SOME VALUABLE TIPS FOR THE FIRST-TIME HOME BUYER
1 Consider 100% bonds
If you don’t have a deposit, banks can award you all of the money. According to home loan originator BetterBond, statistics show an increase in the number of 100% home loans. Most of these types of bonds get awarded to firsttime buyers in lower income brackets.
2 Check the value of the property
Banks don’t like lending money, specifically 100% bonds, when the value of the loan is more than the property is worth. Make sure you get an evaluation before applying for a bond.
3 Don’t take on more debt
You often have to be in debt to get more debt. What counts is how you manage your debt – not the actual amount of debt that you have. So don’t accumulate debt, but instead concentrate on getting a clean credit score so you can qualify for a bond more easily.
4 Save up for a deposit
As mentioned earlier, it is possible to get a 100% bond. But it can be far faster and easier to obtain a mortgage if you put some of your own money down. The banks see the arrangement as less risky if you also take on some risk.
5 Get preapproval
Before putting in an offer on that dream home, make sure that your bank will lend you the money. You could be sorely disappointed if you find out later that you do not qualify for that amount.
6 Check your credit score
You need a good credit score to qualify for a home loan. The good news is that you can obtain your credit profile for free once a year from the credit bureaus.
. To apply for Flisp, contact or visit the human settlements department