What Do I Need To Put On A Home Loan Application?

You have already found the house of your dreams, and now it is time to arrange for the financing of that dream home. This means that it is time for you to file a home loan application.

In today’s fast paced world, many people take advantage of the Internet, and with some lenders, you may make a home loan application right on the Web. Granted, you will have to be ready to supply them with a lot of information, as they do ask a plethora of questions.

The first thing you will have to enter is of course your name, and the name of your spouse as well, if you have one. They will need to be able to reach you, thus your telephone number, your current address, and your email address are going to be important.

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9 Essential Elements Of Legitimate “Offer To Purchase” Contracts

Making an Offer to Purchase is a very important step in the home-buying or home-selling process. The Offer to Purchase is equally important for the buyer and the seller and therefore should not be taken lightly by any of the parties involved.

It is an agreement containing the terms and conditions of the sale and the purchase. Once signed, it constitutes a Deed of Sale, being the foundation of the legalities of the entire transaction.

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Do You Understand The Home Buying Process?

here are many steps involved in the home buying process. Some of these steps are very exciting and others are more complicated. This guide will help you through the steps and make the process a little simpler and more understandable.

Buying a home can be very exciting and might have you so overwhelmed that confusion takes the lead. You have to stay focused so that you can make the right decisions and start with the right steps to avoid disappointment at a later stage.

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The Costs (And Hidden Costs) Of Home Loans Revealed

A home loan is probably one of the biggest financial commitments most people will undertake in their lifetime. Be sure about the costs as well as the hidden costs involved before you start with the home buying process. The amount that you should have available to cover these expenses as well as deposit requirements is estimated at around 10% of the purchase price of the property.

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The Importance Of Home Inspections

When buying a property which is going to cost you hundreds of thousands of rands, shouldn’t you be absolutely certain that the property you intend to buy is in good condition with no major defects/problems?

Beware The CPA And Disclosure Documents

The new Consumer Protection Act (CPA) does not allow for properties to be sold “as is” or “voetstoots” anymore, and the seller should reveal all known defects to the buyer. The problem is that the seller might not always be aware of certain problems, and it might be hard to prove the seller knew about a specific problem when he sold the property.

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4 Main Reasons Why Banks Decline Home Loan Applications

There are several reasons why home loan applications might be declined, but below are some of the main reasons as well as possible solutions.

1. Affordability

Affordability is such an important element in the bond approval process and should be addressed first.

Affordability under the National Credit Act is measured by net disposable income. This is calculated using the applicant’s gross income, net income and fixed monthly expenses. According to legislation a financial institution may not approve a home loan where the monthly repayments will exceed one third of the applicant’s net monthly income. Current debt repayments will also be considered when calculating the affordability of the loan.

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