Do not Lend Out Your Ears To Home Loan Misconceptions

Do not Lend Out Your Ears To Home Loan Misconceptions

Over the years, quite a few myths and misconceptions on ABSA home loans were accumulated. Seeing that house hunting is witout a doubt a really stressful experience for many individuals (especially for first-time buyers) it's important not to lend out your ears to each person who thinks they know what they're talking about!

Let's take a look at a number of these incorrect beliefs:

I should only borrow money for my home through my current bank. It might have been true a few years or even a couple of decades ago, but the truth is that with all the competitiveness between financial institutions in the home mortgage loan market, we've got the luxury of having the ability to pick the best house loan offer to suit our requirements and our wallets! One bank will most likely offer you a far better rate as opposed to the next, so ensure that you compare a handful of offers and even play the banks up against one another.

I will probably not get a home finance loan if I won't be able to put down a substantial deposit. This isn't conclusively accurate. It's always best to go over your unique scenario with the staff at ABSA home loans, prior to going to sulk in a corner simply because you think that you'll never be able to own a residence! Financial institutions know that each person's situation is special, therefore consult the specialists and find out what your options are. There'll be other ways to take care of that deposit - perhaps by means of a private loan or something similar?

I've made quite a few payment mistakes in the past and because of my financial history I will never be able to own a house. Once again, not entirely correct. Of course, your financial record plays a significant part when seeking any type of loan, but even banks are prepared to give 2nd chances! Provided you can provide evidence that your current financial situation is under control and you are paying all your installments and accounts promptly, you won't be regarded as a high-risk client.

We first need to identify the perfect house, before I consult ABSA home loans about a possible mortgage. It is in reality better to do this the other way round! First have a chat with a professional consultant who will be able to make a number of recommendations. It is no use discovering the ideal home, getting your heart set on it and then learning from the financial institution that you don't qualify for a high enough home loan in order to pay for that specific house. First see how much you are eligble for (this is what's called pre-approval) and then start searching for that perfect house. Once you find it, you can rest assured that you already have the funding in place and you can promptly sign on the dotted line.

If you have any queries or are uncertain about any home loan related matter, do not hesitate to make contact with your financial advisor or pop in at your nearest ABSA branch. Happy house hunting!

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