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WTK: Best Mortgage rates in T&T

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Mowally
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WTK: Best Mortgage rates in T&T

Postby Mowally » July 8th, 2018, 10:20 pm

Hi, Tuners I've been reading up on mortgages in Trinidad. I need some ideas on the best lending institution and some advice on my presenting issues.
1. Working with combined salary of $18000 & the no. of yrs to pay off is 16. I'm looking at property for $1.2M.
2. Can I used family land as collateral to get a mortgage for new property?
3. Annnddd how do I go about getting Venezuelan labourers?

Thanks

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Re: WTK: Best Mortgage rates in T&T

Postby ProtonPowder » July 8th, 2018, 11:21 pm

I hear TTMF has a 2% interest rate for first time homeowners that fit specific criteria. Otherwise the other schemes are at 5% through TTMF, 4.75%ish through the banks and 6% from credit unions

Hard lucks if you wukking contract. Harder lucks if is your first job contract.

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Re: WTK: Best Mortgage rates in T&T

Postby *KRONIK* » July 9th, 2018, 7:12 am

Mowally wrote:Hi, Tuners I've been reading up on mortgages in Trinidad. I need some ideas on the best lending institution and some advice on my presenting issues.
1. Working with combined salary of $18000 & the no. of yrs to pay off is 16. I'm looking at property for $1.2M.
2. Can I used family land as collateral to get a mortgage for new property?
3. Annnddd how do I go about getting Venezuelan labourers?

Thanks
1) TTMF maybe your best option as 1st time.
The 2% rate i think applies to combined salary of 14k.
You will definitley qualify for the 1.2mil. But i cant say how long they will want the pay-back period.

2) i dont think you need much co-latteral with ttmf. Some Banks require it tho.

3) how they do the loans is that they buy the land for you with 1 payment, issued straight to the seller.
The money for the construction is released in phases to the contractor, in most cases. So only if the contractor has the venezuelan labour, you can get it. They require a lot of paperwork on the building before they begin releasing money. The does want: approved plans, topograohical survey, approved material estimates, etc.

Hope this helps.
You best bet to get proper info is to go to TTMF and have a sit down with a loans offficer, they will guide you accordingly

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Re: WTK: Best Mortgage rates in T&T

Postby Dizzy28 » July 9th, 2018, 11:34 am

Isn't TTMF's 5% rate for a fixed period (1st 5 years) as opposed to the life of the mortgage and it then goes to market rates eventually. (v. A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the Approved Mortgage Company (AMC) rate (currently 7%) in five (5) years........https://www.ttmf-mortgages.com/mortgage ... -programme)

This should be a concern/point of note for persons who just about qualified from an income perspective, as they would need to pay a bigger payment later on.

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Re: WTK: Best Mortgage rates in T&T

Postby Mowally » July 9th, 2018, 7:27 pm

Thanks @Dizzy28 and *KRONIK*. I'll try TTMF again. I tried using their mortgage calculator but I got wayy less than the desired $1.2 so I'll go in in person. Thanks again.

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Re: WTK: Best Mortgage rates in T&T

Postby VexXx Dogg » July 9th, 2018, 9:30 pm

TTMF should be good.
FCB is also very competitive among the banking institutions.

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Re: WTK: Best Mortgage rates in T&T

Postby eitech » July 9th, 2018, 9:43 pm

Dizzy28 wrote:Isn't TTMF's 5% rate for a fixed period (1st 5 years) as opposed to the life of the mortgage and it then goes to market rates eventually. (v. A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the Approved Mortgage Company (AMC) rate (currently 7%) in five (5) years........https://www.ttmf-mortgages.com/mortgage ... -programme)

This should be a concern/point of note for persons who just about qualified from an income perspective, as they would need to pay a bigger payment later on.


I saw all my calculated payments and ur mortgage payment remains fixed, eg lets say it 3000/mth, what actually varies is the interest but however it varies, ur mthly installment adjusts to suit. So in essence at some point u will be paying a higher interest rate and ur principle will be less, then as years go by the interest decreases but the principle goes up. But in d end ur installment is fixed ie 3000/mth.

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Re: WTK: Best Mortgage rates in T&T

Postby adnj » July 10th, 2018, 8:48 am

You can use other property as collateral but it typically must be deeded to the borrowers only with no additional liens.

A 16 year payoff on $1.2M at 2% APR requires a payment of about $7,300 per month; that's 40% of your gross income.

Most lenders require your payments to be 31% of gross or less.

If your payments were about 31% of your gross income or $5,600 per month at 2% APR, your pay off on $1.2M is about 22.5 years.

Adjustable rate mortgages allow the rate to change and your monthly payment changes accordingly. The amount of time to pay off the loan remains fixed.

If you get an adjustable rate mortgage with a 2% introductory rate, your payment will increase about $300 for every 1/2% bump to your rate; assuming the same 22.5 year term.

Remember that incomes typically increase over time and you'll likely be able to afford the increases to your monthly payments.

