Former Rhythm City and The Wife actor, Ishmauel Songo, has opened up about the challenges he faces as an actor in South Africa. Making a living solely through acting is no easy feat in the country, as one can go extended periods without being cast in a production, all while needing to provide for their family.
Songo himself has experienced financial difficulties during periods of unemployment and had to resort to working as a master of ceremony. He indicated that at some point he would sleep in the streets of Joburg as the landlord would kick him out due to unpaid rentals.
Songo gained popularity with his role as Sabelo on Rhythm City, capturing the hearts of many viewers with his exceptional performance. Although Rhythm City aired its final episode in 2021, fans could still catch him on the Showmax TV show, The Wife, where he played the character of Mpande.
Beyond his career, Songo is married and a proud father of two children.
How to Get a Mortgage
Preparing Your Finances The first step in buying a home is to organize your finances. Start by improving your credit score and ensuring a stable income. Calculate how much you can afford to borrow, determine your down payment amount, and decide on the mortgage length. It’s also essential to compare interest rates from multiple lenders before making a final decision.
Pre-Approval Process Obtaining a pre-approval letter is not a guarantee of securing a mortgage. It serves as a tool to distinguish you from other homebuyers.
Remember that the pre-approval letter does not lock you into a specific mortgage rate, as rates can change. Review your lender’s commitment letter before signing it, as it outlines the terms and conditions.
Down Payment Considerations Making a larger down payment on your mortgage offers several benefits. It can help you qualify for a lower interest rate and reduce private mortgage insurance (PMI) payments.
Additionally, a larger down payment can provide an advantage in multiple bid situations, particularly for first-time homebuyers. Consider the impact of your down payment on your lifestyle and long-term financial goals, as it affects your monthly savings for mortgage payments, property taxes, insurance, and potential repairs.
Credit Score Importance Your credit score plays a significant role in mortgage approval. Lenders assess your credit history to determine loan eligibility. Timely payments and a low credit utilization ratio can improve your credit score.
Paying off debts demonstrates reliability to lenders. If applying jointly, both partners’ credit scores are considered, with lenders often basing decisions on the middle score. Government-backed loans can be advantageous for individuals with good credit, as they offer lower credit rating requirements and debt-to-income ratios.
Government-Backed Loans Government-backed loans, such as VA, FHA, and USDA loans, offer benefits for mortgage applicants. These loans are subsidized and insured by the federal government, making homeownership more affordable.
They have specific requirements and are generally available only for primary residences. Review all loan requirements before applying and consider government-backed loans if they align with your needs and credit score.
Applying for a Mortgage When applying for a mortgage, obtain Loan Estimates from at least three lenders. Share essential documents like income and debts to help lenders determine your loan amount accurately.
More information leads to more accurate Loan Estimates, allowing you to compare options effectively. Request Loan Estimates from multiple lenders to compare different loan options and interest rates. Ensure the interest rate is guaranteed and inquire about the duration of the guarantee.
If concerned about rising interest rates, consider a “lock-in” option in writing from the lender. Negotiate with lenders offering a float-down option if the rate falls, allowing you to secure a lower interest rate.