FNB Home Loans – Always take care to use of the services of a reputable mortgage broker, because if you approach your mortgage broker and ask them to apply to FNB home loans you want know that you’ll get the loan.
These are the top 3 tips to keep in mind if you want FNB home loans to approve your home loan.
FNB Home Loans Tip 1 – Pay Your Debts on Time
If you want to apply for a home loan you need to be sure that you have a very good payment profile with TransUnion ITC and Experian, the top two credit bureau’s in South Africa.
What does having a clear or good payment profile mean? Well firstly it would mean that all your accounts must be up to date, secondly in connection with this, you would have to pay the full amount due on each account, and third you must pay them on time every month.
If you fail to do these three things your creditors will list you as a slow payer, poor payer or erratic payer, which then means you don’t have a clear credit profile and then the FNB home loans department won’t grant you a bond.
FNB Home Loans Tip 2 – Don’t make more debt
When you want to apply for a home loan you should not go and make more debt. Every time you apply for credit the company will do a credit check on you. Every time this happens your “scoring” or “credibility” at the credit bureau will drop because you are applying for credit at numerous places all at the same time.
It shows that you might be getting yourself into too much debt at once. So you should try to avoid it. FNB home loans acts within the rules of the National Credit Act and will not grant you more credit than you can afford.
FNB Home Loans Tip 3 – Be Aware of The Deposit and/or Costs
Many people don’t realize that there are quite a few costs that may not be covered by the bank. At date of writing this article, none of the banks in SA offer 100% home loans, except for affordable housing of <R400k.
This means that a purchaser would need to give a deposit of between 5-15% (FNB Home Loans offers a 95% bond) of the purchase price and still cover the legal fees. On a purchase of R950 000 this could work out to +/- R90 000 which is quite a chunk of money if you didn’t’ know what you were getting yourself into.
Always ask your mortgage broker as many questions as possible and get a written quotation from the attorneys on what the total cost would be so that you know where you stand.
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 send me a personal email at: info@gpfmortgage.co.za
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