Get Some Breathing Room with Loan Forbearance

Losing your home could be a very trying thing in your life. When a foreclosure claims your home, not only do you lose your financial investment, you lose the very dream of homeownership. The lives of the loved ones in your family aredisrupted, as they have to leave the familiar surroundings, school and friends. Apart from having to build up your damaged credit rating, you are faced with the challenge of getting your life back together.

nice house
nice house

Foreclosure Is Akin To Bankruptcy

Both bankruptcy and foreclosure are regarded as a personal failure. Even people, who have no control over the circumstances that thrust them into this situation, seem to think so. Therefore, many guilty borrowers delay when dealing with mortgage payments they have missed; they are uncomfortable to face their lenders.

In reality, an early contact with the lender would be the best move that could be made. If you have defaulted on your mortgage agreement, your lender, according to his legal rights, can reclaim your house through a foreclosure. As per the foreclosure process, your house could be resold or auctioned off for recovering the debt. However, your lender may not be ready to be involved in the expenditures associated with a foreclosure. He may prefer to work out an agreement with you, which will enable you to stay in your house and repair your finances.

Forbearance Is a Tool to Keep You in Your Home

To help you keep your house, your lender has a host of tools. Forbearance is one such tool lenders use very often. Forbearance is an agreement between you and your lender, wherein, the right to foreclose on your home is suspended and you are given time to pull up your finances. Forbearance does not mean that your lender has forgiven you the debt; it means you have some more time to avoid a foreclosure by getting your finances in order.

During the agreement period, your mortgage payments may be suspended or reduced. After the agreed term, you will have to resume payment at a rate, which will bring your loan current. If it is a job layoff, or a similar situation that has caused you to default, your lender may be more willing to reach out and work with you.
Show You Can Start Making Payments

Lenders and mortgage companies have their own requirements when granting forbearance. You will need to show your financial troubles will be solved by the time forbearance ends and you will start making regular payments. You may not be making the payments temporarily, but eventually, you will need to bring your mortgage current. It is possible that the lender will charge interest on the forbearance period when you make lower or nil payments.

Things To Keep In Mind While Applying For Housing Loans

Due to a hike in the prices of everything, owning a property has become a major task. Most of us live in a rented apartment, but we should have our own roof! But often it becomes tough for people to chase their dreams of owning a house because of the inadequate cash in their hands. But the scenario has completely changed today. Fortunately, now you can get loans to buy your own house. Just take a look at free India classifieds and you’ll find numerous ads that offer loans.

housing loan

These days, the house loans are available for a number of purposes like as buying and constructing any home or even for renovating the existing property. Though most of the loan borrowers apply for the house loans to build their new homes. But it is always advisable to check all the details before applying for the housing loan as the lending institutions would also check each and everything before approving the loan. The intention of taking the loan plays an important role as this bears a great impact on the process of repayment and borrowing.

You can start the process of getting a car loan by choosing the property or the home in which you are interested. Besides, while choosing the home or the property, you need to make sure that you are sure enough about the property and should also sure about the resale value of the property.

However, there are various things that you should keep in mind before applying for a loan. Here are just a few of these things.

Criteria for home loans

Different banks have different criteria for home loans, so you must be very careful. Make sure that you return the loan within the allotted time. If you don’t, the bank can seize your home and auction it in order to recover its loss.

Interest

Interest increases as the time increases. Therefore, the longer you take to return your loan, the higher your interest will be. Sometimes, interest could increase so much that it may become much higher than the actual loan, so you should always try to return the loan as soon as possible.

You can also choose from two types of interest rate – fixed and changing. Fixed interest rate will never change no matter how much time increases, while changing interest rate will change according to the time or your requirements.

Set a budget

Set a budget for everything, from buying the property to repairing it. Some old houses may need repairing, so you must factor its cost too. The amount applied for the loan must be enough to spend on each task.

Hire a loan officer

Choose a repayment option with the help of a loan officer. Make sure you don’t have car payment, child support, other property, bills etc. to look after. The loan officer is for your service and better planning for the repayment of loan. You can also ask him about a debt consolidation loan if you already have a lot of debt. This might help you to organize budget.

 

Do Your Homework Before Choosing Your Home Loan

Almost everyone dreams to own a home. Earlier, the situation in India was different. People used to be afraid of availing a home loan because they used to think that only the affluent and those who belonged to the upper class could afford it. But thanks to the liberalisation and increases in incomes, a number of people who belong to the middle class also can decide to go for home loans for buying their homes.

