Huynh T asked:


I can’t pay my mortgage. I have 2 mortgage loans 80/20 at two different banks. Will that mortgage companies go after me if I forclose my home. Thank you so much for helpful answers. CA law please.

JASON

Dawie Bester asked:


SA Home Loans was launched in South Africa in February 1999 and is like a short with a kick next to the big beer of the financial world; some of the top-rated banks have been operating since the 1800′s but SA Home Loans is new, young, funky and fresh; very fresh.

So why choose an SA Home Loans? In the company’s own words: ‘… against formidable competitors, we have grown to become the country’s fifth largest home loans provider.” That’s impressive by anyone’s standards, if you’ll excuse the subtle pun.

SA Home Loans is not a bank and not a mortgage originator. A mortgage originator sources home loans from various financial companies and get paid a commission. But SA Home Loans is a specialist mortgage provider. So, what’s the difference? Well, you go to your GP for your annual check-up and then he sends you to a specialist – SA Home Loans is the specialist. And it’s proudly South African.

Now, let’s take a longer look at some of SA Home Loan’s wide range of competitive home loan offerings, add-ons, insurance and equity access products. These include:

- Variable Home Loan

- Super-Lo

- Interest Only

- Interest Only

- Quick Cash

- Further Loan

- Rapid Re-Advance

- Further Re-Advance

- Cap Rate

- Home Owner’s Cover

- Bond Protection Plan

Variable Home Loan

This loan has a variable rate and can be tailored to suit your personal needs. The huge benefit in selecting a Variable Home Loan is that you can switch to another home loan option instantly free of charge. Its flexibility makes this the mother of all home loans. Switch to SA Home Loans and you can get R75,000 in cash within 72 hours immediately after you’ve signed the mortgage agreement.

Super-Lo Home Loan

This home loan option is based on a cash-back incentive programme. You will receive interest refunds into your home loan during the first five years which lower your mortgage balance so you ultimately pay less interest.

South Africa’s unique Only Interest Home Loan

With this exclusive home loan option you get to pay ONLY the interest on your home loan. You can choose to include a capital pay-off, a portion thereof, or not. Once again, you can also switch loan options free of charge.

Varifix Home Loan

SA Home Loans lets you fix the interest rate on your home loan for up to 20 years. The benefit of the Varifix Home Loan is that you get to choose the portion of your home loan to fix; the rest remains variable. Best of all, you can revert at any time to a standard variable interest rate loan.

Quick Cash

Allows you to access up to R75,000 in cash within 72 hours and spend the money on anything you like.

Further Loan

This is an option to borrow money against the increased value of your property. If the market is booming and your house becomes a property gold mine, you can borrow money against the increased value. The fact is that borrowing against your home loan is usually the cheapest credit you can get. Take advantage of it.

Rapid Re-advance

This option secures cash when you have paid more than your agreed installments.

Further Advance

Further Advance lets you borrow funds over and above your original loan as long as it’s an amount less than the original registered loan amount.

Cap Rate

Protect yourself against rising interest rates with insurance that allows you to cap your interest rate for two years so you are never faced with monthly repayments that are burgeoning out of control. With the Cap Rate option your home loan rate is guaranteed not to rise about your cap.

Home Owner’s Cover

Don’t go anywhere without Home Owner’s Cover to protect your property against unexpected disasters, like fires or floods.

Bond Protection Plan

Ever tossed and turned wondering what would happen if you were disabled or died? You, and more importantly your family, are protected against the possibility of repossession when you take out a mortgage protection plan.

SA Home Loans is South Africa’s largest non-bank mortgage lender. The primary benefit in taking out an SA Home Loan is knowing it can accommodate you – first-time home buyer or weary over-extended family man.



ROSCOE

Jennifer asked:


If I recall correctly, a bank will only issue a loan for as much as a home is worth.

There’s a foreclosure in our neighborhood that no one touched while the seller had it on the market… honestly, it’s ugly – aluminum siding, brick veneer, and the layout of the house is odd, but we’ve decided we can make it work.

Anyway, since it didn’t sell, that owner had it seized by the bank. My husband and I want to make a low offer on it, and maybe get financed for an extra $20k in home improvements (even this would still put our loan quite a bit lower than the home’s appraisal value). Do banks do this? We’re qualified for FHA financing, but we can also put 10% down alternatively.

MARCOS