How to Become Bond Originator South Africa

A bond originator acts as an intermediary between the home loan applicant and the banks, assisting the applicant in compiling one set of paperwork, then submitting it to all the major banks on their behalf.

How long does a bond originator take?

Normally, you will receive confirmation within 48 to 72 hours, but due to ever changing bank criteria around home loans in today’s market, it does sometimes take longer. However, should this process take longer they will track the application and keep you informed.

Is it better to use a bond originator?

“The ‘best deal’ is one of the most important reasons to consider using a bond originator as an interest rate difference can make a significant difference over the long term. Bond originators are paid a once-off fee by banks for brokering deals with clients. There are also no hidden costs.

Below is How to Become Bond Originator South Africa

Check your affordability. Before you even apply for a loan, check whether the property is affordable, suggests Geldenhuys.

Get prequalified.

Check your credit record.

Submit the correct information.

Get the best interest rate.

Use a home loan comparison service.

Career description to Become Bond Originator South Africa

The role of the Home Loans Officer or Bond Originator, is vital tothe proper evaluation of financing options and bond application processes when purchasing a property.

There is a large amount of information that has to be processed, legal requirements and financial calculations in the preparation of a mortgage bond application.

Home Loans Officers and Bond Originators are the interface between the banks and their customers, providing the skills, advice and insights which provide property buyers with the choices they need to make when buying a property

Below are Duties and responsibilities to Become Bond Originator South Africa

• Soliciting potential clients, individuals or businesses, in need of mortgage bonds

• Assisting clients who are applying for loans from banks

• Analysing and verifying applications to determine the client’s credit worthiness

• Advising on the best terms clients can expect relative to their financial profile

• Ensuring that all administrative, statutory and legal requirements are met

Qualifications to Become Bond Originator South Africa

Preferably a BComm in Finance, Economics or a related field

How do bond originators make money in South Africa?

With ooba home loans, South Africa’s largest home loan comparison service, there’s a lot less to worry about. Like real estate agents, a home loan comparison service such as ooba home loans receives financial compensation in the form of a fee, although in their case, it’s paid by the bank that granted the home loan.

What does bond originator do?

A bond originator acts as a middle-man between you and the various home loan providers, ensuring that you get the best possible deal/rate – and that you only have to fill out the tedious paperwork involved with home loan applications once.

How long does a bond originator take?

Normally, you will receive confirmation within 48 to 72 hours, but due to ever changing bank criteria around home loans in today’s market, it does sometimes take longer. However, should this process take longer they will track the application and keep you informed.

Is it better to use a bond originator?

“The ‘best deal’ is one of the most important reasons to consider using a bond originator as an interest rate difference can make a significant difference over the long term. Bond originators are paid a once-off fee by banks for brokering deals with clients. There are also no hidden costs.

How long does it take to get bond approval in South Africa?

According to ooba’s statistics, it takes an average of 69 working days for your bond to go from Granted to Registered. The only action that should be required on your part is to pay the relevant costs, and sign the transfer documents and the bond documents.

How does a joint bond work in South Africa?

By signing a joint bond agreement, you and your investment partner(s) are jointly liable for the repayments, taxes, and any other legal and administrative fees associated with the purchase or sale of the property. Equally, the credit record of each partner will be affected if there is a default on any payment.