What should I look for in a property?
Check to see that your family needs will be satisfied. That may include:
- Number and location of rooms
- Neighbourhood characteristics
- Accessibility to roads, transport, shopping areas
Survey the condition of the structure:
- check for wall, plumbing, electrical and roof covering defects
- have existing stains explained
- check for termites and other indicators of poor area management as these may cause problems with unexpected costs.
What determines how much I can afford?
Your current age, the amount you regularly earn per month and the amount of debts you service will all impact your mortgage affordability. A good reason to get pre-qualified before venturing into Home Ownership.
Is Freehold property better than Leasehold?
You need to decide which is best for you. Consider the circumstances: While Freehold property is YOURS and can be sold, Leasehold property is conditionally yours for the length of the lease and can be sold only with the consent of the Lessor, the issuer of the property lease.
Leases also carry annual rents to be paid and, in townhouse/condominium or gated communities, must include monthly fees payable to an active management company with the responsibility to maintain all community areas.
Leasehold areas can be as long as 999 years and thus property can form part of an individual’s personal estate, subject to continued observance of all stated conditions.
How do I Qualify?
You qualify by satisfying the lending criteria, by having the funds to inject your portion in property equity and by having the funds to pay fees and costs. Call or email us today to be put in direct contact with a mortgage officer at a leading Bank in Trinidad and Tobago.
Should I Buy or Build my Home?
This should be your decision.
Construction usually means a design of your choice, built on lands owned in your preferred area. You will need to contract a dependable Builder and monitor work phases and costs along with him.
Purchasing a home will mean you decide to accept an available style in an available location.
How long will I be given to repay?
The longest period will depend on the difference between your current age and retirement or 65th birthday. At the most this may be 30 years.
What is Debt Service Ratio?
This is the ratio between your debts and your income:
- There is a mortgage debt ratio: the ratio between a proposed mortgage instalment and your income and
- There is a total debt ratio, the ratio between all your current debts (including the proposed mortgage instalment) and your income.
What is needed to finalise a mortgage loan?
Mortgage loans are finalised after receipt of:
- All documents supporting the application process
- Payment of administrative and closing costs, Attorney’s fees
- Signing of all application forms, deduction authorizations and legal documents
- Completion of satisfactory title and judgement searches
- Property ready for your possession. In the case of construction or improvements, works must be completed to
- the Company’s satisfaction.
What happens after approval?
- The Attorneys are instructed to complete the title search and prepare the necessary documentation giving evidence of (at least) the transfer of property and registration of the mortgage
- You are required to provide updated rates and taxes receipts, as well as the WASA Clearance Certificate.
- Interim interest will accrue on your account. This is charged at the same rate as the interest on your mortgage loan but only on the number of days from the date on which you sign the Mortgage Deed up to the end of that said month. the first monthly instalment becomes due at the end of the following month.
- Regular monthly payments to your loan will be made through salary deductions, where available, or bankers’ orders, post-dated cheques or over the counter at our office.
- After registration, you will receive a copy of the legal documents from the attorneys. The attorney will prepare the Return of Ownership form advising the District Revenue Office of your property acquisition. Completing this procedure is however, your responsibility.
*all entries are sourced from the TTMF