Homeownership and Mortgage options in South Africa in 2023
What you will learn in this Blog:
South Africa has a number of mortgage options available to the average homebuyer. Some are more secure than others, but all have their own benefits and drawbacks. If you’re looking for something specific in your search for a mortgage, then this blog post will be helpful! We’ll discuss the pros and cons of each kind of loan so that you can find what works best for your needs.
Homeownership in South Africa
Homeownership is integral to the ‘American Dream’ – especially when it comes to owning one’s own home. And while many people assume that they need 20% down on a house, there are other ways to purchase property as well – like getting an FHA-backed loan or using credit cards with low-interest rates (though these come with their own pitfalls).
- Payment mortgage
- Interest-only Mortgage
- Zero Down Payment Mortgages
- FHA insured loan
- Low-interest credit cards
- Short Term Mortgage
- Balloon Mortgages
The Payment Mortgage South Africa
The Payment mortgage is a version of the repayment mortgage where you just have to pay for your property in regular installments or monthly payments at a fixed interest rate until it’s completely paid off. The Interest only mortgages require you to just pay the interest on the loan every month and not touch the principal amount. The Zero down payment mortgages are more recent phenomena where you don’t have to pay anything upfront and then it’s added to your mortgage, which often comes with a higher interest rate.
FHA-insured loan South Africa
An FHA-insured loan is an option for people who can only put down around three percent of the total cost of the home. It usually has a lower interest rate than most other types of loans and helps people get into homes they might not have been able to afford before – as long as they meet certain criteria like having a steady income and being below a certain debt-to-income ratio.
Then there are interest credit cards that allow homeowners to borrow against the equity of their home to get a low-interest rate. This can be helpful for people who want to renovate or make repairs on their house but need some extra cash. Contact Real Estate Assist if you want some more help and advice concerning the above mentioned
Balloon Mortgages South Africa
Lastly, there are balloon mortgages which are short-term loans that usually last for about five years, and then the remaining balance is due in full. They have a lower interest rate than most other types of mortgages, but they’re also riskier since you could end up owing more money than what your property is worth if the housing market crashes during that time period.
Distressed Property and Homeowners South Africa
Real Estate Assist is a company that helps people in South Africa who are struggling with their mortgage payments. If you’re behind on your payments, have been foreclosed on, or are in the process of foreclosure or repossession, then Real Estate Assist can help you get back on your feet. They offer a number of services, like loan modification, short sale negotiation, and deed-in-lieu assistance.
Foreclosure counseling
They also provide a number of resources to their clients, like foreclosure counseling and education. And if you’re feeling overwhelmed by the process, they have a team of experts who can help guide you through it every step of the way. So if you’re struggling with your mortgage, don’t hesitate to give Real Estate Assist a call!
Whichever mortgage option you choose, it’s important to do your research first so that you know exactly what you’re getting into! There are pros and cons to each one, so make sure you’re aware of them before signing any paperwork.
Debt Review in South Africa
Debt review is a process where you work with your creditors to create a repayment plan that you can afford.
Debt Administration in South Africa
Debt administration is when a company takes over your debt and tries to pay it off for you. Real Estate Assist in South Africa is more like a Debt administration than a debt review firm. South Africa’s best debt review alternative produces lasting results. Mortgage debt solutions in South Africa are very few and Real Estate Assist has a proven track record for helping homeowners in distress.
Can’t get financing from the bank?
If you can’t get financing from the bank but have a mortgage bond on your name, your options are limited. You can either try to negotiate a new payment plan with the bank, or you can contact a company like Real Estate Assist who can help you get out of debt. Real Estate Assist is a debt relief company that has helped countless homeowners in South Africa get out of debt.
Deed-in-lieu assistance
They offer a number of services, like short sale negotiation, and deed-in-lieu assistance, and definitely is the best debt review alternative in South Africa. They also provide resources to their clients, like foreclosure counseling and education, and repossession rehabilitation. So if you’re struggling with your mortgage, don’t hesitate to contact Real Estate Assist today!
Repayment mortgage
The Payment mortgage is a version of the repayment mortgage where you just have to pay for your property in regular installments or monthly payments at a fixed interest rate until it’s completely paid off. The Interest only mortgages require you to just pay the interest on the loan every month and not touch the principal amount. The Zero down payment mortgages are a more recent phenomenon where
