Moderator: 3ne2nr Mods
March 7, 2014: The residential mortgage rates of the local commercial banks have continued to show a downward trend in 2013, according to a statement from the Central Bank on March 4.
According to the statement, the residential mortgage rate on new mortgages fell from 5.32 percent in September 2013 to 4.84 percent in December 2013, having started the year at 6.28 percent.
In addition, the residential mortgage rate on outstanding mortgages dipped to 6.05 percent in December 2013 from 6.16 percent in September 2013 and was 6.95 percent at the end of December 2012.
Lower mortgage rates have helped to support real estate mortgage demand throughout most of 2013 with mortgage lending by the banking sector grew by 13.4 percent in December 2013.
According to the Central Bank, domestic interest rates remained low and liquidity levels in the banking system remained high. Commercial banks’ funding cost, as reflected in the weighted average deposit rate, was unchanged at 0.56 percent in December 2013, while the 15 year Central Government bond yield rose marginally to an estimated 3.21 percent, from 3.15 percent in September 2013.
On this basis the interest rate benchmark for residential mortgages: the Mortgage Market Reference Rate, remained unchanged at 2.25 percent in March 2014.
The statement noted that commercial banks and their affiliated non-bank financial institutions are expected to apply this mortgage rate plus a margin to all existing residential mortgage loans that are due to be re-priced as well as new mortgages from March 3, 2014.
It added that the margin will be negotiated between the commercial bank and customer. The margin takes into account the customer’s credit rating, the location of the property, the size of the down payment and the size and quality of collateral.
Hi 2nrs,
Recently I've decided to further my post grad studies with an MBA. My background (if it helps) is that I'm 31, BSc & MSc in Chemical Engineering from UWI. I'm looking to expand my knowledge as I move up the corporate ladder in my workplace. I have also considered doing a Phd, but at this point in my life, I don't have the passion in Chem Eng to do a full Phd.
noshownogo wrote:Same, never banked with Scotia and I got the most competitive Mortgage rate with them. Lower than advertised figures from all major banks.
subie_2NR wrote:If you have $400k in savings and work for 27K a month, look for T&C approved lot, buy cash then take the land as security and get a loan for construction.
This process will lake much longer but at the end of the day you are not sacrificing yourself to pay a 30yr mortgage and you get a house that you want.
subie_2NR wrote:If you have $400k in savings and work for 27K a month, look for T&C approved lot, buy cash then take the land as security and get a loan for construction.
This process will lake much longer but at the end of the day you are not sacrificing yourself to pay a 30yr mortgage and you get a house that you want.
subie_2NR wrote:If you have $400k in savings and work for 27K a month, look for T&C approved lot, buy cash then take the land as security and get a loan for construction.
This process will lake much longer but at the end of the day you are not sacrificing yourself to pay a 30yr mortgage and you get a house that you want.
lalloboy101 wrote:subie_2NR wrote:If you have $400k in savings and work for 27K a month, look for T&C approved lot, buy cash then take the land as security and get a loan for construction.
This process will lake much longer but at the end of the day you are not sacrificing yourself to pay a 30yr mortgage and you get a house that you want.
Best advice so far
hong kong phooey wrote:or you should not post your finances on tuner there are some people who view these fourms for other reasons
subie_2NR wrote:If you have $400k in savings and work for 27K a month, look for T&C approved lot, buy cash then take the land as security and get a loan for construction.
This process will lake much longer but at the end of the day you are not sacrificing yourself to pay a 30yr mortgage and you get a house that you want.
subie_2NR wrote:If you have $400k in savings and work for 27K a month, look for T&C approved lot, buy cash then take the land as security and get a loan for construction.
This process will lake much longer but at the end of the day you are not sacrificing yourself to pay a 30yr mortgage and you get a house that you want.