Do you want to buy a repossessed home on an auction? With the economy the way it is right now, there is no better time to get into the property market than right now.
However, there are a few things you will need when applying for a home loan. The first thing you need is to decide whether you are going to buy the property on your own, or with someone else. Remember, the higher the income, the higher mortgage amount you will qualify for.
You need to determine what your budget will be before buying a house. This will give you the knowledge on what price range of properties you can search for on auction.
Be familiar with the bond process and what it entails. Have a deposit in place since this will help you to qualify for a home loan, or alternatively increase the loan amount you qualify for. Also consider the interest you will need to pay on your home loan.
After all this, you need to get your documentation in order. The documentation needed is:
1. A certified copy of your ID.
2. In a case where you are employed full time, you will need to submit three months’ bank statements.
3. The offer to purchase.
4. At least one month’s pay slip(s), depending on the request.
If you are self-employed, you will need six months’ business account statements, six months’ personal bank statements and proof of your monthly income.
MyRoof.co.za has staff dedicated to helping you make the process of first-time buying less complicated, so why not call us today?