Wednesday, 28 March 2007

Buying my first property!


We managed to get Storm Diss to write an article for us about her experience purchasing a house with regards to the bond application. I think that the way in which it is written will probably answer alot of peoples questions and will be alot more useful than putting some silly little How-To document together.

Article By Storm Diss:
"The best feeling in the world is to be a proud owner of your first house or apartment. It's nerve wrecking but when dealing with the best bond originator, who puts your mind at ease, it's an absolute pleasure.

The bond application was submitted to the all the banks(ABSA, Nedbank, Standard Bank or FNB) by the bond originator with all the supporting documents. Supporting documents consist of the following: A copy of your ID, your latest payslip and 3 months bank statements. The bond then takes 5 - 7 days to be fully granted. By day 3 I had an approval in principle status back from your originator which is subject to a satisfactory valuation of the property. The banks then sent out an assessor to assess the property.

Once the valuation of my property was successful with ABSA bank, they had to approve the final bond application. All instructions were then sent through to the attorneys who drew up all the relevent documents for us to sign. Once this is complete the bond application goes through to the deeds office which was then registered in our names. The entire process took about 2 months. The key point is to have a very good attorney (I can reccomend one if needed), this helps speed up the process.

My first bond experience was very exciting and pleasant. Thanks to Wizard Midrand for always making mortgage magic!!"

6 comments:

Anonymous said...

Thats sounds about the same as my experience but I went directly to my own branch. I was so upset as they declined me so I went to another bank and have changed my bank since then. Did you have to pay the bond people or how did they charge you? Thanks Jenny B

Storm "The Pixie" said...

Hi jenny B

No we were not charged and the service was much better than the branch was. The service was free as they were paid by the bank but it was so worth it.

Anonymous said...

Can you send me an email address as I will be buying in June again- hopefully and this time I will work your way without a doubt. Thank you so much for your information regards Jenny B

Storm "The Pixie" said...

Hi Jenny B

The e-mail address is chrisg@wizard.za.com, please feel free to at anytime to e-mail Wizard Midrand, they will be really happy to assist.

AGLOCO LEADER: JORDAN KLAUSE said...

Great article..buying the first home is quite an experience.

Jord - UK Home Mortgages
UK Home Mortgages

WizardMan said...

Jordan, Thanks for the comment. Would love to try get hold of you, what's the best way?