Mortgage Process
Invest in your future:
By buying a home, you are investing in your future and you will have security
and shelter for you and your family for many years to come.
Steps to owning your own home:
- Once you have found your dream home, and your offer to purchase has
been accepted, you then contact a mortgage consultant.
- The consultant will help you complete a home loan application form
and gather all necessary documents needed.
- The banks will then assess your application and either approve or
decline your home loan application.
- The banks will then conduct an assessment of the property you intend
buying.
- The banks then make a final decision based on the valuation of the
property. The interest rate, special conditions and repayment terms
will be explained and confirmed with you.
- You will be contacted to attend a Borrower Education session. This
service will provide you with information on all aspects of home ownership.
- An attorney will proceed with the registration of your property.
- The attorney will prepare all the documents and will contact you
for signing. Transfer and registration cost must be paid to the attorney.
- Once the costs are paid the attorney lodges the documents at the
Deeds Office.
- Registration then takes place; the bank will confirm your monthly
repayments, debit order details and HOC insurance details.
What do I qualify for?
Monthly payment should not exceed 30% of gross income per month. In case
of a married couple, joint income can be considered.
Documents needed with Application:
- Bond Application forms
- Copies of Id Document (ID book will have to be presented)
- Proof of income
- Bank statements for 3-6 months
- Offer to Purchase
- Other appropriate documents (e.g. Marriage Certificate)
Make sure the Offer to purchase has the following information:
- A description of the property e.g. the stand number, size and address
- The price you are buying the house for
- The date you are allowed to move into the house
- What fittings and fixtures are sold with the house
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