subject: How To Qualify For A Home Loan [print this page] How To Qualify For A Home Loan How To Qualify For A Home Loan
Most people that need to apply for a home loan have limited knowledge thereof which can result in choosing a bond that they can not afford. In order to eliminate wrong decisions and misinterpretations, you need to know exactly what you need and you must understand the process to the fullest. This means that you need to do research on what the requirement are for getting a bond and you need to make sure you meet the requirements before wasting your and the bank's time.
So, do you qualify for a home loan? As you know, some banks may have different criteria that one has to meet before qualifying for a loan. It is important that you first decide which bank you would like to approach with your application. You can research the different requirements and terms and conditions on the internet before approaching one of the banks. You can also go to an independent bond consultant to explain the differences and requirements to you: this will save you time and effort and you know that you will receive the right information as the internet can sometimes be deceiving.
As I said, some banks can have different types of requirements you would need to meet in order to qualify for a bond. This can include, but are not limited to:
- You have to be at least 21 years of age;
- You need to have a permanent job where you have worked for at least 6 months;
- If you are self employed, you need to have been so for at least 2 years;
- You have to have a good credit record. If you have been blacklisted before, even for something small like a R100 cell phone bill, it will count against you. If you do have bad credit, wait it out until it is better and then apply for a home loan.
- You monthly salary also plays a big role in your application being approved. You can not pay something if you do not earn enough money to do so. The amount may vary from bank to bank, and you will need to do the necessary research on the differences first.
When you want to apply for a home loan, there is a specific procedure to follow. There are steps you could take to make the process easier. Firstly, if you know that you can not commit to one location, do not get a bond. When you have a bond, you can not move from house to house, you will need to stay put. If you can't, wait it out and only apply for a bond once you are certain that you will stay there for a long time. When you are choosing a home, it is also important to look at the neighbourhood and surroundings first. If you have children, or are planning on having children soon, look at the schools and facilities in the area, and choose according to what you think would be best for the future. Always take the future into consideration.
If you are not sure of how to obtain a home loan, get professional help. Approach a bond consultant, it will make the process a lot easier, and it will save you time and effort
