The Fried Green Tomato Co

Johannesburg, 22 June 2021 :The principle of owning real estate to become wealthy has never been more true today than it was back then. Simply think of the many investors who have built enormous wealth and rose up to create their own legacy from it. The principle of owning real estate to become wealthy still holds true now. In fact, we can make a strong case that it is far truer now than it was back then. When you ask people, who are twenty or thirty years older than you if they would buy real estate at a young age, they're more than likely to say yes. It will help lead you to financial freedom in your future. Benefits of buying a home in your 20s The benefits of homeownership are huge—especially when you’re younger. In your 20s, a home is a long-term investment, and if you stay long enough, it can mean building serious wealth over time. Sell the home at a profit later on, turn it into an income-earning rental property when you’re ready to move up, or enjoy fully paid-off housing during your retirement years (though those may be far down the line!) Homeownership also means: Consistent, reliable payments – No more annual rent hikes from your shady landlord. More control to customise the property – Forget “accent” walls. Paint, upgrade, renovate and do whatever you want to your home once you own it. Great credit – Getting a mortgage loan at a young age can help you establish a solid credit history, which means a good credit score and ample financial opportunities later on. Tax benefits – Homeownership comes with several tax benefits that can lower your tax burden and increase your annual refund. You’ll also likely save on monthly costs. Rents have been skyrocketing in most major cities in recent years, with the average mortgage payment coming in well under the average rent. You also have the option of renting your property on Airbnb or other similar sites to make extra cash as needed. How young is too young to buy a house? There’s no …

23 March 2021, Johannesburg - The last two quarters of the 2021 financial year had everyone in the property industry astonished at what an interest rate cut of 3.5% could achieve. The notion of pent-up demand has long been thrown out the window with everyone now asking how long this trend will continue. Shaun Rademeyer, CEO of MultiNET Home Loans, believes that we will continue to see this property boom in the residential space throughout the 2022 financial year - we have already noted 1.5% increase in the amount of first-time home buyers, as well as an increase in average approved loans to property value. “March is the start of the new financial year for SA as a whole, and we can already see that the home loan submissions have almost doubled compared to the same time last year. Yes, the last week of March last year was the start of our lockdown and the increase is taking this into account, however we are already 27% above the previous year’s average. The middle market continues to be the driver of the price increase, even though we have seen a slight slowdown from 2020. The average price submitted has increased by 5% versus the previous year’s 10% growth. But we must remember that the consumer market is still under pressure and the increase we seeing is the percentage of property moving in the higher price bracket of R1.2 million to R1.5 million, this market has gained the most since the reduction in interest rates. Buyers do have an advantage though in that we have seen the Prime Plus Interest Rate decrease from 1.62% to 0.49% which should ease the repayment burden somewhat on home buyers. As we move through the property cycle in the later part of this year, we will find that supply will start surpassing demand and property prices could come under pressure again. The banks’ payment holidays are coming to an end and many developments that stood still during lockdown will be launching in the market. “It’s unfortunate that our economy will not be growing …

Buying a home can be complicated. Prequalification simplifies it. The process gives you guidance when shopping for your future home. While a prequalified mortgage does not guarantee a loan, there are several benefits for you, the borrower. However not all Prequalification’s are the same A quick prequalification is when you provide your income and estimated expenses and then you are provided with an estimated price you can purchase for. However, an in-depth prequalification is when an originator evaluates how much house you can afford based on a simulated application process. Lenders see if you meet the minimal requirements for a loan, and how big the loan should be. Prequalification is ideal for people who are considering homeownership but who are not necessarily committed, whilst doing an in-depth prequalification will provide you with the a more accurate number. It involves some of the same steps as prequalification, though borrowers have to submit financial documents. One stipulation is that borrowers must carry out a  credit check. Originators review the information for a more precise idea of the amount home borrowers can afford. What Are the Benefits of Prequalified Mortgage? IT SETS A CLEAR BUDGET When you are looking for a home, it is easy to get carried away at looking at homes which are actually out of your price range. Prequalification keeps those urges in check. While you can still borrow the maximum amount, prequalification sets a realistic expectation for your budget. During prequalification, a lender will give you a range for how much home you can afford. That way, you can stay within the estimate while house hunting. Remember, a mortgage payment is one part of a budget. Make sure you feel comfortable with the loan amount before proceeding. IT SHOWS SELLERS YOU’RE SERIOUS Whether you are a home buyer or a seller, no one wants to waste their time. Getting prequalified demonstrates to sellers that you’re serious about home …