What Documents Do I Need When I Apply For A Home Loan?

Applying for a home loan in South Africa?  What documents will you need to provide for the home loan qualification to take place? 

Feel free to contact a bond originator or your bank directly to obtain the information required, however, for your convenience, here is a list of what documents you should gather once you want to apply for a mortgage.

(Please note: In terms if the banking sector's current lending criteria, they reserve the right to call on additional information and supporting documents. Use this post as a mere guideline.)

Documents required for salaried applicants:

• Three months' payslips - income to reflect against your bank account.
• If in receipt of a monthly allowance, the bank requires 6 months' latest payslips.
• Latest three months' bank statements - internet statements not accepted.
• If you are not a South African citizen, a copy of residence permit and work permit is required.
• Identity document
• Proof of address
• Rental contracts in respect of rental income to be used in affordability assessment

Documents required for self- employed home loan applicants (including sole proprietors and small businesses)

• Comparative financials covering a trading period of three years
• Letter from your auditor conforming your personal income
• If financials are more than 6 months old, up-to-date signed management accounts are required.
• Signed Personal statement of assets and liabilities
• Business bank statements covering the last 6 months
• Personal bank statements covering the last three months
• IT34 for the past three years
• Company/CC/Trust statutory documents
• Identity documents of directors/members/trustees

Contact Alta, The Property Match Maker, from SEEFF, if you want to buy or sell property in Eldoraigne, Centurion, South Africa. 

She has a wealth of knowledge and delivers service excellence with flair! 

Mobile: 071 758 0996

alta.nel@seeff.com

https://altanel.co.za

#ALTANEL

How To Find Your Perfect Home To Buy

Knowing what you want before you start your house hunt, dramatically simplifies the whole process... The house hunting process always requires some compromise, but having a good understanding of your most important requirements and preferences upfront saves a lot of time and energy.  This is how to do it.

Make a List

When you set out to buy your perfect home, begin by making a list of your "must haves" and the "nice to haves". Spend time with your partner to determine exactly what it is that you want in your new house and decide beforehand what you would be willing to compromise, should the need arise. 

For instance, your list may indicate the size of the garden you wish to own, the level of security you require, what size and style of kitchen would be great and whether you are willing to purchase a fix-her-upper. 

Getting clear on what you and your partner are looking for will certainly narrow the house search process down.

Create A Scrap Book or Vision Board 

Before you start your house hunt, determine your style. 

Create a scrap book or vision board from magazine cuttings or internet images of your dream kitchen, garden or fire place, etc. This will assist you greatly once you start house hunting. It will narrow down your search immensely as you will not waste time looking at properties that do not offer what you want.  

It is a great idea to share your collage with your estate agent. The collage will assist your agent to understand what you are looking for. When your agent knows what you want, they will certainly endeavour to show you homes that incorporate those attributes.    

Visit Show / Open Houses

Visiting show houses or open houses hosted over most weekends throughout the year offers you the opportunity to discover several homes in your area of interest and introduce you to estate agents who are specialists in the area. 

When visiting show house / open house events, you will soon discover what typical homes in your area of interest generally offer and at what price they are sold. By understanding this, you will be able to determine the costs associated with your predetermined "must haves" and "nice to haves".  

Visiting show houses and open houses introduces you to realtors that are area specialists and allows you to build relationships with them, which may just be of great value to you as they get to know you better. Getting to know an area agent will empower you to gain first hand information about local house prices, the crime rate and the quality of the schools in the community. Furthermore, the agent who gets to know your preferences, will be on the look out for your perfect home and arrange your viewing of the property, as soon as it comes on the market and will not waste your time with ill-matched properties. 

Visiting open houses or show houses, will introduce you to the neighbourhood. Is the community close to main roads, close to parks, shops and good schools. By driving through the community you will be able to predetermine whether the neighbourhood is family oriented or maybe largely populated by pensioners.  

Know What You Can Afford Before You Fall In Love

Having enough cash in hand is always a good thing when buying a home, but for most, the reality is that some percentage, if not all, needs to be covered by a bond. You really need to know upfront the size of loan the bank will approve, even before you start looking for your perfect home. 

Way too often, potential home buyers start their house hunting without pre-qualification by a financial institution. This practice, often results in major disappointments for all the parties involved in the transaction, i. e the seller, the agent, as well as you, the purchaser. Falling in love with a property without knowing what you can afford, is hardly ever a good idea, as it causes stress and uncertainty. 

