Mortgage Origination via Betterbond

At Chas Everitt Gauteng we often get queries on mortgage origination. To help we've listed several of the most commonly asked questions. If you have any further questions or would like any more advice about our products, please feel free to ask us or go to Betterbond’s website for more detail

FAQ’s

Q: What do mortgage originators actually do?

A: Mortgage Originator offers a service to Chas Everitt home buyer in which they assist you in your application for a home loan. Chas Everitt’s preferred originator, Betterbond has contracts several banks, from which they receive a fee.

Q: Does the fee earned by the originator mean that there are additional hidden costs?

A: No it doesn’t . There are no hidden costs. The fees you pay the bank & the attorneys remains the same regardless of whether you use Chas Everitt’s BetterBond services or not.

Q: What will the originator’s service cost me?

A: The service is free of charge.

Q: By using the originator’s services, will I necessarily be able to obtain a lower rate?

A: Not necessarily - bank might offer you the same rate whether you used BetterBond's services or not. The bank decides on the rate, not the originator. A BetterBond consultant, however, will motivate your application to obtain the lowest possible rate on your behalf.

Q: Do I follow up my application with the bank or the originator?

A: The originator tracks applications on your behalf; so they are the point of contact post submission of the application for you.

Q: Once the application is submitted, how long does it take for approval?

A: Normally, you will receive confirmation within 48 hours. However, should this process take longer they will track the application and keep you informed.

Q: What’s the difference between an “approval” and a “final grant”?

A: The Bank will "approve" your loan based on your supporting documentation submitted and on your credit history. A "Final Grant" is awarded only once the property valuation has been completed. The onus is upon you to supply the bank with the necessary details for the valuator to perform the property valuation. Incorrect or incomplete details delay your application.

Q: Why do I need to sign so many documents at the attorneys?

A: You are entering into a legal agreement with the bank for a significant period of time (up to 30 years). This means all parties need to ensure that all relevant terms of the loan are recorded and acknowledged, and to comply with legislation.

Q: Will non-payment affect my credit rating?

A: Any non-payment of your monthly home loan installment may adversely affect your credit rating and your ability to obtain credit in the future. It is extremely important to stay up to date with your monthly repayments.

MORTGAGE TOOLS – “quick clicks”

Chas Everitt Gauteng Links

Gauteng District Sites