Due to the banks’ constant changes in their lending criteria and since the introduction of the National Credit Act, it has become imperative for both first-time home buyers and second time buyers to secure a home loan pre approval.
A pre-approval cannot simply calculate your affordability, it has to consider all of the banks’ scoring methods to determine whether a potential buyer is a high or low risk to finance.
Due to our extensive experience in processing home loan applications, we have learnt a great deal on the inner workings of a home loan approval process, and which factors have a negative or positive influence on the outcome of your application.
We are able to use this knowledge to empower you, as a potential buyer, and enable you to gain insight into your ability to secure a bond.
With a pre-approval in hand you possess added buying power, which you can use to your advantage when negotiating a lower price with the seller or agent.
Financing a property is one of the biggest investments you are likely to make, and therefor it is important to be prepared and fully equipped with the knowledge needed to avoid common pitfalls that could cost you thousands of rands.