We have decided that we would like to start looking at townhouses or small homes. We are now financially steady enough to cover our first property and even though this is an exciting time in our life, we can not help but stress about being approved for a home mortgage and I believe that a lot of people just like us go through the worrying stage in buying a home, unless they are able to afford to purchase a home without a mortgage.
Thankfully we've got access to the greatest information highway in the world, the web. Finding information on the web about what requirements we need to meet before even thinking of obtaining a home loan was really easy. We also decided to visit the FNB home loans division to talk about what specifications we need to fulfill and also to collect the relevant forms we need to fill out once we are certain.
We realized that one of the biggest, if not the biggest requirement you would need to fulfill to be approved for a mortgage loan would be to have a perfect credit score. If you have ever been blacklisted or have had any trouble with your creditors, you will not be approved for the loan. Buying a home is not a light matter, naturally the financial institution have to be sure that you will be able to pay for the mortgage and that you are a dependable individual. Purchasing a home is not merely opening an account with a clothing store or investing in a vehicle. The risk involved in buying property is so much bigger than any other economic risk. The values of these properties are incredibly high and the organizations must know that they can trust you as a client. The FNB home loans department advised us to never ever miss any payments. Do not just let a repayment slip simply because you can't pay: phone the accounts department of the creditor and speak to them about it; usually they'll understand and provide you with additional time, but don't just let it by.
In addition to this, the FNB home loans section advised us that our incomes needed to be adequate to cover the mortgage. Usually, the home loan of the property mustn't be greater than 30% of your monthly salary. If you're applying for a joint loan, it also needs to be less that 30% of your monthly earnings put together. You need to be 21 in order to be able to make application for a bank loan and you also need to be working for at the very least Six months permanently, or should you own your own company, 2 years.
You'll find so much more that you need to know before you should apply for a home loan. I would recommend that you do proper research to avoid wasting your time and getting turned down as a result of technicality. It takes some time to be approved, so you will want to prepare yourself when you apply in order to get the transactions going immediately. Once you are certain you understand everything you need to know and you can provide them with all the information required, you can apply for the loan.
Author: Veronique Jackdaw
Thankfully we've got access to the greatest information highway in the world, the web. Finding information on the web about what requirements we need to meet before even thinking of obtaining a home loan was really easy. We also decided to visit the FNB home loans division to talk about what specifications we need to fulfill and also to collect the relevant forms we need to fill out once we are certain.
We realized that one of the biggest, if not the biggest requirement you would need to fulfill to be approved for a mortgage loan would be to have a perfect credit score. If you have ever been blacklisted or have had any trouble with your creditors, you will not be approved for the loan. Buying a home is not a light matter, naturally the financial institution have to be sure that you will be able to pay for the mortgage and that you are a dependable individual. Purchasing a home is not merely opening an account with a clothing store or investing in a vehicle. The risk involved in buying property is so much bigger than any other economic risk. The values of these properties are incredibly high and the organizations must know that they can trust you as a client. The FNB home loans department advised us to never ever miss any payments. Do not just let a repayment slip simply because you can't pay: phone the accounts department of the creditor and speak to them about it; usually they'll understand and provide you with additional time, but don't just let it by.
In addition to this, the FNB home loans section advised us that our incomes needed to be adequate to cover the mortgage. Usually, the home loan of the property mustn't be greater than 30% of your monthly salary. If you're applying for a joint loan, it also needs to be less that 30% of your monthly earnings put together. You need to be 21 in order to be able to make application for a bank loan and you also need to be working for at the very least Six months permanently, or should you own your own company, 2 years.
You'll find so much more that you need to know before you should apply for a home loan. I would recommend that you do proper research to avoid wasting your time and getting turned down as a result of technicality. It takes some time to be approved, so you will want to prepare yourself when you apply in order to get the transactions going immediately. Once you are certain you understand everything you need to know and you can provide them with all the information required, you can apply for the loan.
Author: Veronique Jackdaw
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