Buying a property is one of the most important decisions any person will ever need to make. It can be an incredibly difficult decision, but it is also a fantastic, enjoyable experience. The start of the home-buying process usually starts by visiting the bank. You will need to apply for a home loan and would need to go the home loans division of your bank. In this case, I'd need to go to the FNB home loans division to retrieve my application forms. They would usually supply you with a form that contains information regarding the application as well. Different banking institutions have different requirements that one needs to match before being approved for a loan. In case you are unable to visit the bank to obtain the information sheets and application forms, you can research the different needs and fine print on the internet before wasting your time by waiting in a line. This way, you will be well prepared when you visit the bank and can get everything over and done with. You can also visit an independent bond consultant to explain the differences and requirements to you: this can save you effort and time and you know that you will receive the right info as the web can occasionally be misleading.
FNB home loans division advised me of a couple of things I need to know as well as I have to match before I can apply for a mortgage. I found out that any individual wanting to apply for a mortgage loan needs to be at least 21 years of age, for apparent reasons. The individual also need to have been permanently employed for no less than six months. Remember to be completely truthful in your application, since your statements and information will be followed up on and being unfaithful can lead to not being successful in your application. If you're independantly employed, you would need to have been working for at least two years. You would also need to produce evidence of this.
The FNB home loans department also informed me that a good credit record goes a long way. If you've ever been penalized, even if it's something small, it'll undoubtedly count against you. Having credit cards and paying them on time is a good way of showing your credit trustworthiness. Just do not forget that too many credit cards may also count against you. Two or maybe three credit cards are fine, but more than that can become hard to maintain and may lead to your application being unsuccessful.
You monthly salary also plays a big role in your application being approved. You cannot make an application for something you can not pay for. You should also keep in mind that the home loan isn't the only expense a property has. Things like water and power bills; rates and taxes; refuse; garden service and levies need to be added in as a monthly expense.
All in all, the process of buying a home is not as daunting as some may believe. The true secret to handling the process fuss-free is being well prepared. It is an extremely important decision to make, but don't forget to have fun.
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