Want to buy a repossessed property on auction, but afraid you will not qualify for a home loan? We all know that right now is a good time to invest in property. So, why not save some more money and buy yourself a repossessed property?
However, in order to buy a property you need to have a healthy and good credit track record. Here are some basic tips you can follow in order to maintain a healthy credit track record:
- Establish a good credit score:
Without you even knowing it, your bank is keeping an eye on your payments and non-payments. These are being recorded, which make up your credit score.
- Do not exceed your repayment limits:
When buying a property, the bank will establish what percentage of your salary you can spend per month. This is to ensure that there are sufficient funds in case the interest rate rises.
- Save for a sufficient deposit:
The bigger deposit you can guarantee the bank, the better chance you have of your home loan being granted. Don’t see this as an obstacle to buy a property. Keep in mind that your loan amount will be less. This means that your repayments will be less.
- Avoid preventable debt:
This is the most important factor. Pay your current debt off as soon as possible, and avoid more debt.
There are many repossessed properties on www.myroof.co.za. The perfect property is waiting for you. Why not get rid of your extra debt and buy yourself a property?