There are lots of popular misconceptions on the to buy a property that will end up being a little away from-putting for the first time house client. This article less than unpacks some of the most readily useful house-purchasing mythology there are on your own journey to your to get a great bona fide resident.

Myth#1: I’m able to simply apply for a mortgage out-of a lender

Not true. While you are financial institutions certainly are the traditional go-to’ to possess house finance, SA Home loans is another, pro mortgage supplier that’s been working during the Southern Africa given that 1999. You can expect flexible credit solutions, from the aggressive rates of interest, and get helped more than 100 000 South Africans with their domestic finance.

Myth #2: My personal financial software could have been rejected: my hopes for to buy a house was more

Untrue. The biggest reason having a thread app getting refused is an enthusiastic applicant’s low credit score. Credit providers use this score to find out a keen applicant’s credit worthiness. Credit worthiness has to do with your history of credit and personal debt fees and just how most of an economic risk their potential credit provider have a tendency to admiration one to getting.

How to increase your odds of getting your bond app acknowledged initially is to try to availability your borrowing from the bank report before you apply for extra borrowing from the bank. Go here statement getting problems, declaration any you find, and begin working on improving your rating. You might draw your credit report out of all pursuing the credit reporting agencies: TransUnion, Experian, XDS and you will Compuscan.

Centered on TransUnion, a less than perfect credit rating will be 486 and you can below and does not bode better in order to have a bond software acknowledged. Continue reading →