Search For a property

randburgclusters.co.za - homes2view.co.za - actsgroup

Buying Advice

3 Reasons to use ACTs Group as your agent

For a first time home buyer, the process can get quite overwhelming, so understanding the process will help you make the right decisions when it comes to signing documents and purchasing the home of your dreams.

A very important step to follow is to avoid pre payment penalties at all costs. What this means, is that if you buy the home then later want to sell it before the balance of your mortgage is due, you'll have to pay a penalty. You can find a variety of great loans that don't include these types of penalties.

Another very important thing to know is that you should be on the lookout for a good ARM (adjustable rate mortgage). If you have a good ARM, your interest rate and monthly payment will adjust at the exact same time. This will make sure that your interest doesn't affect your monthly payment. If your interest rate does affect your payment, you will notice the unpaid interest reflecting the overall amount of your loan balance.

To be taken seriously, get pre approved for your house. This can give you an edge and you will be able to negotiate pricing etc. It is also a handy tool when there are more than one buyer interested in the same house. It is also good to be pre approved, because if you are not, there is no use in spending time and energy into trying to get a good interest rate or price.

It can be very tempting to buy a house that you cannot really afford. Real estate agents often help buyers to the wrong side of the track because the more expensive the home, the bigger their commission. So speak to your banker and make sure exactly what you can afford and stick to it, no matter how much you want the bigger or better home.

Make sure you inspect the house thoroughly and get professionals to check for plumbing, electrical and construction work. If you are a first-time buyer, chances are you don't have the necessary knowledge or expertise to do this on your own, and make sure your real estate agent is willing to help you with the inspection. If he/she is not keen on the idea, get another agent; chances are they don't want you to know of all the problems and faults of the house.


Maximum Home Loan Calculator

Gross Monthly Income (Rand)
Interest Rate (% per annum)
Repayment Term (# months)
   

Monthly Instalment
Maximum Home Loan Amount (Rand)
The Maximum Home Loan Amount indicated may vary according to your personal financial situation.
HOW TO USE THE CALCULATOR  
Key in you monthly gross income (single or joint). Key in the home loan interest rate you qualify for. Key in the number of months that you would like to repay your bond (this may vary between 20, 25 and 30 years e.g. 20 years = 240 months). Click on the ‘Calculate’ button.
WHAT WILL THIS CALCULATE  
Calculates the maximum home loan that you can afford and what the monthly repayment will be.
DISCLAIMER  
While every effort has been made to ensure accuracy, no responsibility can be accepted for errors or omissions however caused. No responsibility for any loss occasioned to any person acting or refraining from action as a result of material in this programme is accepted by ACTs Group.