• HOME
    • ABOUT
    • CONTACT US
    • VIEW PROPERTIES
      • HOME
      • ABOUT
      • CONTACT US
      • VIEW PROPERTIES
        • HOME
        • ABOUT
        • CONTACT
        • VIEW PROPERTIES
        • Bond

        What should your credit score be when applying for a home loan?

        Mar 10, 2023

        We had a conversation with Ute Kock, home loan consultant at # Home Loans and trusted partner to Home and Hectare clients in Gqeberha, to discuss the current real estate market. Ute shared with us some important information that home buyers and sellers should keep in mind during this time.

        What should your credit score be when applying for a home loan?

        In South Africa, a good credit score is typically considered to be between 660 and 699, while a very good credit score is between 700 and 799, and an excellent credit score is above 800. However, the credit score required to be approved for a home loan can vary depending on the lender’s requirements and the specific home loan product being applied for.

        In general, a higher credit score can increase the chances of being approved for a home loan and may also result in better interest rates and terms. However, lenders also consider other factors such as income, employment history, and existing debt when evaluating a home loan application.

        It’s important to note that having a good credit score is not the only factor that determines whether a home loan application is approved or not. Lenders will also consider other factors such as the property value, the loan-to-value ratio, and the borrower’s ability to repay the loan.

        You can request a free credit report from a credit bureau such as TransUnion or Experian to check your credit score and ensure that there are no errors or inaccuracies on your credit report that could affect your ability to obtain a home loan.

        What do I need to apply for a new home loan as a self-employed person?

        If you are self-employed and looking to apply for a home loan in South Africa, you will typically need to provide additional documentation and information compared to a salaried individual. Here are some of the documents and information you may need to provide:

        1. Financial statements: You will need to provide financial statements for your business, including comparative financial statements, auditors letter confirming monthly drawings, List of personal Assets and Liabilities,. These financial statements should cover at least the past two/three years and should be prepared by a registered accountant/auditor.
        2. Tax returns: You will need to provide your personal and business tax returns for the past two years. These returns should be up to date and submitted to the South African Revenue Service (SARS).
        3. Bank statements: You will need to provide bank statements for your personal and business accounts for at least the past six months. This will help the lender assess your income and expenses and determine your ability to repay the loan.
        4. Business registration documents: You will need to provide documents that prove the registration of your business, such as your business license, company registration certificate, or partnership agreement.

        I am purchasing a home for the second time, do i need to also prequalify?

        Just because you have a home loan for your current home, does not guarantee that you will get for a new home, so it is important to get pre-qualified before selling your home. Lenders will look at your financial situation afresh, and any changes –

        Being pre-qualified for a new bond before selling your home in South Africa can also provide several benefits:

        1. Confidence in your budget: By being pre-qualified for a new bond, you can get a clear idea of the amount you can afford to borrow and the terms of the loan. This can help you plan your budget and make informed decisions about the sale of your current home and the purchase of a new one.
        2. Competitive advantage: In a competitive real estate market, being pre-qualified for a new bond can give you an advantage over other buyers who may not have financing in place. Sellers may be more likely to accept an offer from a pre-qualified buyer, as they know the buyer has the financial means to complete the sale.
        3. Faster closing process: Being pre-qualified for a new bond can also speed up the home-buying process. Once you have found a new home, you will be in a position to make an offer and complete the sale more quickly, as you will already have your financing in place.
        4. Negotiating power: When negotiating the sale of your current home, being pre-qualified for a new bond can give you negotiating power. You can use your pre-qualification to demonstrate to potential buyers that you are a serious seller who is ready to complete the sale quickly.

        How can a bond originator/home loan consultant help me?

        A bond originator can be a helpful resource for both existing home owners and first-time home buyers in South Africa. This Service to the client is FREE.

        Here are some of the ways in which a bond originator can assist first-time home buyers:

        1. Access to multiple lenders
        2. Pre-qualification
        3. Assistance with documentation
        4. Negotiation
        5. Bridging finance
        6. Ongoing support

        In summary, a bond originator can provide valuable assistance to first-time home buyers and those who have owned property before, working in South Africa and abroad as well as non residents. From access to multiple lenders and pre-qualification to assistance with documentation, negotiation, and ongoing support.

