What You Need To Know Before You Apply For A Home Loan

For a first time home buyer, buying a house can be an extremely confusing and intimidating experience, but it is one of life’s most treasured moments. Buying a home means more than just buying a house, a building. This is the beginning of the life you and your partner will share. You will live together as one, it will be your home; the place you can always go back to; where you feel most comfortable and safe. It is where your heart will be; you will raise your children there; you will make valuable and treasured memories there; memories that you will never forget. So yes, buying your first home is a big deal; a very big and important one!
And then the picture gets shattered by your financial limitations: where will you find the extra money to be a home; will you have enough to still cover everything else; will you buy approved for a home loan; what does your credit record look like; do you even have a credit record; what if I was mistakenly blacklisted; what if, what if, what if. And Working Capital Loans so it goes on. I will be a first time home buyer soon, and I am seeing this from my point of view. These are all concerns I think about on a daily basis. What if something goes wrong and we can’t buy a home. We can’t rent forever, right? I am anxious and stressed out about my situation. I need to prepare for this. And that is exactly what I did.
I went online and started doing research on home loans. It was easy, really: I just searched for home loans South Africa and was given loads of links and website addresses to visit and I found what I was looking for. In order for me to qualify for a home loan as a first time buyer, I need to earn a salary of R6000 a month as single income, or my partner and I need to earn R10000 as a joint What Is The Credit Limit On A Credit Card? income. Both of us need to have an immaculate credit history. Clothing accounts, personal loans and credit cards all contribute to your credit rating. If you know you will not be approved because of your rating, you can always check up on it every now and then and work on getting it better. All you need to do is request your annual credit report from the company dealing with your credit.
Remember, there are more costs involved in owning a home than just the repayment. You need to account for other expenses like water and electricity, property rates and taxes, levies, refuse and garden service. When you finally have everything in order and are one hundred percent sure of your choice, it’s time to make the final move: applying for the bond. You will need to take some personal documents with you, like your ID, banks statements and pay slips. You can find out which documents to take with you by searching home loans South Africa, or by visiting the website of the bank you are applying with: they should list the documents there.
I’m not stressed anymore. I know what I need to know and am prepared for what lies ahead; and I achieved this by simply searching a couple of keywords, home loans South Africa to be exact. Now, all that is left to do is sit back and enjoy the experience!

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