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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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ProtonPowder
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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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*KRONIK*
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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.

Mowally
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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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eitech
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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.

Mowally
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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

adnj
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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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Kronik
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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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nismodriver
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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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