Here are some useful tips to ensure you have the best chance possible to get a mortgage bond. Gone are the days where you could just go to your bank and have a very good chance of getting a home loan. Here is some info that you should know before applying for a bond.

1.    Appoint a Bond Originator - Its FREE

Sometimes all it takes is one aspect of your application to be submitted incorrectly to make an otherwise successful application fail.  Your originator will ensure that your application is 100% which will greatly increase your chances of success. Furthermore this is a free service, it doesn’t cost you a thing.

2.    Be Accurate

Make sure the information included in your bond application is 100% correct. Any mistakes could result in a delay or worse, a negative reply from the bank.

3.    Get a copy of the Title Deed

You would be surprised how often the incorrect Erf numbers, section numbers, door numbers or physical addresses are given by a Seller. Your Zest Agent can apply for a copy of the title deed on your behalf.  

4.    Want To Go Direct? Think Again.

The banks are now asking for almost double the information needed for a home loan application than before, and if you think your bank manager has any influence on the outcome of your home loan application – think again!  If you apply direct, and your application fails and then you decide to work through a bond originator thereafter, your failed original application could count against you.

5.    Get pre-qualified

Did you know that your Bond Originator can help you work through a pre-qualification process? This will prevent a bank declining your application just because you failed to qualify for a loan and then had to arrange for another party to be added to your application after submission.

6.    Know Your Credit Rating

Did you know that you are entitled to receive all the information on your credit profile? You can get this information free once per year. It is always a good idea to “check” your  profile BEFORE starting the buying process. You can do this through Experian 0861105665 or Transunion (commonly known as ITC) on 011 214 6000

7.    You're Blacklisted & Didn't Even Know It!

With the implementation of the National Credit Act came transparency across all credit providers. It just takes one inadvertent late payment on a shopping card to affect your credibility rating (and often you don't even know that this is the case). This is common and in most cases bears no reflection on your credit reputation! Don't despair, your bond originator is trained to help you clear your record and will then help you apply when you have the most chance of succeeding.

8.    Respond Quickly

Your application will require you to be ready to supply all documentation asked for and to be ready to provide further information when requested from the bank.

If you would like us to arrange a free consultation with a Bond Originator with a good track record, click here.