Nedbank Homeloans – Rumored To Be One Of The Best, But Are They?
Posted January 20, 2010 – 10:01 pm in: MortgageBuying a home is one of the biggest investments a person will ever make. That’s why you must take the time to shop for a home loan, do your research and make sure you find a home loan that suits your needs. You’ll want to use a qualified lender as well.
Buyers want flexibility and Nedbank can provide it. Nedbank is known for their flexible loan offers and personal customer service.
Nedbank home loans can be used to buy either an existing home or vacant land. Home loans for 100% of the purchase price are available as well, depending on the property value and buyer’s credit history. Nedbank will also finance between 70-100% of a vacant land purchase, which once again depends on the value of the property and the buyer’s credit history.
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. This is an excellent 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.
If high credit balances are lowering your score, pay down your balances before you apply. The higher your credit score, the better home loan terms will be offered to you. You also want to make sure you have two or three months? worth of mortgage payments in the bank. These are called 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.
Tom Martens is the content coordinator for South Arica’s leading homeloans portal which amongst others offers Bond origination services for all major banks.
Tags: banking, bonds, Homeloans, Loans, money, Mortgage, mortgages, property