Nedbank Home Loans
Nedbank has several home loans available, guaranteed to meet the needs of virtually anyone in the market for real estate financing. The variety of home loans offered by Nedbank include Building Loans, Buy To Let, HomeVision, and Ordinary Home Loans. The key to getting the loan that meets the customers’ specific needs is to fully understand the criteria and main purpose of the specific loan of interest.
One type of loan Nedbank offers is a Building Loan. This loan is fairly simplistic and self-explanatory. Customers who wish to finance erections of new dwellings or add on to existing residences seek Building Loans. As previously mentioned, the name of the loan is quite specific for its use.
Buy to Let
Buy to Let is another type of loan that might not be as simplistic as the Building Loan, but is more specialized and useful to those in that particular real estate niche. As the name specifies, the Buy to Let Loan is used by customers to purchase residential real estate intended for use as a rental property as opposed to the borrowers’ primary residence. Because this real estate loan is considered an investment, the loan requires an up-front deposit or a monthly investment paid in tandem with the monthly payment.
Unlike the two loans mentioned above, the HomeVision loan is a different type of loan, whose particular use cannot be gleaned from its name. HomeVision is Nedbank’s version of a home equity line of credit. It gives the homeowners a chance to register a bond that is higher than the loan amount needed to purchase the real estate, creating credit able to be accessed when necessary. It takes the place of a second mortgage when unforeseen circumstances necessitate extra cash flow.
The Ordinary Home Loan
The Ordinary Home Loan is a type of second mortgage that can be used to finance large renovations to a homeowner’s existing property. Additionally, it can also be used to finance an established residence. Like most typical home loans, Nedbank’s Ordinary Home Loan can be structured as a fixed or variable interest rate loan. This loan also allows the applicant to access capital accrued up to the amount of the original loan without the expense and hassle of applying for a secondary home loan. This is much like the aforementioned HomeVision Loan, but it does not require a second loan application if it is tailored into the original Ordinary Home Loan at the time the loan closes. These options are known as Nedrevolve and Readvance. Nedbank’s knowledgeable loan officers and customer service representatives are always more than willing to guide the customer toward the most advisable option in their specific circumstances.
The loans listed above are a sampling of Nedbank’s many financial offers to help their customers easily navigate the real estate market. If it is the optimal time for purchasing real estate, do not hesitate because of the somewhat frightening amount of paperwork involved in a real estate purchase or refinance. A good bank, centered on customer service, such as Nedbank can take all of the stress and hassle out of the most important financial transaction of most customers’ lives.