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Re: WTK: Best Mortgage rates in T&T

Postby Mowally » July 15th, 2018, 10:43 am

Hi.. Thank you for input.
I'm trying to wrap my mind around the info given. You spoke about the land . So the land with requirements given will decrease the loan amount? with the property being in lien, will I still be able to use such property as a revenue earner?
I won't qualify for the 2% because my salary is above $14000, but less than $20G. My issue is the time frame for the mortgage repayment, I'm only getting 16 years.
I'd like ac company that can deal with me on my individual basis. Looking @my assessments & liabilities & working to suit.

Thanks again

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Re: WTK: Best Mortgage rates in T&T

Postby adnj » July 15th, 2018, 12:17 pm

Mowally wrote:Hi.. Thank you for input.
I'm trying to wrap my mind around the info given. You spoke about the land . So the land with requirements given will decrease the loan amount? with the property being in lien, will I still be able to use such property as a revenue earner?
I won't qualify for the 2% because my salary is above $14000, but less than $20G. My issue is the time frame for the mortgage repayment, I'm only getting 16 years.
I'd like ac company that can deal with me on my individual basis. Looking @my assessments & liabilities & working to suit.

Thanks again
Assuming that you are only given 16 years to repay a $1.2M loan:

.. If the loan APR is 5%, the payments are $9,060 per month.
.. A monthly income of $18k will likely qualify for a payment of $6k per month or less.
.. $6k per month, on a 16 year repay at 5% APR is a maximum loan amount of $795,000. At 6% APR the max is $743k.

Using additional property as collateral may make it easier to qualify for a loan at a higher payment amount, get a longer loan repayment schedule, get a lower loan interest rate, or all of these. You still have use of your property, though you will likely need to insure it.
Last edited by adnj on July 15th, 2018, 12:17 pm, edited 1 time in total.

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Re: WTK: Best Mortgage rates in T&T

Postby Kronik » July 15th, 2018, 2:44 pm

I found a local site that allows you to compare things like mortgage payments between many financial institutions

https://comparett.com/mortgages

Looks accurate when I compared figures I got with what the site has

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Re: WTK: Best Mortgage rates in T&T

Postby nismodriver » July 15th, 2018, 3:23 pm

Tried sagicor as well ?

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Re: WTK: Best Mortgage rates in T&T

Postby infinite_RPM » September 1st, 2018, 5:06 pm

Bump.. quick question. The ttmf 2 percent mortgage is up to 1m, but let's say the house I want to buy is 1.4m, would I be able to qualify for for the 2 percent rate if I have the 0.4m already?

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Re: WTK: Best Mortgage rates in T&T

Postby adnj » September 1st, 2018, 9:50 pm

Yes.

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Re: WTK: Best Mortgage rates in T&T

Postby Kronik » September 3rd, 2018, 8:42 pm

infinite_RPM wrote:Bump.. quick question. The ttmf 2 percent mortgage is up to 1m, but let's say the house I want to buy is 1.4m, would I be able to qualify for for the 2 percent rate if I have the 0.4m already?
Nope, they say it's up to the value of 1m so even if you buying something for 900k but the valuation stating 1.1m, you will get put in the 5% bracket. Same for construction, if your land valuation plus construction value crosses 1m, it's 5%

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Re: WTK: Best Mortgage rates in T&T

Postby ProtonPowder » September 3rd, 2018, 9:27 pm

Real nonsense to be honest.

Say you manage to get a good piece of land close-ish to an urban area for about 400-450k like Reform or so, you would end up being limited to construct a small <1000-1200sf house to keep it under 1M value.

For basic construction, OLD (2015) quantity surveyor estimates are $500 per sf of house from foundation to finish. More recent estimates for basic construction are closer to $600 per sf or so.

A few people I've spoken with also got screwed over by their mortgagees before. Buried in the covenants it stated that construction of any fence or external shed before the release would raise their interest rate. They didnt realize, and the next time the quantity surveyor came, they get slap with higher payments. This was probably for the bank to not let the owners increase the value of the home relative to the value of the loan.

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Re: WTK: Best Mortgage rates in T&T

Postby adnj » September 4th, 2018, 5:48 am

adnj wrote:Yes.
Kronik wrote:
infinite_RPM wrote:Bump.. quick question. The ttmf 2 percent mortgage is up to 1m, but let's say the house I want to buy is 1.4m, would I be able to qualify for for the 2 percent rate if I have the 0.4m already?
Nope, they say it's up to the value of 1m so even if you buying something for 900k but the valuation stating 1.1m, you will get put in the 5% bracket. Same for construction, if your land valuation plus construction value crosses 1m, it's 5%
It's based on valuation and subsidized. I was wrong.
Last edited by adnj on September 4th, 2018, 5:48 am, edited 1 time in total.

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Re: WTK: Best Mortgage rates in T&T

Postby Kronik » September 4th, 2018, 5:59 am

ProtonPowder wrote:Real nonsense to be honest.