        • advice
        • finance
        • property
        Share

        Related posts

        Dec 7, 2022

        At Home on The West Coast: Tips for Investing in a Holiday Home


        Read more
        Aug 12, 2022

        How to navigate rising inflation and interest ratesย 


        Read more

        Leave a Reply Cancel reply

        Your email address will not be published. Required fields are marked *

        TRENDING

        CATEGORIES

        • Agricultural
        • Bond
        • Decor
        • First Time Buyers
        • Investments
        • Legal

        Subscribe to our blog
        Loading

        FOLLOW US ON

        HOMEANDHECTAREREALESTATE
        โ€ผ๐™‰๐™š๐™ฌ ๐™๐™š๐™ก๐™š๐™–๐™จ๐™š ๐Ÿ“ โ€ผ๐™‰๐™š๐™ฌ ๐™๐™š๐™ก๐™š๐™–๐™จ๐™š

๐Ÿ“ ๐—–๐—ฟ๐—ฎ๐—ฑ๐—ผ๐—ฐ๐—ธ, ๐—˜๐—ฎ๐˜€๐˜๐—ฒ๐—ฟ๐—ป ๐—–๐—ฎ๐—ฝ๐—ฒ 
๐Ÿ’ฐ ๐—ฅ๐Ÿญ ๐Ÿฐ๐Ÿฑ๐Ÿฌ ๐Ÿฌ๐Ÿฌ๐Ÿฌ

๐๐ซ๐ข๐ฏ๐š๐ญ๐ž ๐‚๐จ๐ฆ๐Ÿ๐จ๐ซ๐ญ๐š๐›๐ฅ๐ž ๐…๐š๐ฆ๐ข๐ฅ๐ฒ ๐‡๐จ๐ฆ๐ž

๐Ÿก This lovely property in Cradock offers distant mountain views and a well-maintained garden. 

๐Ÿ› 3 Bedrooms
๐Ÿ› 2 Bathrooms
๐Ÿš— Double Garage
๐Ÿ”ฅ Outdoor braai
๐Ÿ’ฆ Irrigation system

Call our professional property practitioner on

๐Ÿ“ž Charles Garth 072 474 7181
๐Ÿ“ฉ charles.garth@homeandhectare.com 

*Registered with the PPRA 

#HomeAndHectare #RealEstate #AtHomeWithTrust #HomeAndHectareRural #NewRelease #Properties #Advice #BKB #ProteaDrive #Cradock #EasternCape
        ๐—›&๐—› ๐—˜๐—ถe๐—ป๐—ฑ๐—ผ๐—บ๐—บ๐—ฒ ๐—ฏ๐˜† ๐—ฑ๐—ถ๐—ฒ ๐—ท๐—ฎ๐—ฎ๐—ฟ๐—น๐—ถ๐—ธ๐˜€๐—ฒ ๐—ช๐—ฒ๐˜€๐—ธ๐˜‚๐˜€ ๐— ๐—ฎ๐—ฟ๐—ฎ๐˜๐—ต๐—ผ๐—ป.๐Ÿ‘Ÿ

โ—๏ธ Wie is Bang Vir die Black Mambaโ—๏ธ 

Soveel pret saam met al die atlete en Home & Hectare Eiendomme ๐Ÿƒ๐Ÿปโ€โ™€๏ธ ๐Ÿก by die jaarlikse @lceweskusmarathon in die asemrowende @langebaancountryestate !

#AtHomeWithTrust #HomeAndHectare #AgentProfile #Properties #HomeAndHectareRural #BKB
        Extending a very warm ๐–๐ž๐ฅ๐œ๐จ๐ฆ๐ž Extending a very warm ๐–๐ž๐ฅ๐œ๐จ๐ฆ๐ž to Ronรฉll Human who is representing the Home & Hectareโ€™s Gqeberha / Port Elizabeth branch. 

๐–๐ž๐ฅ๐œ๐จ๐ฆ๐ž to the team, Ronรฉll!

#HomeAndHectare #AgentProfile #Properties #AtHomeWithTrust #HomeAndHectareRural #PropertyPortElizabeth #Gqeberha
        โ€ผ๐๐ž๐ฐ ๐‘๐ž๐ฅ๐ž๐š๐ฌ๐žโ€ผ

๐Ÿ“ ๐’๐ฎ๐ญ๐ก๐ž๐ซ๐ฅ๐š๐ง๐, ๐๐จ๐ซ๐ญ๐ก๐ž๐ซ๐ง ๐‚๐š๐ฉ๐ž
๐Ÿ’ฐ ๐‘๐Ÿ‘ ๐Ÿ•๐Ÿ“๐ŸŽ ๐ŸŽ๐ŸŽ๐ŸŽ

๐–๐š๐ค๐ข๐ง๐  ๐“๐จ ๐๐ซ๐ž๐š๐ญ๐ก ๐ญ๐š๐ค๐ข๐ง๐  ๐‹๐š๐ง๐๐ฌ๐œ๐š๐ฉ๐ž๐ฌ

๐Ÿ  This 2.4-hectare smallholding is situated on the outskirts of the town and offers a 2-bedroom house and Function venue.  Ideally suited for the businessman wanting to escape the city-lifestyle.