Instead, you should visit a couple of financial institutions or preferably a bond originator near you to get pre-approval for a home loan and so will know what deposit may be required. Once you are qualified, you are equipped with the financial boundaries within which to remain and can kick off your targeted home search, without worrying that an offer to purchase may fail due to lack of affordability. Knowing what you can afford upfront, surely gives a person peace of mind during the entire process. 

Contact Alta, The Property Match Maker, if you want to buy or sell property in Centurion, South Africa. She has a wealth of knowledge and delivers service excellence with flair! 071 758 0996.

How To Sell Your Property Fast In Slow Economy

Selling your property fast in a strong economy is relatively easy, but selling in a slow economy is certainly more challenging. However, property is sold every single day, regardless of the supposedly weak economy we find ourselves in. 

Having your home on the market can be very stressful for the whole family. To keep your home tidy week in and week out certainly is challenging especially if you have children and pets. Therefore you need to sell it fast and get the stress over and done with.

To sell a home quickly, it needs to be presented well, marketed well, and priced correctly. 

If you need to sell your home on the quick, these tips may just help you get offers very quickly and closer to your intended asking price. 

Plan to sell. 

Too often sellers are unprepared to move when the house goes on the market. The garage is not sorted out, store rooms are stuffed to the roof and rubble lies scattered in the yard. 

When you show your house to prospective buyers, this should not be the case. Buyers looking at your property should see that you are ready to vacate easily. Likewise they should not fear that you will leave your junk behind when you have to move in a hurry.

Plan to move. Be ready to move. Then put your dwelling on the market.  

Get a storage unit

The easiest way to unclutter is to shove all the "stuff" into wardrobes, but this is a bad idea! Interested buyers are sure to open your cupboards and if they see cluttered and disorganized spaces, it may reveal that your home lacks sufficient storage space. 

Consider renting a storage unit for the time your home is on the market. If you choose to use a container, it can be transported to your new home, in a wink of an eye. 

Staging and photography

Hire an agent that uses a professional photographer to take photographs of your home. But be sure to have it taken AFTER you have decluttered the home. Modern day buyers are informed and buys a house online and they are actually 80% sold even before they viewed the property in person. Needless to say, if the photos of your house taken by the agent  is bad, chances are that they won't buy your house.  

Find the right real estate agent

Hire an estate agent who is familiar with the neighborhood. Avoid using too many agents and allowing all of them to peg their boards in front of your entrance. Too many boards suggest there is something wrong with your house and it could even lower the amount a buyer will offer. 

Also do your part to get the word out about your house being on the market. You should still refer them to your agent, but  the more channels of communication are utilised, the faster your house will sell. 

Depersonalize

Buyers that view your house need to imagine themselves living in your home. Therefore, remove any religious symbols, trophies of deer you have successfully hunted years ago, the large cap collection in your bar and the family photos on the fridge and walls. This will enable the buyer to focus on your house instead of on the paraphernalia that are only sentimental to you.

Feel free to hang an art work that enhances and compliments the space and tone the room down.

Light it up

A bright, well lit home is inviting.  Change the bulbs to white light bulbs to brighten the space. Furthermore, draw your curtains and open the blinds so that the natural light can flood the room and make it seem larger. Consider painting the room in a light shade of grey if it seems dark and gloomy inside. Grey is a soft neutral colour and will go well with any colour you may currently have in the space.  

Zoo-sh up the curb appeal!

First impressions count!  Your home’s exterior is typically the first thing a buyer sees.

Tidy up your yard, trim the shrubs, cut the edges of the lawn and sweep the paving. A fresh coat of paint on the fascia boards and gutters will not cost much but surely improve the first impression of the house. 

Brighten the porch with a flower pot filled with in season flowers bought from the local nursery. Clean the bird droppings from the steps leading to the front door.  Add colour to your front door or simply give it a fresh coat of varnish to make the home feel inviting and well kept.

Contact Alta, The Property Match Maker, if you want to buy or sell property in Eldoraigne, Centurion, South Africa. 

She has a wealth of knowledge and delivers service excellence with flair! 

071 758 0996

alta.nel@seeff.com

https://altanel.co.za

#ALTANEL