Say you manage to get a good piece of land close-ish to an urban area for about 400-450k like Reform or so, you would end up being limited to construct a small <1000-1200sf house to keep it under 1M value.

For basic construction, OLD (2015) quantity surveyor estimates are $500 per sf of house from foundation to finish. More recent estimates for basic construction are closer to $600 per sf or so.

A few people I've spoken with also got screwed over by their mortgagees before. Buried in the covenants it stated that construction of any fence or external shed before the release would raise their interest rate. They didnt realize, and the next time the quantity surveyor came, they get slap with higher payments. This was probably for the bank to not let the owners increase the value of the home relative to the value of the loan.
Exactly why I went to republic (4.75%) instead of TTMF (RBC is like 4.5% I think), aside from what you paying for the land, is the valuation amount you need to check, so if you paying 450k, but it valued at 550k, you have to build something valued 450k max and get your completion certificate or else is 5% cuz you cross 1mil in value. And the max amount you would be able to get for land based on a 14k salary (max salary for 2%) is 400k, if it costs more you would have to put it, but that still leaves you with the high value.
That 2% is to build a small house, cuz it hard to find land with full approvals that they require for less than 400k unless it away from the city where it not so populated.

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Re: WTK: Best Mortgage rates in T&T

Postby adnj » September 4th, 2018, 7:05 am

adnj wrote:Yes.
Edit: Absolutely no. It's a government subsidized, first time homeowner progam.

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Re: WTK: Best Mortgage rates in T&T

Postby dineshb316 » September 4th, 2018, 8:07 am

Just an FYI each time Global interest rates increase ( especially in the US) expect an increase in your mortgage installment.

Happened twice in the past 2 years with my current mortgage with Republic bank which equated to almost 1k increase in installment.

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Re: WTK: Best Mortgage rates in T&T

Postby ProtonPowder » September 4th, 2018, 5:03 pm

I also expect a rise in the general interest rates on mortgages, and a cutback in the amount of subsidised mortgages given out.

Reading through a lot of deeds of mortgage for the early 90s and late 80s, you see a lot of deeds had overall lower mortgage principals relative to others in the years preceeding, but much higher interest %. Seeing 9% and 11% were not uncommon at all.

The downturn in the housing market at that time allowed a lot of lower-mid middle class families to move into wealthier areas if they had a decent amount to use as a downpayment. It also allowed the housing market at the time leading into the early 2000s to slow down a bit.

If we want housing to once again become affordable for the average man to buy a piece of land outside the city and put down his own, a few things need to happen.

1. The government needs to get out of housing.
2. Subsidized mortgages need to be stopped.
3. Approvals need to be streamlined (looking at you T&C).
4. Valuation surveyors need to be regulated (private and government).
5. General interest rates have to rise.

It wont be pretty, but if those steps are followed, in 5-10 years, things would be a whole lot better than they are now.

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Re: WTK: Best Mortgage rates in T&T

Postby Kronik » September 4th, 2018, 9:59 pm

Well boy, last week on the 30th I apply by Raymond and Pierre to do a valuation for a piece of land, and today the 3rd they call me in the morning and say it ready, I say they trying to break record, cuz they tell me 10-15 working days.

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Re: WTK: Best Mortgage rates in T&T

Postby ProtonPowder » September 4th, 2018, 11:46 pm

They produce the most detailed valuations of all the firms and individuals out there, and they also charge the highest rates.

They have a real tendency to overvalue land seeing as the banks tend to direct people to them the most. I see R&P value land for 50-80% higher than the accepted stamp duty valuation for a mortgage, 8 months after the deed was stamped and registered. Only reason that person had to redo a valuation was because the last one had been considered 'expired' after 6 months.

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Re: WTK: Best Mortgage rates in T&T

Postby shake d livin wake d dead » September 5th, 2018, 6:52 am

Linden scott is pretty affordable and provides good service...I trying to live with the reality that mortgages getting outa hand (ie interest) so im trying to band belly and build cash

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Re: WTK: Best Mortgage rates in T&T

Postby Kronik » September 5th, 2018, 7:49 am

I called all the valuators on the bank list, and once it was below 1mil Raymond and Pierre was the cheapest, terra Caribbean is the only one who couldn't tell me a cost, the others had deposits over 2k. It good to call all the valuators from the list and get a cost because one might be better for 800k but not as good for 1.2mil

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Re: WTK: Best Mortgage rates in T&T

Postby ProtonPowder » September 5th, 2018, 1:09 pm

You probably got the $2k fee then. They have an even higher minimum for 'prestige' areas that they have listed.

If hey worked out best for your situation then thats good though.

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Re: WTK: Best Mortgage rates in T&T

Postby Kronik » September 7th, 2018, 7:18 am

ProtonPowder wrote:You probably got the $2k fee then. They have an even higher minimum for 'prestige' areas that they have listed.

If hey worked out best for your situation then thats good though.
I pay less than 2k, 1500 plus vat, value came up to 10k less than I paying, so I glad they didn't value it too high, less money I hadda pay in fees.

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