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Home Loans For Blacklisted
You have decided that it's finally time to own your own home. The only problem is that mistakes from the past keep haunting you. Each time you try to secure a loan through a lender, you are informed that you have been blacklisted by the credit bureaus and do not qualify for financing. The good news is, whilst it is likely that you won't be able to secure financing through a traditional lender, you do not have to give up your dreams of owning your own home. You simply need to consider home loans for blacklisted home buyers.
What Are Home Loans for Blacklisted Consumers?
If your credit report reflects negative entries or unpaid past-due debts, chances are you won't be able to secure a bond for your home loan. When this happens, it makes it impossible for you to secure financing from a traditional lender to purchase a home. As a result, you will need to look for more creative ways to finance your home purchase if you are serious about buying a home with poor credit.
Blacklisted home loans can make it possible for you to own the home of your dreams, but you do need to understand a few things before you search for or commit to such a loan. One important thing to keep in mind is that the fees and costs of home loans for blacklisted South African consumers are much higher than the costs associated with a traditional home loan. Because of this, you may want to consider how much it will cost you to repair your credit and pay off your outstanding debts prior to applying for a loan. For example, if the amount of your unsatisfied debts is about half of what the extra fees and costs would be for a blacklisted home loan, you may want to consider repairing your credit before securing financing to purchase a home as you will be saving quite a bit of money in the long run.
Another thing to consider is that you may need to secure a blacklisted home loan with other property that you own. If you do not have any property to secure the loan, then it is likely that you are going to need to come up with a rather large deposit to qualify for a blacklisted home loan. Sometimes borrowers find that they need 30 per cent less or more depending on the blacklisted home loan lender they are working with. If you do not have any property to secure the loan and do not have a large deposit, you may find it hard to qualify for a blacklisted home loan.
Finding a Home Loan for Blacklisted Home Buyers
Finding home loans for black listed home buyers in South Africa is not too difficult. Since the financial crisis of 2008, an increasing number of lenders have begun catering to home buyers with blacklisted credit. If you want to get in touch with a blacklisted home loan lender to see if you qualify for home financing, you can search Gumtree ZA for lenders who may be able to assist you in turning your dream of home ownership into a reality.