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Mortgage Rates in Trinidad - Who is Best?

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infinite_RPM
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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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Re: Mortgage Rates in Trinidad - Who is Best?

Postby matthew-scg » November 12th, 2018, 2:50 pm

I was wondering the same thing^^ so was doing a bunch of research on Google and I came across this post.

It's from 2014 though ... so in case anyone else comes across this post and wants updated results I also found https://comparett.com VERY helpful.

You could check out mortgages on https://comparett.com/mortgages... they have listings of all the different banks as well as their mortgage rates fixed and variable. They will also let you type in how much you want to borrow and will automatically calculate the monthly repayments for you (y).

I didn't go through the application process myself but from what I have heard it works well - no problems.

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby urbandilema » November 15th, 2018, 4:52 am

matthew-scg wrote:I was wondering the same thing^^ so was doing a bunch of research on Google and I came across this post.

It's from 2014 though ... so in case anyone else comes across this post and wants updated results I also found https://comparett.com VERY helpful.

You could check out mortgages on https://comparett.com/mortgages... they have listings of all the different banks as well as their mortgage rates fixed and variable. They will also let you type in how much you want to borrow and will automatically calculate the monthly repayments for you (y).

I didn't go through the application process myself but from what I have heard it works well - no problems.
Great app here will keep it in mind when I'm ready to go for a bridging finance loan

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby DDON.TT » March 4th, 2019, 6:02 pm

very informative thread

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby R.P.J » March 4th, 2019, 6:18 pm

TTMF is the lowest once u meet the requirements for 2%

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blacklight
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Re: Mortgage Rates in Trinidad - Who is Best?

Postby blacklight » March 17th, 2020, 6:06 pm

Does any of the Banks offer a fixed rate of interest for mortgages like TTMF?

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby slacker_83 » March 18th, 2020, 10:46 am

TTMF does not offer fixed rates. The 2% and 5% rates increases by 0.5% annually until it reaches the open market rate which is currently 7%.
Better take your chances with the commencial banks.

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby blacklight » March 18th, 2020, 1:05 pm

Ok thanks....they are offering 6% open market rate on properties over 1.5m.
slacker_83 wrote:TTMF does not offer fixed rates. The 2% and 5% rates increases by 0.5% annually until it reaches the open market rate which is currently 7%.
Better take your chances with the commencial banks.

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby slacker_83 » March 18th, 2020, 1:11 pm

I'm actually shopping around looking at switching mortgages. Spoke to an RBC Agent, they offering 3.99% until June for professionals. Not sure what they classify as professionals but I know Teachers in the group.

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby Dave » March 18th, 2020, 1:54 pm

Ttmf will adjust their rates more rapidly than a bank. With rates forecasted in 2004 to go down, I got 4 revised reduces rates while my mortgage was being serviced. Left the standing amount through all the reductions and ended up having close to 6mths prepaid.

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby blacklight » March 18th, 2020, 3:14 pm

I'm weary of banks....I get a schemy hidden agenda (via fine print) vibes.I honestly prefer "fixed" or to be politically correct "stable rates" so I can adjust spending habits consistently.

But yay to the best offer
Dave wrote:Ttmf will adjust their rates more rapidly than a bank. With rates forecasted in 2004 to go down, I got 4 revised reduces rates while my mortgage was being serviced. Left the standing amount through all the reductions and ended up having close to 6mths prepaid.

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby jsm1985 » October 12th, 2020, 8:36 pm

I currently have a 30 yr mortgage with FCB, which is at 6.5% interest rate (good at the time in 2011, although variable, it hasn't been adjusted in 9 years. ~20 years remaining)

Considering switching to RBC, they're offering me a 4.25% interest rate to switch with a rebate on switching fees up to $30,000 (i've calculated my switching fees to be about $20k).

I've reached out to FCB multiple times to ask them to reduce my interest rate in light of RBC's offer but they refuse to budge.

Thoughts on if I should go ahead with the offer? I'm concerned that after a year or so, RBC increases the rate above 6.5%. Anyone know what RBC's realistic interest rates look like in this type of situation?

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby Dohplaydat » October 12th, 2020, 8:55 pm

jsm1985 wrote:I currently have a 30 yr mortgage with FCB, which is at 6.5% interest rate (good at the time in 2011, although variable, it hasn't been adjusted in 9 years. ~20 years remaining)

Considering switching to RBC, they're offering me a 4.25% interest rate to switch with a rebate on switching fees up to $30,000 (i've calculated my switching fees to be about $20k).

I've reached out to FCB multiple times to ask them to reduce my interest rate in light of RBC's offer but they refuse to budge.

Thoughts on if I should go ahead with the offer? I'm concerned that after a year or so, RBC increases the rate above 6.5%. Anyone know what RBC's realistic interest rates look like in this type of situation?


Dude do it, banks need to learn the hard way. What are the conditions of the RBC rate? Variable, fixed (what time period)?

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby widdyphuck » October 12th, 2020, 9:37 pm

If it's too good to be true..chances are it isn't true..make sure you read the fine prints before jumping ship...

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Re: Mortgage Rates in Trinidad - Who is Best?

Postby jsm1985 » October 13th, 2020, 3:01 am

These are the terms:

Interest Rate:​4.25% per annum (Adjustable)
​(comprising Mortgage Market Reference Rate (MMRR) + Margin). Interest rate calculations are based on 360 days per year.

​“Mortgage Market Reference Rate” or “MMRR” means the benchmark interest rate set by the Central Bank of Trinidad and Tobago (CBTT) upon which the residential real estate mortgage is priced or re-priced. The MMRR is independently calculated and published by the CBTT on a quarterly basis.

​“Margin” means the additional interest rate applicable to your mortgage over and above the MMRR or internal benchmark rate. This portion compensates the Lender for all costs related to the processing and maintenance of your mortgage loan, over its amortization period.

​If the MMRR changes any time before the acceptance date of this letter or the disbursement date of the loan, the most recent MMRR shall apply.

​​In the event that the CBTT ceases or suspends publishing the MMRR, an internal benchmark rate fixed by the Lender shall apply.

​The Interest Rate on the loan, in particular the Margin, is subject to variation at any time during the period of the loan upon thirty (30) days’ notice to you. In any event, where the MMRR applies, the Interest Rate is reviewable at least once every twelve (12) months based on the anniversary month of your loan to apply the most recent MMRR.

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Re: WTK: Best Mortgage rates in T&T

Postby macd » May 26th, 2021, 4:00 am

eitech wrote:
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.
Hey bro thank you for this information as I also have a TTMF loan but can you clarify further. U say that the installments stay they same even if the interest rises?

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