Home  Mortgages Nedbank Homeloans
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Nedbank Homeloans |
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Written by TomMartens
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Tuesday, 12 January 2010 |
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A home represents not only comfort and memories, but also your biggest investment you will ever make. Because it is so important, nothing should be overlooked. After you find a house you want, it all starts with the lender.
by TomMartens
A home represents not only comfort and memories, but also your biggest investment you will ever make. Because it is so important, nothing should be overlooked. After you find a house you want, it all starts with the lender.
Buyers want flexibility. Nedbank is dedicated to providing flexible home loans to their customers. Nedbank can tailor home loans individually to meet their clients. Whether this is your first home or your third, Nedbank is there for you.
Nedbank home loans can be used to buy either an existing home or vacant land so you can build your dream home. Home loans for 100 percent of the purchase price are available as well, depending on the buyer?s creditworthiness and the property?s value. Nedbank will finance between 70 percent and 100 percent of a vacant land purchase, again depending on the buyer?s creditworthiness and the value of the property. Home loans are also available to those who want to borrow money to make major improvements to their existing home.
Nedbank offers both fixed and variable interest rate home loans, as well as Nedbank Accelerated Payments, which enable the buyer to pay off their home loan faster than what is agreed upon in the home loan contract. Talk about a phenomenal way to say money on capital and interest.
Qualifying for a Nedbank home loan is easy if you are a South African resident with a good credit record. It should also be noted that there are minimum monthly income requirements as well. Before you apply for a home loan, check your credit report, Nedbank advises you to contact the credit bureaus if there are any errors.
You can also pay down high credit balances to increase your score. Remember, lower interest rates are only offered with high credit scores. Also set aside two to three months of incomes for the first few loan payments, which is known as reserves.
Paperwork comes with anything important, so you can imagine the amount of documents you will need for a home loan. Ask the bank ahead of time and submit the paperwork at the start of the loan process. Documentation includes proof of identity, income verification, bank statements and the offer to purchase agreement.
Home loans require monthly payments, which are calculated beforehand. They will fluctuate or remain fixed, depending on the type of loan you have.
The first step in making your dream a reality is finding a qualified lender. At Nedbank, your search for the best lender and quote may end there.
About the Author:
Tom Martens is the content coordinator for South Arica?s leading Homeloans portal which amongst others offers Bond origination services for all major banks.
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