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!!"