Learn how you can pay your house off as quickly as your car, and why we fall for investment scams.
Category - Property
Buying a house is a lot more expensive than just being able to afford the monthly repayment and having a 10% deposit. These are some of the costs you need to consider.
The first few years of paying off your home loan can be a very disheartening experience. Despite paying in large amounts, the outstanding balance hardly seems to budge.
A 23-year-old wants to do the right thing with her money and not end up a casualty of ‘bad debt’.
Even a 0.25% reduction in your mortgage rate could save you tens of thousands of rands, but how open is your bank to the discussion?
Buying a property off plan is often perceived as a smart option for people looking for a good deal.
Although the process of securing building finance differs slightly from a traditional home loan, it is still governed by the National Credit Act and the same banking policies and lending criteria still apply.
Make sure you understand how your access bond works.
A lack of retirement savings has seen a significant demand from pensioners to use their homes to access capital, especially for medical costs.
If you have a R1m home loan, payable over 20 years at the current prime interest rate of 10%, you are set to pay more than R1,3m in interest by the time you’ve paid off that bond and the home is finally yours.
Your joint mortgage may form part of your partner’s debt review without your consent.
Many consumers who are eager to finalise the house-buying process often rush into taking out and ceding life insurance without first doing their homework.