Mortgage Rates in Trinidad - Who is Best?

[adnj]

Many times this is true but not always.

It depends on a lot of factors like if/how you're financing, do you have the time and background, where you intend to build, along with where you are living during the construction.

If you finance you'll need a bridge loan to cover construction which is usually more expensive than a mortgage.
If you build with cash, you save about 35% of payments by not paying interest.
If you have an 8 to 4 you may not be able to spend the time on the project to stay on top of problems.
If you don't have a construction background you may more likely make sub-optimal choices.
If you want to live in a developed area, buying an existing home is usually not too difficult.
If you want to build in a developed area it may be tough to find a lot or you may have to demolish an existing structure.
If you know what you're doing, you can work on the project yourself and save money.
If you are paying rent or a mortgage you continue to make payments while building.
If you own your home then the pressure to move in doesn't exist and you can move whenever the new home is ready.

There are reasons to do both but ultimately it is an individual decision.

Guys u need to do your research a little more . yeah buying a prebuilt is a lot easier but building your house you can save in the hundreds of thousands of dollars.
After you finish paying your mortgage you will never want to do that again.

[urbandilema]

Many times this is true but not always.

It depends on a lot of factors like if/how you're financing, do you have the time and background, where you intend to build, along with where you are living during the construction.

If you finance you'll need a bridge loan to cover construction which is usually more expensive than a mortgage.
If you build with cash, you save about 35% of payments by not paying interest.
If you have an 8 to 4 you may not be able to spend the time on the project to stay on top of problems.
If you don't have a construction background you may more likely make sub-optimal choices.
If you want to live in a developed area, buying an existing home is usually not too difficult.
If you want to build in a developed area it may be tough to find a lot or you may have to demolish an existing structure.
If you know what you're doing, you can work on the project yourself and save money.
If you are paying rent or a mortgage you continue to make payments while building.
If you own your home then the pressure to move in doesn't exist and you can move whenever the new home is ready.

There are reasons to do both but ultimately it is an individual decision.

Guys u need to do your research a little more . yeah buying a prebuilt is a lot easier but building your house you can save in the hundreds of thousands of dollars.
After you finish paying your mortgage you will never want to do that again.

Thanks for the factors and advice I actually have intentions to move to allocate land,save and build..I have no construction background but I have sum electrical background.also my in laws say they will advice me and may help the labor and finishing the concept..I think I rather take my time price and stage at a time to complete it

[shake d livin wake d dead]

Point to note: do not take one person to build your house...use different people for different things...you'd save a lot here

[urbandilema]

Point to note: do not take one person to build your house...use different people for different things...you'd save a lot here

Thanks ...BTW I have a question how long does take town and country to get the document stating your land is tc approved

[shake d livin wake d dead]

Point to note: do not take one person to build your house...use different people for different things...you'd save a lot here

Thanks ...BTW I have a question how long does take town and country to get the document stating your land is tc approved

The land or the proposed building plan?? If is the land it would depend on the developer and how much he has done on the said area and well how much people he knows...as long as he meets the requirements... At least 6 mths( providing there are roads, drainage, lights, water...etc etc

As per the house plan: at least 6 mths or it can be less if you know someone

[urbandilema]

Lil update on rates for land if you dealing with republic bank (rbl) it's 5 percent for the loan or interest rate

[DevilZ]

Wah kinda loan you would need for a mobile home? Mortgage or auto?

[urbandilema]

Ask flow from progressive.com

[DevilZ]

Seriously though I considering a trailer house cuz I broke

[supernedd]

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.

27k a month salary ..she money nice..lol

[supernedd]

FCB had a nice loan sale late last year where interest rates were 5.5% for 10 years (buying land)

wow that is a best deal.. that better than any car loan.. lol

[SimSimmer69]

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.

27k a month salary ..she money nice..lol

27K/month is average if you're talking about paying a mortgage and other monthly expenses especially if you have a family of say 3 or 4.

[supernedd]

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.

27k a month salary ..she money nice..lol

27K/month is average.

not for everyone.. lol . a engineer or a oil field worker ..

[VexXx Dogg]

FCB rates were decent, but I've been with them a while, so I negotiated a bit.
TTMF supposed to be good, didn't get a quote, but heard from other colleagues.
RBL banking officer advised me to go FCB, because they couldnt match it :\
RBC (LOL no)
Scotia (LOL no)
Didn't bother with anyone else.

[SimSimmer69]

FCB rates were decent, but I've been with them a while, so I negotiated a bit.
TTMF supposed to be good, didn't get a quote, but heard from other colleagues.
RBL banking officer advised me to go FCB, because they couldnt match it :\
RBC (LOL no)
Scotia (LOL no)
Didn't bother with anyone else.

The service at FCB is deplorable. I almost took a debt consolidation loan from RBC but I realized I was headed down an abyss.

[randolphinshan]

Who takes a mortgage to build a house again ? Just marry a rich gyal who fadda have money and let him build the house for you. Start using your brain fellas. And for all the loverboys, NO meow worth so much for me to be paying back hundreds of thousands back in interest for the rest of my working life.

[konartis]

FCB rates were decent, but I've been with them a while, so I negotiated a bit.
TTMF supposed to be good, didn't get a quote, but heard from other colleagues.
RBL banking officer advised me to go FCB, because they couldnt match it :\
RBC (LOL no)
Scotia (LOL no)
Didn't bother with anyone else.

My mortgage with RBL is 4.5%

[urbandilema]

FCB rates were decent, but I've been with them a while, so I negotiated a bit.
TTMF supposed to be good, didn't get a quote, but heard from other colleagues.
RBL banking officer advised me to go FCB, because they couldnt match it :\
RBC (LOL no)
Scotia (LOL no)
Didn't bother with anyone else.

My mortgage with RBL is 4.5%

Currently mines is 4.5 with rbl..believe the loan officer stated interest rates drop

[Mowally]

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

[ProtonPowder]

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.

[*KRONIK*]

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

[Dizzy28]

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]

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.

[VexXx Dogg]

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

[eitech]

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.

[adnj]

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]

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]

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.

[Kronik]

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

[nismodriver]

Tried sagicor as well ?