Choosing a Home Loan

There are a number of different Home Loan providers in South Africa, some of the more popular mortgage providers are: ABSA, FNB, SA HOME LOANS, and Standard Bank.

Each mortgage provider will offer you different types of home loan products; some products offer better interest rates while others may offer you extra features and products.

Home Loans SATo ensure that you’re getting a home loan that best suits your personal needs and financial status it is important that you apply to all the major banks and home loan providers.

Where to begin:

Home Loan Consultants – All the major mortgage providers have their own home loan consultants who are be able to assist you with your application.

The only disadvantage is that these consultants are only able to assist you with the products offered at that particular bank. You will have to visit each Bank if you wish to apply to them all. This can be a very frustrating and time consuming exercise.

Most banks have online applications. Although, submitting you application online may save a lot of time you will still need to deal which each bank individually. You may end up having to contact them over and over to get you mortgage approved.

Mortgage Originators – Mortgage Originators take the pain out of the home loans process. An originator will take care of the application process on your behalf, by submitting your request to every major bank.

The mortgage consultant will collect all the necessary documents before submitting your application, and will be able to negotiate the best rates on your behalf.

Top South African Mortgage Originators:

  1. IBO HOME LOANS
  2. GOULBURN MORTGAGE ORIGINATORS

Mortgage Originators offer a free service; they are paid by the Banks. This fee is not passed on to consumer.

Another advantage of using a Mortgage Originator is that, you will be kept to up to date on the status of your loan application throughout the registration process, which could take between 4 and 12 weeks.

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