Do you want to own your first house? How about upgrade or move to a bigger one? Nedbank understands these needs and realizes the importance of a home loan. After all, it is one of the biggest investments you will ever make.
One feature buyers want in a home loan is flexibility. Nedbank is dedicated to providing flexibility to its home loan customers. Nedbank home loans can be tailored to suit the individual needs of the home buyer. This flexibility makes Nedbank very attractive, especially to first time buyers. However, veteran home buyers will also find a Nedbank product to suit their needs.
Nedbank home loans can be used to buy either an existing home or vacant land so you can build your dream home. Home loans for 100 percent of the purchase price are available as well, depending on the buyer?s creditworthiness and the property?s value. Nedbank will finance between 70 percent and 100 percent of a vacant land purchase, again depending on the buyer?s creditworthiness and the value of the property. Home loans are also available to those who want to borrow money to make major improvements to their existing home.
Nedbank offers both fixed and variable interest rate home loans, as well as Nedbank Accelerated Payments, which enable the buyer to pay off their home loan faster than what is agreed upon in the home loan contract. Talk about a phenomenal way to say money on capital and interest.
In order to qualify for a Nedbank home loan, you must be a South African resident with a good credit record. Also, minimum monthly income requirements exist. Before you ever think about apply for a home loan, make sure you check your credit report.
If high credit balances are lowering your score, pay down your balances before you apply. The higher your credit score, the better home loan terms will be offered to you. You also want to make sure you have two or three months? worth of mortgage payments in the bank. These are called reserves.
Paperwork comes with anything important, so you can imagine the amount of documents you will need for a home loan. Ask the bank ahead of time and submit the paperwork at the start of the loan process. Documentation includes proof of identity, income verification, bank statements and the offer to purchase agreement.
Paying monthly loan payments is part of the process. The monthly charge consists of the capital, interest, home insurance premium, and any administrative fee tacked on.
When you are ready to purchase a home, make sure you see a qualified lender. They can review your situation, answer any questions you might have and develop a home loan proposal to meet your specific needs, while putting you on the path to a new home.
Tom Martens is the content coordinator for South Arica?s leading Homeloans portal which amongst others offers Bond origination services for all major banks.
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