Finance > Credit > Credit CardThings that we can do to increase the chances of our home loan approval in South
Posted by instantmoneyloans in Finance on June 6th [url=http://www.cheapjerseysbengals.com/josh-malone-jersey/]Authentic Josh Malone Jersey[/url] , 2014
Getting home loans in South Africa or any other developed country is easier compared to other types of loans because a home loan is a secured loan. The house that you are buying is considered as collateral against the loan and in case the borrower defaults on the loan or is unable to repay it the property will be foreclosed. In spite of this, most money lending organisations do not want the hassle of having to foreclose the property and then sell it. This is the reason that they make sure that the borrowers to whom they are lending the money are low risk options. All money lending organisations conduct a thorough credit check of the borrower before lending the money to him or her.
Hence, in order to ensure that you will definitely get the home loan you are applying for [url=http://www.cheapjerseysbengals.com/carl-lawson-jersey/]Authentic Carl Lawson Jersey[/url] , you need to have a good credit score. People with poor scores often get their loan applications rejected. Another factor that will increase the chances of your home loan approval in South Africa is a steady and stable source of income, whether you have a job or you are self employed. Now what do you do in case you end up with a poor credit score and still require a home loan. In this situation, you will have to take some measures to improve your credit score first. The best way to do this is to get a secured credit card and maintain it properly. This is one of the fastest ways of mending your damaged credit score. There are many other methods of mending a poor credit score and these methods can be learned by hiring the professional services of a credit repair company.
Often the poor credit score is the result of a mistake on the part of the credit bureau. In this situation [url=http://www.cheapjerseysbengals.com/jordan-willis-jersey/]Authentic Jordan Willis Jersey[/url] , you can dispute these mistakes by filling out a dispute form or writing a letter to the credit bureau. Another great way of ensuring that your loan application gets approved is to offer a sizeable down payment. If you are able to make a large down payment the bank is more likely to approve your loan application. Getting a co-signer to stand guarantee on your behalf is also more likely to get your home loan application approved. In fact, this is one of the best methods to guarantee that your loan application will be approved. You can also give the bank a reference letter from a friend or relative from whom you took a loan and returned it on time.
About the Author:
Profitech Credit Solutions provide instant loans information services to people, nationwide in South Africa. One can stabilize their financial future by making calculated decisions. They offer competitive interest rates for instant loans in SA. Their information and advice on getting an instant loan in South Africa is updated on a daily basis. Read through their useful tips & practical advice on getting a loan. They provide financial tips [url=http://www.cheapjerseysbengals.com/nick-vigil-jersey/]Authentic Nick Vigil Jersey[/url] , news, and a business directory for lenders.
Frequent Asking Questions:
What are Points? A. There are several types of mortgage related costs called "points" and their definitions and purposes vary. Generally, points are costs that must be paid to a lender in order to receive mortgage financing under specified terms. One point means 1% of the loan amount. 1% Disount point means [url=http://www.cheapjerseysbengals.com/joe-mixon-jersey/]Authentic Joe Mixon Jersey[/url] , it will cost you 1% of the loan amount to buy the rate down by mostly .25% ( 14 of a rate ). 1 point origination fee means, it will cost you 1% of the loan amount by a lender or a broker to do the loan for you.
What does it mean to "lock" the interest rate? A. Due to interest rate movements, mortgage rates can change between the day you apply and the day you close. To protect against uncertainty [url=http://www.cheapjerseysbengals.com/john-ross-jersey/]Authentic John Ross Jersey[/url] , a lender can " lock-in " and gurantee you or 30, 60, 90 [url=http://www.cheapjerseysbengals.com/dre-kirkpatrick-jersey/]Authentic Dre Kirkpatrick Jersey[/url] , or 120 days. The longer the days are the higher the rate will be.
What is the lowest down payment I can use or a down payment on my home purchase? A. A 20% down payment used to be a standard, and most lenders today allow the buyer to put down as little as 5% down, or $5 [url=http://www.cheapjerseysbengals.com/vontaze-burfict-jersey/]Authentic Vontaze Burfict Jersey[/url] ,000 on $100,000 loan. In fact, over 75% o the borrowers are now putting 0% down payment. If you put 20% down [url=http://www.cheapjerseysbengals.com/carlos-dunlap-jersey/]Authentic Carlos Dunlap Jersey[/url] , then you will not pay PMI ( private mortgage insurance ) monthly to insure the loan for the lender. However, if you have a credit score below 620 and aquire a sub prime loan ( higher rate ), you will not pay PMI. PMI is only applied on prime loans ( prime rates ) with less than 20% down payment. The more down payment you put [url=http://www.cheapjerseysbengals.com/tyler-eifert-jersey/]Authentic Tyler Eifert Jersey[/url] , the less will the monthly payment on the mortgage.
George Tesfa. Sr. Loan Officer
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