South Africa mortgage loan solutions
There are many factors that can cause South African property owners to fall into debt.
- Mortgage bond debt
- high interest rates
- and low wages are all factors that can cause South African property owners to fall into debt.
- Property values in South Africa fluctuate due to inflation and interest rates which can cause property owners to fall into debt.
- Lack of property knowledge
- The inability to manage property costs
- divorce
- and death in the family
are all factors that can cause South African property owners to fall into debt.
Connect with us for South African Mortgage Debt Solutions!
Property values in South Africa
One of the contributing factors for this high rates of property owners falling into debt in South Africa is because a lot of peoples lack of knowledge about their finances and property ownership. The majority of the population has a low level of education and this contributes to them being unable to manage their financial obligations. For example, people who have little knowledge about personal finance might be vulnerable to buying more Mortgage Bond Debts than they can afford because they don’t know how mortgages work. Because these people lack an understanding of personal finances, Mortgage Bond Debt becomes a problem when interest rates go up and Mortgage Bond Rates go up with it. They also have problems paying their Mortgage Bond Fees because they don’t understand how Mortgage Bond and Mortgage Bond Debts work.
Mortgage bonds
Allow you to borrow money from a bank or other institution for a fixed term at an agreed rate of interest.
Bond debts
Occur when you take out a loan with another person or company with no set time limit – this is often done by small business owners who need quick access to capital.
In South Africa, it’s not uncommon for individuals with mortgage or bond debt to be unable to make their monthly payments on time because they have already been struggling financially due to low wages and high living expenses.
Mortgage and bond debt can cause financial hardship
Mortgage and bond debt is a growing issue in South Africa
Mortgage and Bond Debt – The National Credit Regulator has warned home owners to take steps before they find themselves unable to make their monthly payments on time because of deteriorating credit records. Mortgage bonds are available for any type of property, whether it’s an apartment or stand-alone house .
Mortgage Bonds: Mortgage loans can be granted by either private lenders or financial institutions like banks, depending upon the purpose of the loan which includes buying houses , cars etc., as well as short term borrowing needs such as education fees , medical expenses etc. Banks would offer lower interest rates than private companies but higher than government bodies .
Bank Loans vs Private Loan?
If you need money fast then you might opt for a private loan which is quick and easy to get but the interest rates are higher than what you would pay if you went with a bank. Mortgage Bonds: Mortgage loans can be granted by either private lenders or financial institutions like banks, depending upon the purpose of the loan which includes buying houses , cars etc., as well as short term borrowing needs such as education fees , medical expenses etc. Banks would offer lower interest rates than private companies but higher than government bodies .
Mortgage bonds allow for home owners to borrow money from a third party lender at an agreed rate of interest over a fixed period – this means that your credit record will remain clean because even though you’ve borrowed money there’s no outstanding debt on any accounts . When considering getting some extra money to help pay off your mortgage or bond debt, consider whether a home loan refinancing is the right option for you!
One of the reasons South African homeowners fall into mortgage debt is because they are unable to make their monthly Mortgage/Bond payments on time. Mortgage Bonds allow for you to borrow money at an agreed rate of interest over a fixed period – this helps to keep your credit record clean because even though you’ve borrowed money, there’s no outstanding debt on any accounts. Homeowners should be careful not to fall deeper into debt because of Mortgage/Bond Loans.
Mortgage Bond loans are not actually good for debt. Mortgage Bond loans are only available to individuals who own property, which means that if you don’t have any assets Mortgage Bonds will be difficult for you to access. Mortgage Bond Loans also come with very high interest rates. Mortgage debt is already at pandemic levels in South Africa and Mortgage Bonds will only make it worse.
If you have a property or real estate assets and want to unlock equity Real Estate Assist has many solutions and opportunities to help you.
Rather than accumulating more debt and getting into a debt cycle and deeper into debt with a feeling of no way out, Real Estate Assist has much better options and debt solutions for you to buy you some time to pay your debts take care of and consolidate your loans and stop all legal actions, repossessions and auctions.
Contact us before defaulting on your mortgage loans or as soon as you realise you are getting into more and more debt, because the sooner you have your Free consultation with us the the sooner we can find your personal debt solution and help you on the debt free journey programs available!
The first step that homeowners should take to become financially responsible is to research their options for home loans, Including alternative Mortgage loan solutions like Real Estate Assist.
Mortgage loans are available from private lenders or banks.
Mortgage bonds are also an option, but it’s important to know whether they are public or private.
Mortgage Bond loans are not good for debt because of the high interest rates and Mortgage Bonds will only make your debt worse. Homeowners should speak to a financial advisor before getting Mortgage/Bond Loans because there are many different solutions available to help them become financially responsible.
The Mortgage Debt in South Africa is at Pandemic Levels.
When someone dies, their debt situation can worsen because the person’s estate will owe money to many different people and institutions. If the deceased didn’t have enough money to pay off their debts, then creditors can take control of their estate. The creditors may require that an “estate sale” take place in order to raise money for the unpaid debts. If you find yourself in this situation Real Estate Assist is here to assist you!
Real Estate Assist is a company that has been operating for over 10 years. Their goal is to provide people with assistance when it comes to debt, equity and property advice and assistance. One of the solutions they offer is the Mortgage Debt Solution, which provides you with a plan so you can be out of debt as soon as possible. If this seems like something you might be interested in, contact one of their representatives today!
