Posted by: | 2014/10/30 06:44
Is there a way I can determine my monthly payments and compare the interest rate for the bond before I put in an offer? What is a 'normal' interest rate?
I obviously need to know first what I can afford and what is required from me to get a bond and purchase a home.
I heard that I need life insurance if I buy a property- is this true and what else do I need to know?
Posted by: Bradd Bendall | 2014/10/30 08:12
Buying a property is an exciting experience and can also be a bit daunting, especially if you are a first time buyer. I would highly recommend that you get prequalified by ooba as a first step. This service is free and it clarifies the bond amount you qualify for. One of our home finance experts will also be able to answer any questions you have and assist you with your bond application. To get prequalified contact ooba on http://www.ooba.co.za/apply-home-loan/prequalify
The prime interest rate at the moment is 9.25%. It is worth noting though that the interest rate at which your bond may be granted is dependant on a number of factors so a prime rate is not a guarantee.
Regarding life cover for your bond, this is highly recommended as it protects your family from the burden of home loan debt in the unfotunate event of your death. ooba also offers comprehensive, tailor-made insurance solutions for our clients so to find out more, follow this link http://www.ooba.co.za/insurance
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