Even if you’re buying your next property or your very first home, you may have some questions regarding home loans or our services. Underneath you will find questions and answers to some of the most common questions asked. Should you not find your question underneath, you are more than welcome to contact us directly.
Homeside Home Loans
A mortgage originator is an expert in the home loans industry, which provides home loan services to a home buyer.
Homeside Home Loans have a direct line to the banks and we do all the work to get your home loan application approved
Our services are 100% FREE. There are no hidden costs. This means that the fees you have to pay the banks and the attorneys will remain the same, irrespective of whether you use Homeside Home Loans or not.
Although we negotiate with the banks and motivate your home loan application, the bank might offer you the same rate whether you make use of our services or not. The reason is that the banks decide on the rates and not Homeside Home Loans.
Home Loan Application
As a rule of thumb, your monthly repayment amount should not exceed more than a third of your monthly gross income.
You can make use of our Bond Affordability Calculator to calculate the maximum home loan amount you can apply for. This calculator will give you a good indication of what you are able to afford.
Please note that this amount is only an indication and not 100% accurate. Many factors influence the interest rate, repayment amount and maximum loan amount.
Home Loan Approval
No. We have a direct line with the bank and the home loan consultant. This allows us to track and follow up on your home loan application; thus making us the point of contact once you have sent us your application.
Confirmation and status of a home loan application take about 48 hours (working hours). This means that you will know if your home loan is successful or not after 48 hours.
Once we receive your application, we will update you via email on a daily basis on the process – this way we will inform you every step of the way.
Homeside Home Loan will track your application and should the confirmation take longer than 48 hours, we will notify you.
An approval is when a bank “approve” your home loan application based on your credit history and the supporting documents you have provided.
Once the valuation is complete, you will be rewarded with a “final grant”. It is your responsibility, as a home buyer, to provide all the necessary information to the bank. This will allow the evaluator to perform a valuation of the property as quickly and effectively as possible. Providing incorrect or incomplete information will delay your home loan application.
This is due to the longevity of the home loan term (as long as 30 years). These documents are a legal agreement between you and the bank. All relevant terms need to be successfully and completely recorded, acknowledged and also comply with legislation.
Yes. Non-payment or skipping on payments will affect your credit rating in a negative way and this will also affect the ability to obtain credit in the future. It is extremely important that you make your payments on time.
A life insurance policy increases your chance of obtaining a home loan from the banks. Your life insurance policy acts as security towards your home loan. This means that in the unfortunate event of your death, your life insurance policy will cover the outstanding amount on your home loan.
If you have a spouse and/or children, a life insurance will cover and pay off your home loan at the bank. This allows your family to stay in the house after you’ve gone.
House insurance protects your home against thefts, break-ins and natural disasters. As natural disasters become more and more apparent (remember the Knysna fire?) and break-ins even worse, you will have peace of mind that your house is covered should something bad happen.