Archive for Home Loans,Bonds,Mortgage

How much Home Loan do I qualify for?

Monthly Income
As you may expect your monthly income is the single most important factor that determines how much you can borrow to purchase a property.

Banks and other South African Home Loan providers will only consider 30% of your monthly income as a bond repayment.

For example:
With a salary of R20k/pm, you can use a maximum of R6 000/pm to pay-off a home loan.

Interest Rates

The current prime interest rate also plays a big role. The higher rates are the smaller the bond amount will be.

Using our example of a R20k/pm salary, and a monthly bond repayment of R6 000:
If interest rates were at 10% you would qualify for a bond of about R600 000.
If rates were at 15.5% – R430 000
If rates were at 20.0% – R350 000

Loan Term

Although the most common loan term is 20 years, you can extend that term up to 30 years. A longer term would mean a smaller monthly repayment , and this would allow you to increase your total loan amount.

The Banks’ Lending Policy
Home loan providers are no longer offering 100% home loans. Previously, new home owners were even able to secure 108% bonds – to cover the full purchase price and the costs involved in registering the loan.

For More Phone Morne Prinsloo 011.327.4489

Advertisements

Leave a comment »

The Best Home Loans Options in South Africa(Mortgage Plus cc)

bag_with_money_dollars_1800487MORTGAGE PLUS is a bond originator who is dedicated to procuring and arranging highly competitive mortgage lending rates to existing and new residential bond holders who have an acceptable risk profile. Furthermore, MORTGAGE PLUS shall private a seamless transaction which not only results in substantial savings to the client, but which is also effective and convenient.

Individuals in the target market segment on which MORTGAGE PLUS focuses are mostly employed or self employed.

It is also recognized that these individuals have and are mostly still engaged in building their asset base in order to increase their net worth.

MORTGAGE PLUS employs qualified consultants who advise clients about various options that exist in order to maximize benefits.

Some benefits are:
• New Home Loans and advice on different types of home loan products.
• Larger mortgage loans at the existing monthly installment
• Reduced retention period of the loan if the existing monthly payment is maintained at a reduced interest rate.
• Larger loans (including second bonds) at reduced interest rates – the balance could be utilized for alterations, extensions or for other important purposes.
• Switching your bond to another Financial Institution to receive more benefits.
• Reduced monthly installments.

MORTGAGE PLUS understands that it is important to keep the client up to date on the status of the transaction. If the client has specific requirements regarding feedback, MORTGAGE PLUS will within reason, comply with that request.

MORTGAGE PLUS consultants analyze the needs of each client and calculate the value of each option. The cost of re-registering the mortgage bond to another institution, if necessary, depends on each case.

In short, MORTGAGE PLUS provides an opportunity to:
• Save money over both the short and long term;
• Enlarge net worth values of individuals and;
• Create wealth.

Therefore, it is an opportunity not to disregard or say “NO” to!
For more info go to www.mortgagepluscc.co.za
011.327.4489

Leave a comment »

Dear Home Owner

The wonderful thing about having several ways to manage your finances is that you only need one of them to work for you to break free of bad debt, and turn a tough situation into a successful one.
For most, a home loan is the single biggest investment you’ll make in your life, and therefore it makes sense to review your existing bond when trying to restructure your finances and make your debt commitments more manageable.
It’s been stated many times before that the first step to financial freedom is to rid yourself of high interest debts – like Personal Loans, Store Cards and Credit Cards. The easiest way to do this is to use your existing home loan to pay of these debts. In this way you’re finding solutions within your own circle of influence to problems that seem uncontrollable at first.
Another option – that many homeowners do not take full advantage of – is to renegotiate your interest rate on your bond. When it comes to a long term loan like a mortgage the smallest difference in interest rate has huge effect on the total bond repayment.
Speak to me about refinancing your property or renegotiating the interest rate on your existing bond.

Morne Prinsloo
0113274489
http://www.mortgagepluscc.co.za

Leave a comment »