Staying hopeful for a home loan?
Buying the home of your dreams is possible when you are able to secure a prequalification for a home loan. The Seeff experts share their advice:
Getting a bond can be a tedious process involving a lot of red tape and the disappointment of not getting the bond that you apply for can leave you feeling despondent and frustrated!
Because of this reason Seeff strongly advises buyers to undertake a pre-application assessment from ooba to assess their home loan qualifying ability before they start looking for property.
Buying a home can often be more of an emotional process compared to selling and this can sometimes influence property buyers, causing them to overlook important aspects related to the transaction.
Not knowing what your buying potential is right from the start can very easily lead to misunderstandings about your financial capability. And this could obviously result in disappointment.
A pre-qualification assessment is generally conducted by an ooba professional, prior to the estate agent taking you to view properties. “An expert will interview you and conduct a full income and expenditure assessment where after a credit bureau enquiry will be conducted to ascertain your credit risk profile.
A further benefit of this assessment is that any credit related impairments will be uncovered early on in the process, and if necessary, professionals will assist with the appropriate process of rehabilitation. If the assessment shows that you have an insufficient net surplus income, a debt consolidation investigation will be undertaken and if the report shows that you have a poor credit record, professionals will assist you in rehabilitating your record before buying. If you have a positive net surplus income as well as a clear credit check then an oobaqualified certificate will be issued.
It is best to uncover any affordability shortfalls early on in the game and ensuring that homebuyer target their home search on suitably priced properties. This way if you have your heart set on something, at least you’ll know whether it’s in financial reach.
As a last point it is very important to always meet your monthly debt repayments on time and to pay the minimum monthly instalment on your credit card in order to keep a healthy credit score.