#Thread Getting the best interest rates for your home loan.
The bank has a secret list of things to determine your interest rate. The more information you give the bank, the lower could your interest rate potentially be!
The bank has a secret list of things to determine your interest rate. The more information you give the bank, the lower could your interest rate potentially be!
They also check your credit score - if you're able to repay money to your mashonisas (the banks)
frugallocal.co.za/2019/12/30/1-b…
frugallocal.co.za/2019/12/30/1-b…
They also consider your age, relationship status and how much coffee you drink on a daily basis.
They also look at your work history. In my opinion, if you've not been job hopping, they tend to favour you.
We know the bank looks at your highest qualification.
They also look at your work history. In my opinion, if you've not been job hopping, they tend to favour you.
We know the bank looks at your highest qualification.
They also check affordability and disposable income. This is a complex calculation, and you can get more info on this here
frugallocal.co.za/2020/01/13/3-b…
frugallocal.co.za/2020/01/13/3-b…
We also know that they will put your finances under a stress test. For example, what will happen if interest rates go up with 3%? How will your financial situation look?
Will you have capacity to afford your bond?
Will you have capacity to afford your bond?
All in all, you need to have full round financial health and be stable financially (your job, your life), education, relationships, job life, and nyaope to get a good interest rate.
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