Most often, consumers rely on real estate agents or third parties to assist them with home loan applications. This results in them not fully understanding what banks consider when approving or declining an application.
Mpho Ramatong, FNB Home Loans Division channel head, says first time home buyers can significantly improve their chances of qualifying by familiarising themselves with the common pitfalls that often lead to home loan applications being unsuccessful:
First-time home buyers often get consumed by positive emotions after qualifying for a home loan, while overlooking how interest rates may impact their monthly home loan repayments.
Stanley Mabulu, channel management head in the Home Loans division at FNB, says the interest rate that financial institutions charge on a home loan has long-term ramifications on consumers’ ability to service debt.
Before handing over the cash, there are a few things you as a parent should know.
With house prices increasingly unaffordable, the number of children turning to the Bank of Mom and Dad for assistance getting onto the property ladder has increased.
Here are some tips on how parents can assist, and what they need to consider before handing over the cash.
As we grow older our needs change and with that, the type of home that is most suitable for us. Here is our advice on choosing the best property at various life stages.
The type of property you own in your 20s probably won’t be suitable by the time you reach your 30s or 40s. Likewise, the family home you bought in your 30s probably won’t suit your needs when you retire. In this article we’ll look at the various stages of your property life and advise you on the best way to get the most out of your investment, no matter what life stage you are in.