A number of banks and non-banking financial institutions offer home loans. They make attractive offers also to inspire borrowers to avail these loans. The growth of the real estate sector in India has also been phenomenal in the recent decades. However, people should not make hasty decisions while availing these loans. They must gather all the information before choosing the perfect home loan that suits them. They must understand every factor involved in the loans, the terms that are imposed by the lending banks, the repayment options, etc.

SBI home loan, ICICI home loan, Axis Bank home loan etc and some of the loans offered by non-banking financial institutions like LIC Housing Finance Limited are quite popular. Some of these lending institutions provide loans not only for constructing or buying houses and apartments but for other related purposes as well. This means that we now have diverse products that have been designed to cater to the needs of various types of borrowers.

This seems to pose a challenge to the borrowers, but in reality, if borrowers do a good research, they can choose the most appropriate loan. Sites like BankBazaar.com are one-stop shops that provide customers with all the details. So, borrowers can visit these sites for knowing the details and making up their minds. Borrowers should take into account certain other factors also while choosing a property and while deciding on a loan.

Affordability

While choosing a property, customers should check if the property they are considering comes at a price they can afford. Though one may expect higher incomes in future, they should not commit the mistake of considering their future income while choosing the property because no one can predict how future events may turn in a person’s life. So, they should take only the present income into account while choosing a property and an appropriate loan suitable for it.

Choosing the Lending Bank
Borrowers should choose the lending bank that offers the best benefits and the most attractive features. They are advised to do their research thoroughly and shortlist at least 5 lending banks or institutions and study their features. They must study the quality of their services also. They can inquire with the past customers of the lending banks or visit their websites for assessing the quality of services they render.

Rates of Interest
Rates of interest may differ from one bank to another. Borrowers should know these details and choose the bank that offers the best rates.

Tenure of Repayment
Borrowers should choose the most appropriate repayment tenure because they should have sufficient disposable income for their monthly expenses.

In short, borrowers should take time to consider all aspects before finalizing a home loan option.

Author Bio
Name: S. Muthu Kumara Swamy
Designation: Content Manager
Bio: I have always been interested in personal finance and had an urge to explore a variety of finance products ranging from loans to investments. As a finance professional in my current role as a Content Manager, BankBazaar.com, I create video content on varied personal finance subjects for TV shows. I also manage online forum activities, social media and interactive online content initiatives.

Benefits and Pitfalls of Paying Your Home Loan Early

If it was not for the finance companies and banks, many of the current breed of home owners wouldn’t have been able to buy themselves a property. The loan facilities provided by these firms as helped to realize the dream of many people. However, paying off the loan through mortgages is a big financial commitment. No one wants to let EMIs eat into a major part of their monthly salaries. Therefore many home owners are looking to pay off the debt as soon as possible. Here are benefits and the shortcomings of paying off your debt earlier.

The current trend in home buying is paying off the mortgage early. The spiraling property prices coupled with rising interest rates are making the buyers prefer early payment of loans. As per a home owner, the sooner the loan is paid, the sooner they would be free from the shackles of debt and the sooner they will be able to use their money for more than just paying monthly mortgages. Another benefit that serves as a reason for going for prepayment includes the rising interest rates. By paying early, you stand to save the tens of thousands of dollars’ worth of interest.

nice home
nice home

Prepaying the smart way

Prepaying a home loan isn’t an easy thing to do as a considerable amount of money is at stake. Therefore, instead of burdening yourself economically and mentally, you can always go for partial prepayment. Under this arrangement you can add a little amount to your principal and thereby shorten the length of your loan. This form of part-prepayment will reduce the outstanding loan amount and the net interest outgo. However before adding that extra amount to your principal make sure your contractual agreement with the finance company doesn’t read penalties for prepayment.

How about refinancing to a shorter-term loan?

If you find your income means increasing, you can always ask the bank to refinance the mortgage to a shorter-term loan. The payments will certainly be higher, but since the interest rates will also be low, you won’t experience much of a dent in your income. A long-term loan, although having low interest rates, will end up making you a lot poorer than you think. If you are not sure about the effect of a shorter-term mortgage and do not want to take the risk, take out a long-term loan, say 30-years but make payments as if it was a 10-year loan.

Plan the prepayment in advance: You will have to make amendments in your lifestyle for few years in order to keep aside additional money. However, these are small sacrifices that you would make in favor of a better future.  

