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Losing Your Home at a Sherrif Auction:(sub-topic: The Horrors of Building Your own home)
Life Lessons from a True Story.
If you have fallen behind on your Homeloan, know someone who has, or own Property financed through a Bank, this #Thread is for you.
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Buying a House wiithout a Homeloan/ Bond from the Bank.
There are various creative ways to purchase property in South Africa, today we shall cover what is termed:
- An Installment Sale -
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Do you won an investment Property or thinking of buying one?
You've heard that property should be paid off in 6 years,
In this #Thread we cover reasons NOT to pay off your investment property and the importance of a home loan for investment properties
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@n2a2o_jay Should you pay cash for investment properties/should you strive to pay off investment property mortgages early?
Welcome to our Youtube Channels first offering: Savoir Faire Saturdays, a series of 5-minute videos exploring current property market conditions.
Youtube: https://t.co/IofTOavrl5
Instagram: https://t.co/p5rATvtEId
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This limits your Opportunity costs, think about it, fixing at the lowest interest at an extra 2.5%, only to have to relinquish that ‘fixed’ interest 5 years later, was the savings worth it?
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At the end of this period, you’ll either revert to your originally quoted variable rate or have to renegotiate with your bank for a new fixed-rate offer.
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Lastly, the outstanding interest up until the day of the settlement will be estimated and added on your settlement figure
e.g process takes 2 months, then the bank calculates your interest payable in the period, then adds to your quoted settlement figure
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You need to give your bank three months’ notice, else you will be liable for early termination of contract costs, which are 3 times your monthly repayment.
E.g. if you pay R5000 p/m you will pay R15 000 in these costs.
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Home loan refinancing
Getting a new home loan to replace the original is called home loan refinancing. Refinancing is done to allow a borrower to obtain a better interest term and rate. The first loan is paid off, allowing the second loan to be created.
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Option 2:
Refinance based on the last ten years data, with highest REPO rate of 7% and the lowest point of 3.75% we are currently experiencing
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What are your options?
Option 1:
Be strong and see this through, keeping in mind that interest rates will go up, as seen in the 2008 REPO rate high of 12% or further back, the highest REPO rate of 23.99% in the year 1998.
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Home loans can have multiple interest-rate options, including one that combines a fixed rate for some portion of the term and an adjustable-rate for the balance. These are referred to as “hybrids” (remember this)
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Fixed interest rate:
A fixed interest rate is an unchanging rate charged on a liability, such as a car loan or home loan. It might apply during the entire term of the loan or for just part of the term, but it remains the same throughout a set period.
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Fixed or Variable Interest Rates?
Which one should I use for buying my property now?
Switch on your notifications ladies and gents ,#propertytipswithnthato Thread is on it’s way...
For all your property needs: Buying/Selling/Renting
Work with a property professional who has your best interests at heart.
Mail: [email protected]
Whatsapp: 0815644 811
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With latent defects, it gets tricky, first let the agent know and they speak to the seller, sometimes they do agree to fix them, even after registration. If they refuse, however, then you will definitely need to go the legal route.
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• The seller may counter your offer with a lower amount for the property if they cannot afford to fix them.
• Reject your offer! But at least you have dodged a bullet.
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As a buyer, after you receive the property report, state the items you want to be fixed, in the OTP, as conditions of sale. This will result in one of the following:
• The seller will be liable to fix the defects before the transfer of the property
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Unfortunately, this cost is mostly paid by the buyer, as it is in their best interests. Remember that the seller is only held liable for defects they intentionally concealed, so, the lesser you know as a seller, the better, well…legally speaking!
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