Who-Handles-Home-Loans.html
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