What are the perils of prepayment?

There is a huge risk of running your life berserk in a bid to prepay. People who practice prepayment of loans often have to put a brake on their retirement savings. Sometimes the mortgage is accompanied with a fixed percentage prepayment penalty. Besides, you won’t be able to enjoy the tax breaks that accompany a home loan.  Owing to the huge monetary deficit that a prepayment creates, people become woefully under-saved for emergencies and retirement days. The extra money that one pays for prepayment could have been used to make more money or would have been a comfort for one’s retirement days. Prepayment seriously compromises your financial security and until or unless you have at least six to 12 months of emergency savings, there is no wisdom in going for it. Also, you can look at the interest trends and make the decision of either investing at higher rates and paying low rates on your mortgage.

 

An engineer by qualification, but destined to be a writer, Saurabh Tyagi has spent last four years of his life closely observing and working within the real estate industry. His written works on topics like real estate in Varanasi, home buying and selling have been published on leading online blogs.

Getting The Best Deals On A Home Loan

A home is certainly one of the most important and valuable assets that anyone possesses. When you decide to buy a home, it can be one of the greatest expenditures. In order to purchase the mortgage, homeowners have to pay points and interests for the life of the loan. This is often said to exceed the sale price of the home. This is the reason when you buy a home, it is important for you to remember to find the best deal on the mortgage. This is definitely not an easy task, and you will have to make lots of efforts in order to get the best deals. You will have to shop smartly for getting the best deals on mortgage, and ensure that you have a good credit score.

Checking Out The Interest Rates:

The interest rates on home loans vary from one time to another. Therefore, you should carefully check out the interest rates charged by different lenders. You should also wait for the interest rates to slightly drop down. You need to know that interest rates fluctuate greatly. In such a situation, you should select the rate that is neither too high nor low. This will definitely take some time and research, but you will ultimately be successful.

wonderful home
wonderful home

Concentrating On Your Credit:

There is another important thing that you need to know for getting the best deal on home loan. Always concentrate on improving your credit. There are of course several ways of improving your credit, but one of the best ways is by paying your bills on time. Do not forget that any kind of delinquency will lead to a low credit score. Better the score better will be the deal. You need to focus on the improvement from an early stage so that by the time you apply for the home loan, you get a good deal with a good credit rating.

Avoid Making Large Purchases:

Following the application of a mortgage loan, there will be numerous enquiries. Therefore, you should avoid making large purchases few months before applying for the loan. This will keep you free from debts, and there will be no hassle in getting the loans with poor credit sanctioned. Apart from that, the chances of getting a good deal will also increase. If you have any debts, the loan underwriter will ask you whether you will be able to clear off your payments. You might also have to face lots of unexpected questions that might give you lots of trouble.

Maximum Down Payment:

The down payment that you make is very important. It determines the amount of interest you will be charged for the loan amount. Therefore, you should try to save maximum money for the down payment. The chances of getting a good deal will increase if the loan amount is less, and your credit score is good. You will have more equity due to which the loan will be of low risk for the lender. Consequently, you will be rewarded with a low rate of interest. You can definitely enjoy your new home.

Low Doc Loans – What You Need to Know

Certainly we all dream of having our own home and do our best to get there. However, for some, the road is not all roses, but a few thorns as well. While for some, it is easy to secure a home loan, other people tread this road differently.  If you are self-employed and thus unable to produce relevant documentation for normal loans, then low doc loan is the solution for you. This type of the loan doesn’t require you to produce tax information or prove of constant income for you to get the loan. All you need is to apply for the loan, and certify that you are going to afford to repay the money. Once you have done that, your loan will be assessed and released within a short period of time.

Who is Eligible For Low Doc Loan?

Self-Employed People – low doc loans are appropriate for self-employed people that cannot be able to prove the uniformity of their income. This is because conventional loans require one to prove that he earns a certain amount of money. Through that information, the candidate is then deemed eligible for loan processing. This locks out self-employed people because their income depends much on the market forces. Low doc loan though solves this problem as it allows this group of people to apply for the loan without many documents.

home mortgage loan
home mortgage loan

Small Businesses – small businesses may also get it hard to be approved for a loan in conventional lending institutions. This is because the lending institutions require information such as tax which small businesses may not have. Low doc loans therefore help the people running these enterprises to get loans to expand their businesses without any problem. With this loan, they don’t have to sign many documents, but rather certify that they are able to repay.

