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.
Tag - Mortgage
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?
Make sure you understand how your access bond works.
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.
There is a growing trend in South Africa towards home loan pre-qualification, with both buyers and sellers putting more value now on financial preparedness.
If you can't afford to buy a home on your own, you can apply for a joint home loan, but be aware of some of the issues that could arise.
There is no doubt that 2016 is going to be tough on households financially as price increases across the board push up our day-to-day living expenses.
With interest rates rising and the economy slowing, is now the time to make the biggest investment of your life?
The pros and cons of keeping a home loan facility open once it's been paid off.
A reader wonders whether there's any benefit to splitting his monthly mortgage repayment into two payments.