Standard Bank Blog

If you are newly married, or planning on getting married soon, be sure to allocate time to consider some of the financial aspects of marriage.  Marriage will change how you handle your finances and it can also be the source of anguish in a marriage.  After you are married, you and your spouse will be financially responsible for each other, and to each other.  This responsibility includes legal things like being liable for joint debts and filing a joint income tax return and physical things like putting food on the table and paying the rent. 

Now’s the time to Buy!  Rates are low!  But what is involved in the home buying process?  Whether it is your first time buying a house or 100th there is a lot to consider.  Standard Bank has compiled the attached handbook which outlines the various steps to the process.  The handbook includes a checklist as well as a glossary of common terms used throughout the home buying process. 

Take it from me, this guide is handy. I’ve been in my new place for almost a month now and there are still things I’m learning about. This guide is a great resource to refer back to and I wish I had this checklist while I was going through the process as it would have saved me a lot of time researching. I scoured the internet for days looking for a simple, easy to read guide and I came up short every time. So if you’re in the market for your first home and have questions on any step of the process download this handbook and get some piece of mind.

Standard Bank helped me secure a great rate for my mortgage and our mortgage team was always ready to help when I had questions.  A full list of our mortgage services can be found here.

 

With the current condition of the economy, interest rates are at an all time low. Homes are more affordable and readily available. While it’s a buyers market, the largest obstacle with any first time home buyer is having enough cash for a down payment. If you’re stuck wondering whether or not you have the available funds, your bank can help. 

Going through my own first home buying experience I can assure you I had plenty of questions and doubts about what I could do on my own. Our expert mortgage team answered my questions and helped in every way they could. I’m in the final stages now and I couldn’t be more confident and excited.

Acronyms are everywhere!  There are plenty you use and many more you do not, but before you buy a home you should probably know these.

APR – Annual Percentage Rate is the yearly interest percentage of a loan, as expressed by the actual rate of interest paid.

ARM – Adjustable Rate Mortgage is a loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender

CMA - competitive market analysis is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.

EMD – Earnest Money Deposit is a good faith deposit of funds given by a potential buyer who is offering on a property.

FPM – A Flexible-Payment Mortgage is a loan that allows the borrower to pay only the interest for the first few years of the loan.

FRM – Fixed-Rate Mortgage is a mortgage loan first developed by the Federal Housing Administration  where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float.”

HEL – A Home Equity Loan is a mortgage loan first developed by the Federal Housing Administration  where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float.”