Talking Home Loans – Mortgage Tips:

thinking.jpgA part from being a good financial investment, property ownership is also about raising families and building a future for your family. Your home is often the biggest financial commitment we’ll have to make and it’s for these reasons that you need to be sure that you’re getting the best possible Mortgage Deal for your new property.

Here are 4 things you need to know about applying for finance for your new home:

1. Property Price
Before deciding to purchase a new home you need to consider its location relative to schools, transport, shopping centers. With this mind you then need to consider if the selling price is competitive. The local property market can be described as a Buyers market which means you currently have a lot of bargaining power.

2. What can you afford?
It’s very seldom that buyers are able to purchase a home without having to secure Home Loan finance. It’s therefore good to first find out how much you qualify for before you begin shopping around for you new home.
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3. What are the costs involved?
Bond registration and transfer costs are often over looked by first time buyers. Although these costs can be included in your Mortgage Loan amount, always ask you bond originator for a discount on your bond costs.
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4. How do you go from Buyer to Owner?

After you’ve signed an Offer-to-Purchase document with the seller, and your bank of choice has granted a home loan, the property must be transferred to your name by registration at the appropriate Deeds office.

The transfer and bond registration is completed by an attorney. Only an attorney, who is also a conveyancer, may attend to the registration of transfer of the property and the banks are very selective as to whom they have on their panel to do this transaction.

A conveyencer is a qualified attorney who has also passed a special examination in the Law and Practice of Dealing with Immovable Property. The transferring attorney (normally nominated by the seller) attends to the transfer of the property into the buyer’s name on behalf of the seller. One attorney can do both transactions, all depending on the buyer’s needs.

Once your name is on the title deed, you become the lawfully proud owner of the immovable property, earning the right to enjoy all the benefits of home ownership.


Bond Originator South Africa

Co Founder of Mortgage Innovations

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