Smart Mortgage Solutions

Smart Mortgage Solutions Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Smart Mortgage Solutions, Mortgage brokers, Durban.

18/10/2022

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13/01/2017

Thinking of buying a property? Need to know what you qualify in order to buy? Are you clear on the Credit Bureau? I will be happy to be of service.

13/01/2017

Thinking of buying a property, but not sure what you qualify for? How is your credit rating. If you need help, you can give me a call.

10/11/2015

Obtain your pre - qualification and credit check first
before looking for your dream home.

Our services are free & we are contracted to all major banks,
So that you can sit back while we do the paper work.

For further queries do not hesitate to contact Chantal.

Email : [email protected]

Tel : 031 ~ 462 2632 Cell : 082 569 6302 (Chantal)

10/11/2015

TO ALL FUTURE HOME BUYERS

EXCITED ABOUT BUYING YOUR NEW HOME?

BUT NOW NEED TO SEAL THE DEAL TO MAKE IT REALLY YOURS??

SMART MORTGAGE SOLUTIONS, WITH 11 YEARS EXPERIENCE
WILL DO ALL THE PAPER AND NEGOTIATE WITH THE VARIOUS
BANKS ON YOUR BEHALF

THE SERVICE IS FREE AND AS AN ADDED BONUS,
ON REGISTRATION OF YOUR BOND, YOU WIL RECEIVE
R500,00 PICK N PAY VOUCHERS TO SPEND
ON GROCERIES!!!

FOR MORE INFO

CONTACT CHANTAL HEARNSHAW
TEL 031 4622632
CEL 082 5696302

EMAIL – [email protected]

27/10/2015

Goslett says potential home buyers should know the answers to the following questions before they meet with their bank and apply for finance:
1. What is your credit score?
According to Goslett, it is important for potential home buyers to know their credit score and take a look at all the items on their credit record to ensure that there are not any mistakes or unexpected issues.
He says consumers are entitled to a free credit report each year, so they should be sure to check it.
“Consumers need to ensure that any accounts or bills that have ended up in collections are paid and sorted out before they apply for finance. Any default or slow payment will have a negative impact on the consumer’s credit score, so it is important to make payments timeously,” says Goslett.
2. What is your annual income?
A consumer’s income will determine the bond amount they qualify for. For this reason, Goslett says that it is important to include any bonuses or annual investment returns when making this calculation.
Annual tax return documentation will assist the applicant in determining their actual yearly income.
3. How much debt are you in?
Home loan amounts are largely determined by the amount of disposable income the applicant has available, so where possible, consumers should try to pay down their debt levels.
“Before applying for a home loan, an applicant should tally up their account payments, credit cards and other monthly payments. This information will be required by the lender in order to determine the applicant’s debt-to-income ratio, which will be used as a tool to determine the appropriate bond amount,” says Goslett.
“Having a lower debt-to-income ratio will be highly beneficial to a consumer who wants a higher bond amount.”
4. What is your financial worth?
Banks will want to see documentation that relates to any assets, such as vehicles, investments and income-generating properties, applicants might have.
Goslett says that all of these aspects add to the applicant’s nett worth and will have a bearing on the amount that the bank is willing to grant.
5. What kind of deposit can you put down?
In most cases the bank will require the applicant to put down a deposit. Depending on the situation, the required deposit can vary from 10% to around 30% of the purchase price of the property.
Goslett says that applicants will also require additional funds for all the costs associated with a property purchase, such as transfer fees, attorney fees and bond costs.
6. What can you afford?
Ideally, the monthly house payment, which includes the bond, interest, taxes and insurance, should not take up more than around 30% of the applicant’s income before taxes.
“Potential home buyers will be able to get an idea of their affordability levels from an online bond calculator or with the help of a financial professional. Bond origination companies will be able to provide potential home buyers with a guideline as to what bond amount they can comfortably afford,” says Goslett.
“Financial preparation is the key to homeownership readiness and will make the bond application process far smoother.”

26/08/2015

Time and time again, deals are turned down, because applicants just dont think it is a big thing to worry about the "unpaids" that show up on their bank statements. Not only that, the bank penalizes you for having the unpaid in the first place. Do your sums. Work out what will be left once your expenses are paid that you have funds in your account to pay your debit orders. Even if you pay the account direct, it will still show as an unpaid in your account.

