Throughout the years, a number of myths and misguided beliefs on ABSA home loans were piled up. Because house hunting is already a very nerve-racking experience for most of us (especially for first time buyers) it is vital not to lend out your ears to every individual who believes they know what they're talking about!
Why don't we look into a handful of these mistaken beliefs:
I have to only take a loan for my house through my current financial institution. This could have been a fact a couple of years or perhaps a few decades ago, but the fact is that with all the competition between banks in the home loan market, we now have the benefit of being able to choose the best property finance loan deal to accommodate our demands and our wallets! One financial institution will often give you a better rate than the next, so be sure to compare two or three offers and also play the banking institutions up against each other.
I will not receive a home loan if I cannot put down a considerable first deposit. This is not always true. It is wise to talk about your specific circumstances with the team at ABSA home loans, before you go to sulk in a corner because you believe that you will never be in a position to own a house! Banking institutions understand that each individuals scenario is special, so communicate with the experts and discover your options. There will be different ways to deal with that first deposit - possibly in the form of a personal loan or something related?
I have made a few payment blunders in earlier times and because of my credit record I may never ever be qualified to own a residence. Yet again, not totally true. Sure, your credit score plays an important role when trying to get almost any loan, but even financial institutions are willing to offer second chances! If you're able to prove that your present finances are manageable and that you are paying for all your obligations and accounts by the due date, you'll not be thought to be a high-risk buyer.
I first need to find the ideal home, before I talk to ABSA home loans with regards to a possible loan. It's in fact safer to do this the other way around! First make an appointment with a knowledgeable advisor who'll be in a position to make a couple of suggestions. It's no use finding the perfect house, having your heart set on it and finding out from the bank that you do not meet the criteria for a high enough home finance loan to be able to afford that particular home. First find out how much you qualify for (this is called pre-approval) and then begin hunting for that ideal home. The moment you find it, you can rest assured that you have the money available and you can immediately sign on the dotted line.
Should you have any questions or are unsure about any home finance loan related subject, don't hesitate to contact your financial advisor or pop in at your nearby ABSA branch. Happy house hunting!
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