The positives of using a Mortgage Broker…
DID YOU KNOW?
- Less than 40% of home loan applications will not be successful if not submitted through a Bond Originator 1 in 4 applicants will need professional help in rescuing their applications
- Only 37% of applicants are successful when they apply to the first lending institution when on their own.
Statistics show that you will have a 40 percent chance of achieving a home loan successfully if you utilize the services of a reputable mortgage originator. One of the largest mortgage broking companies in South Africa advise their latest figures over the last 12 months show that 1 in 4 of all home loans would not have been successful if not “motivated” by professional bond brokers. They further state that the approval ratio for this period was in the region of 74 percent meaning that approximately 26 percent of applicants received offers from the first lending institution they applied to.
The banks were suffering a loss of 23.5 percent of their own clients to competitors and are now working at attracting more applications particularly the retention of their own clients.
The current economic climate, particularly given the rising cost of living and increasing rates seem to have placed a damper on repeat buyers who are currently dominating the market. People have apparently become more aware of the importance of their credit health and the value of deposits when purchasing property and the negotiating power of bond brokers as well as their value in the market place.
Please feel free to contact Lucille on 083 277 5754 or firstname.lastname@example.org for professional advice and a free affordability assessment.