There are home loans blacklisted people can apply for in SA countrywide when you need to borrow money for a house. It can seem impossible to buy a home if you have a bad credit record. Do you have a really poor financial track record and have been blacklisted recently or in the past?
Are you looking to get back to a healthier financial state but are struggling to secure finance? Are you wondering is it possible to buy a house if you have a bad credit record?
Well you can stop stressing and start doing because there is help and support for you. This is good news.
The bad news is you are still going to have to do some work in order to improve and secure your financial future.
The straight and narrow path to financial freedom isn’t easy. But if you have determination then you will find it to be more rewarding once you have reached your end goal.
Below are some home finance options you should look at considering before taking the next step:
Bond Free – www.bond-free-homes.coza
- This might sound crazy but would it not be great to have a home without having to secure a bond?
- This option offers you a short course on how to secure a property of your own without having a bond.
- It is a short course and there is a fee, but the benefits from it can be extremely rewarding.
- Plus you get to do the course in your own time. So while you might have a job at this stage, you will not need to give it up and you can continue to earn and save money for your new or next property.
- You might yawn at this particular option, but without really exorcising your financial demons you will never really be free.
- By going to an official debt counselor, you will begin to take back your life. Because you will be deciphering the issues that led you down the path of being blacklisted or defaulting
- There are any number of debt counselors online and you can start by visiting www.debtcounsellinghelp.co.za
Home Loans for Blacklisted Individuals
- We have covered a couple of the “fluffier” options for blacklisted people and is it possible to buy a house if you are black listed.
- Fortunately or not there are a number of lenders in the South African market. Many of whom are intent on ripping innocent people off, or taking them for yet another ride. Be careful and do your homework.
www.loanfinders.co.za offers blacklisted people, or people looking to secure finance, a number of options that make it possible for these individuals to get back on track and on with their life.
They offer to areas of support:
- These are loans that require no collateral and don’t link to any of your existing assets.
- Generally, these loans require that you earn a minimum monthly salary.
- Secured loans are tied to any of your existing properties and/or assets.
- The reason for this is that it allows the lender to offer you a higher loan amount and at a better interest rate.
Earlier we asked the question, is it possible to buy a house if you are blacklisted? And what home loans can blacklisted people in SA get? From the above information people with a poor credit history and bad record have options.
It is all about exploring those options and making sure that you make the choice that is best for you.
Mortgage Refinancing With A Bad Credit Record
Mortgage refinancing for people with a bad credit record. This is something that can help someone to get out of trouble when dealing with large amounts of accumulated debt.
There are several credit providers that can be willing to assist in these circumstances. Therefore should be able to offer loans at fixed interest rates to help a person budget correctly.
This kind of finance is mostly for people who need debt consolidation and be able to pay off all creditors at once. And be left with one more easy to manage payment to make each month instead of several.
If you are going to apply for mortgage refinancing but you have a bad credit record. Or you worry that a financial credit provider may not approve you for a loan then do not despair.
There are providers that are willing to help you re-finance your bond even though your credit record may be poor.
Consult with one of the lenders to learn about all the financial opportunities available and the re-finance rates comparisons.
Usually the process simply involves filling out an online application form. The credit provider will then contact you with the best loan rates and terms available to you. According to your application.
Long Term Financial Plans
Of course, the secret is to try and become completely debt free. Instead of constantly borrowing money from one company to pay off another or others.
This is definitely a temporary solution to help a person consolidate bills. But the long term goal should be to build back up a poor credit history and back in a strong financial and borrowing position.
Do a little research online. Have some patience and read through the fine print and details. Go through every website of financial credit providers that offer mortgage refinancing to people with a bad credit record.