Home Loans For People With Bad Credit

August 1, 2011

Home loans for people with bad credit is very difficult to get when a poor credit history exists.

A lot of South Africans end up with bad debt due to circumstances out of their control. There is very little you can do if you lose your job and cannot afford to pay off your debt.

However, most people take out too many loans and credit card debt and when interest rates go up they struggle to keep up with debt payments which ultimately results in a bad credit rating.

Bad credit home loans are designed for people with a bad credit record. Bad credit home loans can be used to refinance your current home loan or to consolidate debt.

Click Here – Home Loans For People With Bad Credit History

People apply for bad credit home loans everyday throughout South Africa. An increasing number of lenders are prepared to adjust their risk portfolios in order to try and help individuals who does not have a great credit record.

 

Read the rest of this article here

* information correct as per time of posting

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Debt Consolidation Loans bring relief

May 18, 2011

If you need to get urgent cash flow relief from the burden of high monthly debt repayments, then looking for reputable companies offering debt consolidation loans are the way to go.

The easiest and by far the least risky way to consolidate debt is through your home loan.  You’re probably wondering why I say it’s the least risky because you’re basically putting your house at stake?

I say it’s the least risk form of debt consolidation because often, opting for a debt consolidation loan by way of a personal loan can be a very expensive endeavor.

The idea is to reduce your interest and to reduce your monthly installments and most times a personal loan is much more expensive, not to mention the high interest.

Also, if you consolidate debt through your home loan you automatically have a much smaller repayment because the home loan is over 15 or 20 or 30 years and that will bring great relief monthly while you’re settling the debts.

Thereafter, you can use at least half of what you’re now saving on installments per month to make additional payments into your bond.  This way you reduce the term of your home loan and save on interest.

Debt consolidation is not ideal, but it does help you to manage your debt better and takes away the worry of high monthly debt payments.  Also, it gives you peace of mind knowing that you only have one debt to repay on a monthly basis.

If you are comparing debt consolidation loans and want more information or wish to apply, do not hesitate to contact us on www.globalproperty.co.za

* information correct as per time of posting


Debt Consolidation and Home Loans…What are your Options?

May 11, 2011

Have you ever considered debt consolidation by means of a home loan?

Well, if you have, it really is the most cost effective way to consolidate debt.  Why?  Home Loans are currently at 9% and most credit cards are at around 18% and loans at 35%+ so as you can see, it’s half to three times cheaper than continuing on the course you’re on if you are paying off these types of debt.

Debt consolidation has helped many South Africans start afresh  and increase their monthly cash flow.

If you are interested in debt consolidation or applying for a debt consolidation loan contact globalproperty.co.za today

* information correct as per time of posting


Home Loans Alternative

December 8, 2010

SA Homeloans:  Ever wondered why some banks approve applications while other banks decline them?  Why some banks give 100% bonds while others only give 85 – 90%?

The answer is quite involved, but I’ll try to explain. Regarding some approving and some not all depends on your personal credit profile as well as your internal bank rating and their internal rating system called the bank scorecard.

Your credit profile needs to be clear for a bank to approve your loan, and in addition to that you need to have a high enough credit score for them to approve.  Most banks require a credit score of 600+, so if you fail that first hurdle you might be declined.

Your internal record at the bank involves accounts you may have with that bank and how you have conducted those accounts.

The bank scorecard is an algorithm used by the bank combining all of the above factors and includes other “secret” criteria that the bank requires.

The banks scorecard is secret because thats what gives one bank an edge over another so they never disclose what the elements of the scorecard are – so next time you get a blank answer stating that you don’ t meet the bank’s minimum criteria, you know why.

Second point is that some banks give 100% loans and others not.

It really does depend where you bank.  Your own bank will always consider 100% but may give a lower offer, but here’s a quick snapshot of how it’s worked out – remember, the % is always a percentage of  the purchase price and not the value, except when it comes to a further bond or 2nd bond then it’s worked out on the value

These figures are based on a purchase price/further bond of under R1.5mil:

So I hope that clears up some confusing points regarding home loans in general, if you have anything further you are welcome to email us or call us any time.

* information correct as per time of posting


Home Loan approved….What’s Next?

December 7, 2010

Home Loans:  Okay, so the hardest part is over, the home loan is now approved, so what’s next.

Don’t get left in the dark, we’ll help you along the way in the home loans process.  For more information about the steps involved watch our latest video:  http://www.youtube.com/watch?v=R0R3SG_Sx40

* information correct as per time of posting


How Much Does It Cost To Get A Home Loan?

November 29, 2010

If you’re interested in applying for SA homeloans but your not sure if it costs money to get someone to do the application for you, watch our latest video: 

 

http://www.youtube.com/watch?v=c8iUUFif87M

* information correct as per time of posting


What Criteria is Needed To Be Approved for a Home Loan

November 25, 2010

If you’re looking for a home loan and are not sure if you meet the criteria needed to be approved, speak to a GPF Mortgage consultant.

With almost 10 years experience in getting SA Home Loans approvals for clients you can’t go wrong.

Also, watch our latest video post on criteria needed:

http://www.youtube.com/watch?v=bnZUbfKfv2M

* information correct as per time of posting