Conditions Necessary for Low Doc Loan Approval

Even though low doc loan doesn’t require you fulfill many conditions, there are some conditions you need to meet. These conditions are necessary so as to ensure that investment made towards your projects will not backfire on the lending institutions. In most cases though, you are likely to meet these conditions. They include:

· Prove that you are Self-Employed – the lending institutions would like to know whether you are really self-employed or not. You will need therefore to produce ABN to show that you are self-employed. This condition helps the lending institution to determine whether you are eligible for the loan or not.

· Good repayment history – if you have borrowed a loan before, it is good to have a good loan repayment history. This portrays you as a candidate that can be trusted to repay the money borrowed. Poor repayment history though doesn’t disqualify you from getting the loan, but rather it reduces your chances of being approved for the loan.

· Certify Your Income – although you may not do it in writing, it is important to prove that you have got constant income. This is because it is through your income that you are going to repay the loan from. So as to enhance your chances of being approved for the loan therefore, you need to self-certify your income status.

Uses of Low Doc Loan

· Business Reinvestment – low doc loan is very appropriate when you need money to reinvest or expand your business. This is the case more so when you don’t have enough money to buy stock or business tools to make your expansion a success.

· Share Buying or property investments– low doc loans also can be very appropriate when investing in long-term investments such as shares and real estate. This is the case more so when your business or work cannot raise the required amount of cash to purchase properties or shares in the market at the moment.

· Home Improvement – you can also take this type of the loan to finish your home or refurbish it further. This is because your small business may not offer a large amount of cash needed to finish a house.

The Lending Rate of the Low Doc Loan

In the past, the lending rate of the low doc loan was much higher than conventional loans. This though has since changed, and the lending rates of the low doc loans are as same as the standard loans. This means that the person applying for standard loans and the one who is applying for the low doc loans, both of them will end up paying the same amount. The advantage is that self-employed and small businesses have a chance to get approved for the loan, something that is exactly opposite when it comes to conventional loans.

In general, low doc loan is helpful to people that are not able to prove their consistency of their income and tax report. That is why it favors the people who are self-employed and those running small businesses which usually either reinvest money into their business, or don’t have money to expand their businesses. The lending rate is almost the same as the standard loans, but its requirements are fewer. If therefore you are self-employed or you run a small business, this is the loan for you.

Bio:

As Lana Wilde believes sharing information can help others, here she writes about how loans are obtainable even for people with low documentation with Freedom Loans.

Different Kind of Home Financing

Home Financing

Many homeowners have realized that if they want to live up their life without worry about their financial situation, they should choose for home financing. Applying for mortgages to remodel your house is going to increase the value of your house. And just a matter a time, you will be shocking your neighbors with your brand new looking house.

If you are never getting any financial matter for yourself before, you should check out these home financing basics of which have been known by most of Americans.

The Types Of Home Financing

Typically, a loan getting for home financing can be categorized into two categories: secured and unsecured. For unsecured loan, it will has a fixed interest rate and time frame for the payment. Whereas for the secured loan, it does has the similar feature as unsecured loan but with the difference that if you can afford to pay back the loan within the fixed time frame, the mortgage lender has the right to seize your home and sell it off so that they can raise funds for settling the loan.

With carrying out the projects of renovating and home improvements, the home itself normally will be used as the security equity for getting the mortgage. You will find a different document for pledging your property. It is actually known as a deed of trust or mortgage. Are you aware that you could pledge exactly the same asset for more than one loan? In this instance, the loans are unambiguously rated in priority. This points out all the fuss regarding first and second mortgages.

Why do people want to apply for secured loans?

1)To reduce taxes
2)To get a lower interest rate
3)To borrow for maximum amount in home financing

Loan Qualifications

The initial step should be for you to negotiate with your mortgage lenders regarding on the options you have. You should know that it’s a tendency of the mortgage lenders to concentrate on their options. Therefore, it’s a wise decision to start with an established mortgage company, as the company will very likely to provide you with a range of loans and ncessary information. Apart from this, your mortgage company may possibly pre-qualify you for more than one loan since they tend to be well-versed with the rules of lending. For this reason, it’s better to go for established mortgage company.

You should keep in mind that home financing mortgage lenders are always interested in your home value, debts, income and also credit record.

What Are “Points”?

