The safest way to get property finance is to get bank financed home loans. Whether you are first time buyers, or seasoned property market experts, unsecured finance is not the way to go. Your house is an asset and should be treated accordingly. Getting a bond doesn’t need to be a stressful activity. As long as you approach authentic credit providers like your bank for assistance, you can sleep soundly at night in your new home. Most banks provide fair interest rates and can help you to negotiate repayments that are suited to your budget. Some banks even offer home loans for refurbishments, second homes and can help you get property finance to build your own home.
Many people are not sure how to get bank financed home loans and so are nervous to approach their lending institution. There is no need for first time buyers to be intimidated at the idea of a bond or property finance. Each bank has a number of financial advisers who will consider each application individually and derive a payment plan that won’t leave you broke. Most banks have a buyers guide that will help you to understand some of the paperwork that you’ll need to fill out. On your side it is best to get your credit history up to date and ensure that your credit record is good.
If you are struggling with a bad credit record or are blacklisted but would like to buy a house, there are options available to you. Some credit providers will consider your application as long as you present a clear plan of repayments to them and can show them why you will be able to handle property finance. If you have a long history with your bank, this makes it more likely that they will try to assist you. Bank financed home loans are the safest way to buy a house and transform it into your home.
Buying your First House
Buying your first house is always very exciting but it is almost always the biggest financial commitment that you will make. For this reason, there are several things that should be taken seriously in to account before signing any legal documentation. Firstly and most importantly, the smartest thing to do is to buy within your means. If this means buying a little house initially, then the little house is what you should take as this allows for the possibility of interest rate hikes which means that you won’t find yourself in financial trouble. It is therefore always best to factor in interest rate hikes when looking for your home.
Another important factor that needs to be part of your consideration set when budgeting for buying your first house are electricity hikes, municipal rates, and tarrif increases. These may affect the amount that you can afford to pay on the house. Another important factor is the proximity of the property to your place of employment as should it be far away, then you will need to factor in increasing petrol prices as well as toll fees. Should you be buying your house as you are starting a family, you need to consider the proximity of the house to the schools that you would like your children to attend. What is more important is to determine if the area that you are looking in is zoned for the particular school.
Many property gurus also advise that you should not buy a house unless you are planning to live there for eight years or longer due to the fact that the amount you will be paying on levies and other financial costs will not be worth your while. It is advised that until you have a decent amount accrued to spend on a deposit that you should rent. It is also advised that the best option is to consult your banker before committing to anything so that you can make sure that you are not buying something that is beyond your means. It is always best to make sure that you are covered before buying your first house.