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South African Home Loan Terminology

Articles about home loans / property in South Africa > South African Home Loan Terminology

Apply for your home loan in South Africa here

Access Bond - You can draw money ( up to a predetermined amount ) from this type of home loan.
Administration Fee - This fee is charged by the lending bank to cover the initial costs of processing a home loan application.
Agreement of Sale - Contract stating the terms and conditions under which the property is sold
Assessment - This is the bank's assessed value of the property. It will usually be done prior to the final approval of your home loan.
Assessment Fee - Cost of the administration work that accompanies an assessment.
Bona Fide - Means " in good faith"
Home Loan / Bond Costs - Fees payable to the registering attorney which includes conveyancer's fees, stamp duty and VAT.
Home Loan / Bond Registration - Fee payable for the registration of a home loan in the new property owner's name.
Home Loan / Bond Term - Original term over which the home loan was taken.
Broker / Estate Agent - Person or persons who bring buyers and sellers together and negotiate contracts for them.
Building Loan - This type of home loan is usually issued to a buyer of vacant land for the purpose of building on the land.
Capped Home Loan Interest Rate - Limits the amount the interest rate on an adjustable rate home loan can change over the life time of the home loan.
Collateral - Assets that are required as security for your home loan.
Contract of Sale - This is the agreement between seller and buyer covering the price, terms and conditions of the sale.
Conveyance - Document used to effect a transfer.
Credit Profile - A report detailing the credit history of a prospective borrower that's used to help determine borrower creditworthiness before a home loan application will be approved.
Deed - This is a legal document by which title of a property is transferred from one owner to another.
Default - Term use to denote failure to make payments on a home loan.
Equity - The amount by which the value of the bonded property exceeds the outstanding amount on the home loan.
Finance Charge - Interest charge on a home loan
Fixed Home Loan Rate - The interest rate on a home loan is fixed for an agreed period of time and will not change for that period even if the variable home loan rates rise or fall.
Foreclosure - Legal process by which a bonded property may be sold to pay off a home loan that is in default.
Freehold - Ownership of the property as well as the land on which the property is built on
Grace Period of Home Loan - Amount of time after the due date of the home loan payment in which a payment may be made without a late penalty fee being applied.
Home Loan Application - A statement of personal and financial information required by the bank when you apply for a home loan
Home Loan Plus Costs - Allows borrower to lend more than 100% of the property value to cover the registration and transfer costs.
Interest - Fee paid for borrowing money usually calculated as a percentage of the remaining balance of the amount borrowed.
Interest Rate on Home Loan - Annual rate of interest charged on a home loan.
Lender - Bank, Mortgage Company, or Mortgage Broker offering the home loan.
Mortgage Broker - Individual or company that arranges home financing for borrowers.
Mortgage - Agreement with the bank stating that the bank will lend you a certain amount of money in the form of a home loan that will be paid back over a period at a certain interest rate.
Offer to Purchase - Offer in writing from the buyer to the seller which becomes a legal contract once it is signed by all the parties.
Pre-Approval - Lenders firm commitment on a home loan.
Prequalification - Process of determining the amount of home loan you are eligible for.
Purchase Agreement - Contract stating the terms and agreement under which the property will be sold.
Refinancing - Process of paying off one home loan with the proceeds of a new home loan on the same property.
Second Mortgage - Additional mortgage placed on a property that has rights that are subordinate to the first mortgage.
Term of Home Loan - Period between the beginning of the home loan and the date the entire balance of the home loan is due.
Title Deed - This document gives evidence ownership of a property.
Underwriting - Process of determining the risks involved in a particular home loan and establishing suitable terms and conditions for the home loan.

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