You will discovered that a lot of loans come with something known as points. They are actually nothing but just a fee impose on you for getting the loan. If you still confuse about points, they are actually denoted as the percentage for the amount that you borrow. Easy calculation will be: one point equal to one percent. Lenders like to use points since points can help them to pay for any expenses incurred during the time of arranging the loan and they may make a little profit on it as well.

Different Kinds Of Interest Rates

For a fixed rate loan, its rate of interest will remains unchanged throughout the whole loan period. You can find loans that the rate of interest can be rise or drop by following market rate, for example is the prime rate. And for the adjustable rate is can be 2% points more compare to the current prime rate.

Choosing Your Mortgage Lender

You are able to find 3 different sources to apply for home financing. They are banks, mortgage brokers and specialized lenders.

For banks, they work in case you’ve a good connection with the mortgage lender and the lender may agrees to offer you a wide variety options for your home financing.

Mortgage Brokers For Your Home Financing

Mortgage brokers are generally connected with local as well as national banks, specialized mortgage lenders, insurance companies, and even the wealthy entrepreneurs. Their assorted connections is always their specialty and best selling point. If choosing them, you are able to get a wide range of home financing options.

Specialized lenders are experts in an individual or a a small number of mortgage loan types. Their particular area of expertise is their profound knowledge regarding the loans they deal with. They are really professional enough to provide you home financing with incredibly competitive interest rates.

For that reason, you should getting yourself ready to change your house to become a dream home through home financing.

Home Improvements with a Secured Homeowner Loan

Are you thinking about making some changes to your home? From internal repairs or improvements to major extension work, getting such work done can be time consuming and very expensive. You need to have enough cash available to make all the necessary home improvements. This is where UK homeowner loans can help you out. These secured loans can turn your ideas into reality.

A secured loan will usually use the property you own or another valuable asset as collateral. This is mainly to protect the lender from risk, but also lets you borrow much larger amount of money when compared to a typical unsecured loan. There are also sometimes referred to as a home equity loan.

homeowner loan
homeowner loan

The other advantage is that you can get the loan at a lower interest rate than normal. The total value of the collateral and amount to be borrowed will also affect what the final rates of interest will be. The only downside of a loan that requires collateral is that it is even more important to keep up with the repayments. Failure to do so can in some cases result in losing your property or whatever asset you used to cover the loan.

APR or Annual Percentage Rate will give an indication of how much the secured loan will ultimately cost. You will want to negotiate for a low APR to get the best loan deal. Make sure to shop around and compare the different loan terms available. Though, you should know that your credit score will be one of the biggest factors affecting the final rates that you will get.

Those with a good credit history certainly have an advantage. If you have a poor credit rating you can in fact still be eligible for a loan. Sure the APR will be a bit higher, but you can still apply and successfully receive the loan you request by making the most of bad credit secured loans. The security offered reduces the risk on the lender, making them much more likely to lend to you.

The amount you can borrow should also be carefully considered. The total sum you will get will depend on a number of variables. These include such things as your past credit history, value of property or asset and the lenders terms and conditions.

There are plenty of sources for getting a secured loan. Other than banks and building societies, there are specialised online lenders. These specialists are a good place to approach for getting cheap home loans. The application process is easy to complete, and it all starts with a super short online form.

A secured homeowner loan can be used to borrow as little as £10,000 for a small home improvement project. Though, the total amount can be scaled up to £100,000 or even more if required. This means it doesn’t matter how small or big your home improvement project will be, this type of loan can be the perfect answer to cover all expenses.

Achieving Your Dreams With Embrace Home Loans Service

Do you know that from research and record, embrace home loans service has helped hundreds of thousands of people? Working earnestly with this service platform will enable you to achieve your financial objectives. Even if your financial status is buoyant or not, you can still grow along with this service as required. Though, this service platform may sound old fashioned, but will still deliver to your desk success and great achievement. Do you know that the road to success is narrow when using embrace home loan service? Based on the customer service approach, embrace home loan platform has recorded several achievements in helping clients reach their financial goals. You can always experience solace while using this service. For this reason, embrace home loan operation is counted as one of the fastest growing systems in record. Will you be left behind? Won’t you join the chorus of successful people dealing with embrace service operation?

bank
bank

Based on the customer approach of this platform, they have been recorded the fastest growing mortgage lenders of the nation. What more can be said of embrace service operation if not success. You can make your financial dream come through with this service accordingly.

