5 need to know tips to get the right home loan

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You can buy your dream home but there are a few things you need to do before you apply including preparing the legal documents, saving for the down payment and more.

Portrait happy Hispanic family sitting with house in background

Buying your dream home can soon become a reality, especially with some thoughtful planning.

1. Save for the down payment
You should create a monthly budget to put money aside to save up for your home’s down payment.

2. Check your credit card
Get a copy of your credit report, you can obtain one free credit report per year from your bank, according to South African law. You may need to improve your credit score to be more attractive to home loan lenders.

3. Prepare your legal documents
You will usually have to provide various financial documents such as your last two pay cheques, your recent tax returns, and your current bank statement, and more.

4. Use a mortgage calculator
You can work out exactly how much you can afford while taking into account the down payment, interest rates, and more. Try this bond calculator.

5. Consult a broker
Apply with Click n Compare and our broker will help you through the whole process. You can apply for an affordable home loan: http://www.clickncompare.co.za/money/home-loans

©Diane Moalem for Click n Compare

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