โšก๏ธ Eskom power with solar backup system
๐Ÿ’ฆ Strong Borehole
๐Ÿ”ฅ Indoor braai and pizza oven
โžก๏ธ Function venue
๐Ÿš— Double garage
๐ŸงŠ Cold room
๐Ÿ  Numerous outbuildings 
โžก๏ธ Stables and labourers' cottage
โžก๏ธ Stock handling facilities
โžก๏ธ Divided into 6 camps 

Call our professional property practitioner on 

๐Ÿ“ž Albie Loubser 082 573 9902
๐Ÿ“ฉ albie.loubser@homeandhectare.com
 
Registered with the PPRA.

#HomeAndHectare #RealEstate #AtHomeWithTrust #HomeAndHectareRural #NewRelease #Advice #Smallholding #NorthernCape #Sutherland #BKB #Auction
        ๐Ÿšจ๐๐ซ๐ฒ๐ฌ ๐•๐ž๐ซ๐š๐ง๐๐ž๐ซ๐ข๐ง๐ โ—

๐Ÿ“ ๐—Ÿ๐—ฎ๐—ป๐—ด๐—ฒ๐—ป๐—ต๐—ผ๐˜ƒ๐—ฒ๐—ป๐—ฝ๐—ฎ๐—ฟ๐—ธ, ๐—•๐—น๐—ผ๐—ฒ๐—บ๐—ณ๐—ผ๐—ป๐˜๐—ฒ๐—ถ๐—ป
๐Ÿ’ฐ ๐‘๐Ÿญ ๐Ÿฌ๐Ÿต๐Ÿฑ ๐ŸŽ๐ŸŽ๐ŸŽ

๐Ÿ˜ Hierdie lieflike meenthuis is geleรซ in die gesogte woonbuurt, Langenhovenpark in Gazania Kompleks. Die hoofslaapkamer het โ€™n lugverkoeler en die woning spog met โ€™n netjiese voor en agter tuin. 

๐Ÿ˜ 2 Slaapkamers
๐Ÿ›1 Badkamer
๐Ÿš— Dubbel Motorhuis
๐ŸŒณ Lieflike tuin
๐ŸŠ๐Ÿปโ€โ™€๏ธ Gemeenskaplike swembad
๐Ÿ”ฅ Gemeenskaplike Braai geriewe

Kontak ons betroubare eiendomspesialis vandag om 'n besigtiging te reรซl. 

๐Ÿ“ž Andrรฉ Botha 072 610 1271 (Andre En Ethel Botha)
๐Ÿ“ฉ andre.botha@homeandhectare.com 

*Geregistreer by die PPRA. 

#NowSelling #HomeAndHectare #RealEstate #AtHomeWithTrust #BKB #Freesate #Bloemfontein #EstateAgent #HomeAndHectareRural
        โ€ผ๏ธ๐๐ž๐ฐ ๐‘๐ž๐ฅ๐ž๐š๐ฌ๐žโ€ผ โ€ผ๏ธ๐๐ž๐ฐ ๐‘๐ž๐ฅ๐ž๐š๐ฌ๐žโ€ผ๏ธ 

๐Ÿ“๐๐ก๐จ๐ž๐ง๐ข๐ฑ ๐‡๐จ๐ญ๐ž๐ฅ, ๐๐จ๐ซ๐ญ ๐„๐ฅ๐ข๐ณ๐š๐›๐ž๐ญ๐ก
๐Ÿ’ฐ๐’๐š๐ฅ๐ž ๐๐ฒ ๐€๐ฎ๐œ๐ญ๐ข๐จ๐ง (๐Ž๐ง๐ฌ๐ข๐ญ๐ž ๐š๐ง๐ ๐Ž๐ง๐ฅ๐ข๐ง๐ž)

Auction Date: Friday, 5 May 2023 @ 10:30
Venue: 5 Chapel street, Central 
Viewing: By appointment only

๐…๐š๐ฆ๐ข๐ฅ๐ฒ ๐จ๐ฐ๐ง๐ž๐ ๐Ÿ๐จ๐ซ ๐จ๐ฏ๐ž๐ซ ๐Ÿ“๐ŸŽ ๐ฒ๐ž๐š๐ซ๐ฌ!

๐Ÿ“ฝ Situated in the historic part of Port Elizabeth and surrounded by tourist attractions, ๐“๐ก๐ž ๐‹๐ž๐ ๐ž๐ง๐๐š๐ซ๐ฒ ๐๐ก๐จ๐ž๐ง๐ข๐ฑ ๐‡๐จ๐ญ๐ž๐ฅ will now go on ๐’๐ข๐ฆ๐ฎ๐ฅ๐œ๐š๐ฌ๐ญ ๐€๐ฎ๐œ๐ญ๐ข๐จ๐ง. Itโ€™s the oldest hotel in Port Elizabeth encapsulating that old-fashioned rustic pub vibe! 