Buying A Home Through Embrace Service
In whatever level you operate in, buying a home can be a wonderful experience. Even if you are buying a home for investment or for pleasure, it can be great using embrace home loans service. In case you are trying to buy a home as a novice, the process may look difficult. Using the service of embrace platform can help you get from the pre-qualified stage to the closing end. This is really a wonderful experience. Many people think they can venture into this act by themselves even when they act as novice. To help you secure your funds and work in the right direction, using the service of embrace home loan mortgage system will definitely be the best option. You will be guided on a step-by-step basis until success is attained. Can you see that this service platform is worth the cost? With embrace home loan service, the whole process of buying a home will be easier and appealing. Remember that with this service platform, there is maximum guarantee for all clients, time and again. It will surely be a positive experience for you while using the named service operation.

Refinance Your Home With Embrace Service
Though, refinancing has been a common step taken by homeowners to continue their formal mortgage loan system. It is basically replacing old mortgage loan for new ones. There are several reasons for carrying out this act. This can be found in the likes of payment term being long, needing cash urgently, consolidating debt, high mortgage payment system just to mention a few. In whatever form you are experiencing refinancing, embrace system can work well for you. You can have the self-confidence of going further with embrace service through a refinancing mortgage program. Embrace home loans service is truly the best in mortgage system operation.

Don’t Let Being Self-Employed Get In The Way Of Your Home Loan

The odds seem to be stacked against small business owners and self-employed entrepreneurs. It’s been found that small business owners and those who are self-employed, including freelancers and contract workers, struggle to get business loans. To add insult to injury, it appears that they also struggle to get home loans. This is according to ooba, a South African-based home financial services specialist.

 

The leap

The decision to buy a home is usually the result of debate, research, desire, and, in some cases, necessity. However the decision is reached, it takes a lot of courage to approach a bank or credit provider and actually ask for a home loan.

home for sale
home for sale

Picture this: You’ve been a successful freelancer for five years. You’ve never missed a car payment or an instalment on your credit card, you pay your bills on time, and you keep all of your receipts so that you’re never in trouble with the tax man. In short, you are a model financial citizen; the epitome of economic responsibility. Your partner, who runs his own business, is equally successful. You’re more than financially sound enough to afford a modest home, which is all you want.

You walk into the bank brimming with confidence and leave with your eyes brimming with tears.

What on Earth went wrong?

According to representatives from ooba and First National Bank’s home loans department, self-employed people are not only subjected to greater scrutiny than those who work a regular nine-to-five job, but they are also assessed differently.

Quite simply, they are deemed high-risk and so credit providers need more evidence of their ability to repay a mortgage.

One of the problems, according a home loans expert from Standard Bank South Africa, is that freelancers don’t have a regularly regular income. They might consistently earn over 20k per month, but creditors still get nervous when the amount fluctuates too much (between 20k and 35k, for instance).

Some contract workers are even worse off because their income might be based on seasonable demand. They could make money hand over fist for six months of the year, consistently accumulating more than enough to see them through the other six months (while saving up for a sizeable deposit), and still not impress home loan providers.

You don’t have to join the rat race

All you have to do is take a look around you to see the hordes of self-employed, small business owners living the good life in homes of their own to see that it’s not impossible to get a bond. It’s also not necessary to earn the kind of money that should, technically, negate the need for a mortgage. Here are some tips to help you convince your bank that you’re not as flaky and high-risk as they might think:

  • Keep your business finances separate from your personal finances, and keep them both in good order.
  • Consider opening a transactional account. You won’t get any interest but it’s a great way to show that you have a regular stream of money flowing in and out (more in than out), which you manage responsibly.
  • Steven Barker (Standard Bank South Africa) says that you’ll do yourself an enormous favour if you can provide creditors with proof of future contracts.
  • The standard advice regarding deposits applies – the bigger the deposit, the lower the risk for the bank, and the more likely you are to walk away smiling.
  • Yvonne Keane-Viljoen (ooba), says that comparative financial records (for at least two years), will stand you in good stead.
  • You can’t go wrong with a favourable letter from your auditor, which is possibly the only time you’ll really value her.

It sounds like an awful lot of effort, but don’t let it put you off so much that you rush off to arrange a meeting with your landlord so you can sign a 15-year lease. Your accountant or financial advisor (or auditor) can help you with most of the paperwork. And then there are bond originators, who specialise in helping people get home loans, whether they’re self-employed or not.

The bottom line: with the right preparation – and immaculate paperwork – you can get a home loan.

Jemima Winslow writes for a home finance company that helps first-time home buyers apply for home loans by walking them through the loan application process.