WHY YOU SHOULD USE A BOND ORIGINATOR WHEN APPLYING FOR A HOME LOAN

Buying a home is one of the biggest financial decisions you'll ever make, and unless you have a mattress stuffed with cash, chances are you'll need a home loan (or bond) to make it happen. While many people instinctively approach their bank for a loan, there's a better way to ensure you get the best possible deal - using a bond originator, like ooba Home Loans. If you're wondering whether you need one, the short answer is yes! Here's why.

1. They Shop Around for You

When you apply directly with your bank, you won't know if the offer you get is the best offer as there are no other outcomes to compare. A bond originator, on the other hand, approaches multiple banks on your behalf, securing a variety of quotes and giving you the power to compare interest rates and terms. This competition between banks often results in better offers, saving you thousands over the lifespan of your loan.

2. Better Interest Rates = Big Savings

Even a small difference in interest rates can have a massive impact on the total amount you repay. Bond originators leverage their relationships with banks to negotiate lower interest rates, ensuring you don't overpay simply because you didn't explore your options.

3. It's Free!

Yes, you read that right. Bond originators don't charge you a cent for their services. They earn a commission from the bank once your loan is approved, which means you get all the benefits - expert advice, loan comparisons, and better rates - without paying a fee.

4. They Do the Paperwork

If you've ever applied for a loan, you know how tedious and time-consuming the paperwork can be. A bond originator handles this for you, ensuring your application is accurate, complete, and submitted correctly, increasing your chances of a quick approval.

5. They Work with All Banks - Not Just One

Even if you have a great relationship with your bank, loyalty doesn't always translate into the best deal. Your bank might approve your loan, but without comparing it to other options, you won't know if you could have gotten a lower rate elsewhere. A bond originator takes your application to multiple banks, including your own, allowing you to see what's truly available in the market.

6. Higher Chances of Approval

If one bank declines your application, it's not the end of the road. Bond originators understand which banks have more lenient criteria and can guide your application to the right lenders, increasing your chances of securing financing. In fact, Linda Rall, ooba's Provincial Sales Manager for KZN, explains that "Based on ooba Home Loans' national loan submission info, the average approval rate of a single bank submitted loan is 66.70%, whilst the average approval rate of a multiple bank submitted loan is significantly higher at 81.45%, giving the homebuyer a much-improved opportunity of a successful outcome."

This means that using a bond originator can significantly boost your chances of approval.

7. Guidance from Start to Finish

From pre-qualification to final approval, bond originators walk you through every step of the process. They help you understand what you qualify for, what documents you need, and even how to improve your chances of approval.

When making such a big financial commitment, having a bond originator in your corner is a smart move. They save you time, money, and stress, all while securing the best possible deal for your home loan. So, before you sign on the dotted line with your bank, let a bond originator do the hard work for you - you won't regret it!

Have questions? Thinking about applying for a home loan? Let's chat!

If you're looking for expert assistance, ooba Home Loans is the preferred bond originator for Wakefields Real Estate. With their extensive experience and trusted partnerships, they can help make your home-buying journey smoother and more affordable!