Mortgage Market

The hunt for a new home can be one of life's most exciting experiences.

In contrast, the hunt for a home loan that perfectly suits your circumstances can be an utter nightmare. This is where Mortgage Market steps in.

They have developed an online home loan comparison service to make the application process as stress-free as possible.

Mortgage market offers you a clear cut application process that takes place entirely online. They make sure that your application reaches the top Banking institutions in South Africa.

Better yet, you can expect the loan offers to start pouring in within 72 hours. Mortgage Market has a well-spring of information and expert advice to assist you at any point.

The benefits of signing up with Mortgage Market:

• When your bond is approved, the Mortgage Market will pay you between R5,000 and R25,000!
• You apply once and get feedback from multiple sources
• You don't have to attend awkward meetings with the bank ending in uncertainty
• The choice of home loan is yours, and you can base it on the deal that works best for you
• Mortgage Market's expert consultants are there to provide you with assistance throughout the process.

You can also make use of Mortgage Market's other exceptional tools. They offer you the use of several calculators, including the bond calculator.

It allows you to enter your financial information and estimate the home loan you are most likely to qualify for.

Apply for your home loan through Mortgage Market, and you won't spend the next 30 years regretting not shopping around for the perfect home loan.

Mortgage Market's website works in real-time.

This means that once the forms are submitted, your mortgage application will go to five of South Africa's most sought after home loan providers.

Your information will be processed by the banks before the following checks are done:

Credit Score

Before any financial institution extends a loan to you, they want to know how well you have paid your past debts and how you deal with debt in the present.

This is called a risk assessment, and it will play a big roll in whether or not your loan is approved and how much interest you'll be charged.

Your credit score is based on your credit history. A high credit score is awarded to those who have paid off debt responsibly and continue to do so. Credit providers reward this behaviour by offering you much lower interest rates and extending you more favourable loan terms.

Affordability check

This check is a safety measure put in place by the National Credit Regulation to protect you from becoming over-indebted.

Every NCR accredited lender will do an affordability check based on your income, savings, expenses, debt and a few other factors to ensure the loan you have applied for won't be harmful to your financial situation.

If your financial situation is less than favourable, it won't hurt to take a little time to improve it before applying for a home loan.

You can improve both your credit score and your affordability check results by:

• Paying off lingering store accounts
• Making sure all your debt payments are on time
• Paying off personal loans before the end of the loan terms
• Keeping your credit cards well below your credit limit

Buying a house isn't an impulse decision, so while you are improving your financial status, it's a fantastic time to funnel any extra money into your deposit savings account. You could also open an additional savings account to cover the extras like transfer costs, registration costs, and rates and taxes.