For many South Africans, property investment is a big step, and qualification for a home loan to purchase an investment property is a significant milestone. It can feel scary when you don’t know where to start. IGrow Home Loans simplifies this process for you. They are an award-winning bond origination company with the tools and expertise to secure a favourable home loan qualification.
We cover 5 Steps to Help Your Home Loan Qualification
- Understand Your Credit Score and Credit Profile
- Use a Home Loan Qualification Calculator
- Assess Your Affordability Level
- Obtain an IGrow Home Loans Pre-qualification Letter for Your Home Loan
- Utilise the Guidance from IGrow Home Loans Bond Originators
1. Understand Your Credit Score and Credit Profile
The first step on the pathway to home loan qualification and approval is to review your credit profile. Banks and financial lenders place a huge weighting on your credit score when deciding if you qualify for a home loan.
Checking your credit score before applying for a home loan is important to avoid disappointment and so you can take steps to improve your credit score, if need be. Read more about improving your credit score and handy credit score apps. Please remember that if you are black listed or under debt review, you will not be eligible for a home loan.
2. Use a Home Loan Qualification Calculator
Our home loan qualification calculator helps you easily determine your affordability status by inputting relevant figures of the property you want to purchase.
This tool estimates your home loan amount. It is based on your income, life expenses, and any debt you may have. Our 4 unique IGrow Home Loan calculators aim to give you realistic estimations of specific property purchase expesnes you need to work with for your home loan application. These calculators save time and give you a realistic, bigger picture of what you can afford.
3. Assess Your Affordability Level
If you are pondering how you can qualify for a home loan, your affordability level is critical. If you decrease your debt, avoid outstanding credit and maintain a secure income, your affordability level will improve.
Showing that you have enough disposable income after paying your monthly expenses will improve your chances of home loan qualification. Our bond origination team will help you pinpoint areas in which you can improve, so that your affordability profile improves. You can also look at the difference in affordability of a 20 vs a 30 year home loan term.
4. Obtain an IGrow Home Loans Pre-qualification Letter for Your Home Loan
“Obtaining a pre-qualification letter for your home loan is a very good idea as a home loan applicant. Banks regard these pre-qualification letters highly and hold them in high esteem. They indicate that you are a serious buyer with a confirmed affordability level.” – IGrow Home Loans
IGrow Home Loans will do checks and issue a pre-qualification letter to improve your chances of home loan approval.
5. Utilise the Guidance from IGrow Home Loans Bond Originators
When you are working out how to qualify for a home loan, it is crucial to have the right guidance. IGrow Home Loans work with major South African banks to secure the best possible interest rate for your home loan.
We do all the admin and negotiation and submit your home loan application to multiple banks simultaneously for greater chances of home loan approval and a better rate. We will negotiate competitive rates and secure the ideal loan term (20 or 30 years) for your property investment strategy.
Conclusion
Getting your home loan approved can prove rather tricky if you walk this path alone. With IGrow Home Loans as your partner, you are on the road to success.
At IGrow, we aim to make property investing and buy-to-let home ownership an achievable goal. We ensure the application process is hassle-free and seamless.
Take the next step towards financial freedom and securing your home loan today.
Speak to an IGrow Home Loans bond originator, and let’s get the ball rolling through these 5 handy steps to home loan qualification and approval.
