Most often, consumers await on absolute acreage agents or third parties to abetment them with home accommodation applications. This after-effects in them not absolutely compassionate what banks accede back acknowledging or crumbling an application.
Mpho Ramatong, FNB Home Loans Division approach head, says aboriginal time home buyers can decidedly advance their affairs of condoning by familiarising themselves with the accepted pitfalls that generally advance to home accommodation applications actuality unsuccessful:
“Before applying for a home loan, accede blockage your acclaim contour and demography antidotal measures if necessary. Consumers in South Africa accept the appropriate to get one chargeless acclaim report, already a year, from a registered acclaim bureau,” said Ramatong.
“If affordability is an issue, a college deposit, collective band appliance with a apron or ancestors member, or acreage of a lower amount should be considered,” said Ramatong. Getting a pre-approval advanced of a home accommodation appliance can advice consumers actuate if they authorize and whether a drop will be required.
Self-employed individuals are appropriate to aftermath a minimum of six months’ account of banking annal or coffer statements.
For example: if you accept a acclaim agenda that you ability be appliance to ample up for petrol and for groceries, you charge not accommodate the advantage allocation and petrol absorb in your expenses.
“Although every appliance is different and adjourned on its own merits, demography time to accept what lenders accede back assessing an appliance will go a continued way to allowance you acquirement your aboriginal house,” Ramatong said.
Read: How to get the best absorption amount for your home loan
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