Applying for a home loan can be a rather daunting task. There are plenty of products to chose from, and sometimes these can even be adjusted for your personal needs. Let's have a quick look at what FNB Home Loans can offer, and what is entailed in applying with them.
- Firstly, something that has many excited, FNB Home Loans will not request any bank statements, whether you bank with them or not. So, you will need to submit identification documents, proof of income, and information about your personal finances. But bank statements are not required.
- FNB Home Loans recently re-introduced a 95% loan to value. This can sometimes enable you to apply for a larger loan than at your current bank, as a few of the other financial institutions will not offer such a high loan to value.
- If you are purchasing a property for the first time, and your purchase a property that falls under the category of affordable housing, FNB Home Loans has a product called SmartBond. This means a bond of 100% of the purchase price, and no deposit is needed from your side.
- FNB Home Loans also has a product known as a OneAccount. Simply put, this is like an enormous overdraft. It is a combination of your cheque account and your mortgage account. This can be a very good option, but only if you are financially disciplined. If you like to spend what is available to you, you will struggle to pay off your bond any sooner than required by the bank.
- On the downside of FNB Home Loans, they will only look at a bond over a 20 year term, which will lessen the amount you can qualify for. Also, they are not very likely to assist you with debt consolidation, if that is your goal with the application.
All in all, applying with FNB Home Loans is very similar to applying with any other bank. Their turn around time is fairly good, and in general they will offer good customer service. You can either apply directly with FNB Home Loans, or you can apply through a professional bond originator.
Well, I know that is a lot for you to take in so I am happy to spend some time with you and answer any questions you have about choosing home loans. You are very welcome to contact my office at 086 110 6204 or contact us: http://www.gpfmortgage.co.za
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