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Think you’ve struck a bargain with a private sale. Okay, it probably is a bargain, but what now? What is the next step?
Basically, you could just go to your nearest bank branch and apply there direct, but going direct isn’t always the easiest or fastest way.
Lets get side-tracked off home loans for a while…
You must remember, that bank staff have their job to do and, although they do it well most of the time, it’s just a job to them - they are still going to get their salary at the end of the month, whether or not you got your home loan.
A bond broker/originator gets paid a commission from the bank on APPROVED home loans.
That means, if they don’t get it approved, they don’t get paid, so it’s in their best interest to get you the fastest approval at the best rate.
So, bank to home loans, your best option would give the signed offer to purchase to a reputable bond broker/originator and let them source the best home loan for you.
They are able to negotiate much better terms and interest rates than the bank would give you directly. Also, any originator that knows their stuff, would be able to clearly distinguish which banks would approve the home loan and not, by working through the application.
That saves a lot of time for you.
Remember, your offer to purchase must have a clause stating that it’s subject to a home loan being granted for the amount you will need. Also, it needs to give you enough time to source a home loan, the norm is 30 days.
If you have any other questions or information you need about home loans for private sales, don’t hesitate to contact Zulika at : http://www.gpfmortgage.co.za
Get Your Risk-FREE No-Obligation Home Loan Quote Now!
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