Mortgage Express is a bond originator – what does this mean?
A bond originator offers a service to the home buyer with which they assist you with your home loan application. The originator will have a contract with one or more banks, from which they receive a fee.
Does the fee earned by Mortgage Express mean that I will incur hidden costs?
No. There are no hidden costs. The fees you pay the bank and attorneys will remain the same, irrespective of whether you use Mortgage Express’s services or not.
What will your service cost me?
Our service is free of charge.
By using Mortgage Express’s services, will I be able to obtain a lower rate?
No – a bank might offer you the same rate whether you used Mortgage Express’s services or not. The bank decides on the rate, not Mortgage Express. A Mortgage Express consultant will, however, motivate your application to obtain the lowest possible rate on your behalf.
Do I follow up my application with the bank or with Mortgage Express?
We track the application on your behalf; hence we are the point of contact once the application has been submitted.
Once my application is submitted, how long does it take for approval?
Normally, you will receive confirmation within 48 hours. However, should this process take longer, we will track the application and keep you informed.
What is the difference between approval and final grant?
The bank will “approve” your loan based on your supporting documentation, as well as on your credit history. “Final Grant” is awarded once the property valuation has been completed. The onus is on you to supply the bank with the necessary details for the valuator to perform the property valuation. Incorrect or incomplete details will delay your application.
Why do I need to sign so many documents at the attorneys?
You are entering into a legal agreement with the bank for a significant period of time (as long as 30 years). This means that all parties need to ensure that all relevant terms of the loan are recorded, acknowledged, and comply with legislation.
Will non-payment affect my credit rating?
Any non-payment of your monthly home loan instalment may adversely affect your credit rating and your ability to obtain credit in the future. It is extremely important to stay up to date with your monthly repayments.