31/07/2015

1. Buy within your means - if your income fluctuates, be realistic about what you can afford, and especially consider those months when your income will be lower.
2. Have a detailed budget, review your bank statements and add up all your expenses - consider expenses, big and small, and don't forget those due annually or quarterly.
3. Always be realistic, open and honest - not being able to afford your home loan instalment has much worse consequences.
4. Use available tools and get expert advice - use online digital tools and talk to a home loans consultant, private banker or mortgage origination consultant.
5. Consider the impact of an interest rate hike on your monthly instalment - if you are not comfortable with fluctuating interest rates, you could opt for a fixed rate option.

13/07/2015

4 ways to keep your home from being repossessed
10 Jul 2015

For most people, owning a home is seen as a major achievement; it may represent years of hard work and sacrifice. There is no doubt that property ownership forms part of a solid investment portfolio, and it is for all these reasons that losing a home can be devastating, not only financially, but emotionally too.
Barker says sometimes giving your budget a makeover can free up enough cash to keep your payments on track. This process will require you to make changes to your lifestyle; limit eating out, cell phone use and suspend subscriptions.
This is according to Steven Barker, Head of Home Loans at Standard Bank, who says every property that is repossessed is already one property too many.
However, many homeowners end up in a situation where they can no longer keep their mortgage payments due to their financial position. It is advisable that prior to purchasing a home, one conducts research and constructs a budget that caters for unforeseen expenses that may place the repayment ability at risk.
Barker says many property owners who cannot meet their bond repayments make the common mistake of not contacting their banks, and sometimes choose to ignore telephone calls, letters and emails.
“If you know that you are not able to make the payments, you should immediately contact your bank,” he says.
“It is in the bank’s interest to assist you to find a solution that is acceptable to both parties. No bank wants to repossess a home; if it is at all possible they will try to accommodate a financially stressed homeowner, as long as there is a viable solution and obligations are met.”
Many consumers tend to believe that if their house is repossessed, their financial worries will be over. However, Barker says there are some major risks associated with this course of action.
When your home is repossessed, the bank is forced to cancel the home loan agreement and institute legal action against you. Once a judgement is obtained through the courts, the property is attached by the sheriff and sold at an auction as a ‘sale in ex*****on’.
Barker says Standard Bank does not seek to make profits out of a sale in ex*****on. They credit the ex-owner if there is a surplus from the sale, after deducting costs.
“If the proceeds of the sale are not sufficient to cover the outstanding loan balance, then the client still has an obligation to repay that outstanding amount to the bank.”
Barker gives these tips to prevent repossession:
Barker says you can ask the bank to extend your mortgage payback period to 30 years. This will give you more cash in hand, but you will pay more interest. You could always change the mortgage repayment period back to 20 years once your situation has improved.
1. Examine your budget carefully and cut debt levels
Sometimes giving your budget a makeover can free up enough cash to keep your payments on track. This process will require you to make changes to your lifestyle; limit eating out, cell phone use and suspend subscriptions.
Remind yourself that the cutbacks are short-term, and keeping your home is of utmost importance.
2. Sell the property before you fall into arrears
Waiting in the hope that your luck will turn could make matters worse. If you don’t want to sell your home, you may need to sell something else. Look around your house and see what assets you can sell to boost your funds.
3. Ask the bank to extend your mortgage payback period to 30 years
This will give you more cash in hand, but you will pay more interest. You could always change the mortgage repayment period back to 20 years once your situation has improved.
4. Speak to your accountant or financial advisor
They may be able to give you financial advice on how to use investments to tide you over.
While not ideal, cashing in an investment may be a viable solution. Financial advisors have experience with individuals in financial stress, and may be able to suggest some feasible solutions.
“Remember, the bank will do everything in their ability to assist you to keep your home,” says Barker.
“The key to an amicable solution is regular and open communication.”

15/06/2015

When assessing bank statements, return debits (RD's) are red flags for Lenders. Lenders will assume that RD's are a sign of poor affordability and as a result will decline upfront unless properly explained, i.e. late paid salaries or commission, or late paying tenants can create a few problems. The applicant must make provision for their regular commitments and if there is a possibility, get the bank to understand BEFORE the RD reflects (and keep this is writing if possible).

Buying a home for whatever reason, should be well planned. Get clients ready for this in advance, assess them first and get explanations prepared.
Some tips when NOT to buy:
- During maternity leave or right after returning to work
- After a recent job change or massive salary increase – rather wait for a month or two
- If there has been some financial pressure – extraordinary expenses that Lenders may consider normal expenses, i.e. renovations, etc as this may affect affordability assessments.

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Durban
4004

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