Corena Botha - Estate Agent - Corena Sells Homes

Once you have sig ned the Offer to Purchase, it is time to apply for a bond. When buying property for the first time you will require a home loan. Find out what you need to know before you apply... Whether you haven applied for pre-qualification at this stage or not, it is advisable that you shop around for a deal which suits you best. You can either go to the Banks directly, or take up the services of a mortgage originator. Mortgage Originators vs. The Bank Generally this comes down to personal preference. You can go to a Bank to cut out any ‘middleman’ and apply for a bond in a familiar setting with an institution that knows you and your Banking history. Alternatively, you can apply through a mortgage originator which will cover all the Banks on your behalf with one application. Once you have decided where to apply for your bond and which option suits you best it's time to present the following important documents. • Proof of income • Copy of your South African ID or passport •

  Conveyancing – or the transfer of property ownership – is the process you’ll work through before finally gaining the keys to your new home. These are the most popular reasons why people transfer property, however, there could be other reasons. The legal word used for the transfer of immovable property from one owner to another is called conveyancing or, in layman’s terms, a property transfer. The Process: 1. Receive Offer to Purchase This is a document signifying the buyer’s intention to purchase the seller’s property. It stipulates the terms and conditions for the sale and purchase of the property. An Offer to Purchase becomes legally binding once accepted by the seller. The transfer process commences once an Offer to Purchase has been signed by both the buyer and the seller and presented to the transferring attorney. 2. Securing the Purchase Price The Offer to Purchase will stipulate the manner of payment of the purchase price. The purchase price can either be payable in cash or th

  How do I get a government housing subsidy? You can get a government housing subsidy through FLISP (Finance Linked Individual Subsidy Programme). FLISP subsidises the home loans for low to middle-income earners. You must meet the following criteria for FLISP: Your income must range between R3501 and R22 000 per month. You must be a South African citizen with permanent residency in South Africa. You must not have received a government housing subsidy before. You must be married or cohabiting OR single with financial dependents. You must be over 18 years old. You must not have owned a fixed residential property before. If you meet the above criteria, you can apply through your financial institution or with the assistance of a home loan bond originator The subsidy depends on your income. The lower your income, the higher the subsidy, which ranges from R30 001 to R130 000, depending on your income. The lower your income, the higher the subsidy that will be paid by the government toward yo

M any South Africans are taking the plunge and getting into homeownership.  Becoming a first-time homeowner is a massive decision for anyone and needs to be considered carefully. People must have all their ducks in a row and consider the wide variety of factors that could affect their credit scores before making their applications. When you apply for credit, the financial institution you’re applying through will pull a credit report from one of these four bureaus. The report typically includes: A  two-year history  of all the credit you’ve applied for The  credit accounts  you have and your payment history with them (including any late or skipped payments) Any  court judgments or defaults  you may have against you All this information is then compiled into a single credit score (we’ll discuss in the section below). A credit report is a snapshot of your financial behaviour that reflects how you manage your debt and reflects how much of a  credit risk  you’re likely to be. There are seve