Home Loans SA - best tips
Author: Gino
Your home loan will most probably be the biggest investment
you'll ever make, and you'll want to be use to you're making the
write choices before you decide to purchase your own home.
Firstly, one of the most important points to consider when
purchasing a home is its Location. The location of your new home
will play a key role when it comes to applying for a home loan.
In SA home loans are granted by many mortgage lenders subject to
a property valuation.
The valuation is performed when you apply for your home loan,
and it is used to calculate the home Loan - To- property Value
ratio (LTV). The LTV is ratio between the home loan amount
you're applying for and the value of your property.
Nearby schools, easy access to transport and safe and secure
neighborhoods will ensure that your property value continues to
increase, improving the return on you investment.
Secondly, shop around for a best home loan interest rates. A 1%
difference in the interest rate charged on your home loan could
mean you'll be saving R30 000 over the term of your bond -
depending on the size of your home loan.
You, as a property owner, can have your property revalued and
apply for a further advance on your home loan of up to 100
percent of the new value of the property.
And finally, ensure that you are aware of the total costs
involved in registering your home loan. Transfer costs are
normally about 8-9% of the home loan, but these costs could be
included in your loan. Always clarify this beforehand with your
bank.
About the author:
Staff Writer
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