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How to Get Home Loans South Africa for First Timers

Getting home loans South Africa may be stressful and confusing process. A lot of people usually get tired of processing all the needed requirements, some may even give up. Instead of feeling happy because you’ll be able to apply a loan, it’s the other way around because loan companies let you feel unimportant.

Some also say that having a home loan is a nightmare wherein you struggle with monthly dues, giving up your luxuries, and having to spend less on leisure. However, it is a lifetime investment and a venue to make your dream house come true.

Getting home loans in South Africa in one of the biggest decision you’ll make. If you’re a first timer, you will have a lot of questions and doubts. So here are tips to get one.

Good credit history is a plus.

Put in mind that when you get a loan, bankers and loan companies always check your credit history. It would be a plus if you have a good credit history. Before applying for one, pay all your past debts, this way you will give a good impression.

Have a consistent employment status.

If you don’t have a current job, it will be very difficult to apply for a loan. Usually, those who have a consistent job for two years or more are more favourable. If you’re working for less than two years, lenders will ask you why.

In this kind of scenario, you still have a chance to justify yourself; either you just finished school, the nature of your work is seasonal, or changes in your line of work is normal like when you’re in the sales or in contract work.

Weigh your budget.

For first timers, there are a lot of criteria you need to look into. You need to know what size bond appropriate for you. In here, you must understand your budget. You must know how much you are willing to set aside to pay for the home loan.

You are ready to sacrifice.

When you are already committed to getting a home loan, it also means you are ready to sacrifice and prioritize your budget. You can decide to have lesser budget for leisure and pleasures. Cut down your wants and rather focus on your immediate needs.

Do some research.

When applying for a home loan, do some thorough research. Do not rely more on what lenders tell you instead shop for more offers and options. Investigate the background of your bank or loan company making sure it’s legitimate.

Speak with an expert or a professional so that they can help you have a better decision. Also, there are some lenders whom you can negotiate with. Try to discuss the terms and fees.

When you are already decided, gather all the required documents and papers. It’s much advisable to complete first the requirements before going back to your lender so that you can save time and energy.

Lastly, get ready to congratulate yourself because sooner or later you will own that dream house.

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