๐Ÿ˜ŒA feeling of Nostalgia sets in as you enter this hotel. The walls are decorated with photos and memorabilia from bygone times. This Old Lady is now ready for something new, classy and modern. The perfect option for Boutique Student Accommodation. The possibilities are endless. 

For additional enquires, contact our trusted property specialists -

๐Ÿ“ž Walter Fisher 082 926 1376 
๐Ÿ“ฉ walter.fisher@homeandhectare.com

*Registered with the PPRA.

#HomeAndHectare #RealEstate #AtHomeWithTrust #HomeAndHectareRural #NewRelease #Auction #Advice #ChapelStreet #Central #PortElizabeth #Commercial #Gqeberha #BKB
        โ€ผ๐™‰๐™š๐™ฌ ๐™๐™š๐™ก๐™š๐™–๐™จ๐™šโ€ผ๏ธ โ€ผ๐™‰๐™š๐™ฌ ๐™๐™š๐™ก๐™š๐™–๐™จ๐™šโ€ผ๏ธ

๐Ÿ“ ๐—ฃ๐—ถ๐—ป๐—ฒ๐—น๐—ฎ๐—ป๐—ฑ๐˜€, ๐๐จ๐ซ๐ญ ๐„๐ฅ๐ข๐ณ๐š๐›๐ž๐ญ๐ก
๐Ÿ’ฐ ๐—ฅ๐Ÿญ ๐Ÿฒ๐Ÿฑ๐Ÿฌ ๐Ÿฌ๐Ÿฌ๐Ÿฌ

๐—ฆ๐˜๐˜†๐—น๐—ฒ, ๐—–๐—น๐—ฎ๐˜€๐˜€ ๐—ฎ๐—ป๐—ฑ ๐—ฆ๐—ผ๐—ฝ๐—ต๐—ถ๐˜€๐˜๐—ถ๐—ฐ๐—ฎ๐˜๐—ถ๐—ผ๐—ป

๐ŸกSituated in a quiet street in the highly sought after area of Pinelands, we offer you this exceptionally neat home. Pinelands is centrally located and close to most major amenities. 

๐Ÿ› 3 Bedrooms
๐Ÿ› 1.5 Bathrooms
๐Ÿš— Double Garage
๐Ÿ”ฅ Indoor Braai

Call our professional property practitioner on

๐Ÿ“ž Cynthia Arkeldien 073 454 7913
๐Ÿ“ฉ cynthia.arkeldien@homeandhectare.com 

*Registered with the PPRA 

#HomeAndHectare #RealEstate #AtHomeWithTrust #HomeAndHectareRural #NewRelease #Advice #BKB #MalherbeCres #Pinelands #PortElizabeth #Gqeberha
        โ€ผ๐™‰๐™š๐™ฌ ๐™๐™š๐™ก๐™š๐™–๐™จ๐™šโ€ผ๏ธ โ€ผ๐™‰๐™š๐™ฌ ๐™๐™š๐™ก๐™š๐™–๐™จ๐™šโ€ผ๏ธ

๐Ÿ“ ๐Œ๐ข๐ฅ๐ฅ ๐๐š๐ซ๐ค, ๐๐จ๐ซ๐ญ ๐„๐ฅ๐ข๐ณ๐š๐›๐ž๐ญ๐ก
๐Ÿ’ฐ ๐‘๐Ÿ ๐Ÿ•๐Ÿ—๐Ÿ“ ๐ŸŽ๐ŸŽ๐ŸŽ

๐ŸกThis renovated family home is ideally situated close to schools and other amenities. Offering spacious living areas with gleaming wooden floors and a lovely new kitchen.

๐Ÿ› 3 Bedrooms
๐Ÿ› 2 Bathrooms
๐Ÿš— Single Garage
๐Ÿ’ฆ Refreshing pool 

Its stylish and trendy but not detracting from its original beauty. 

Call our professional property practitioner on

๐Ÿ“ž Home & Hectare / Linda Dent 082 774 1822
๐Ÿ“ฉ linda.dent@homeandhectare.com 

*Registered with the PPRA 

#HomeAndHectare #RealEstate #AtHomeWithTrust #HomeAndHectareRural #NewRelease #Advice #BKB #WaresRoad #MillPark #PortElizabeth #Gqeberha #ListWithLinda

        Subscribe to our blog
        Loading

        RECENT POSTS

        • Protecting yourself from Cybercrime – What to look out for
          Feb 6, 2023
        • Looking to invest in real estate or kick-start your career?
          Dec 14, 2022
        • At Home on The West Coast: Tips for Investing in a Holiday Home
          Dec 7, 2022
        ยฉ Home & Hectare Real Estate. All Rights Reserved.
                    No results See all results