Buyer's Guide

1. Debt Service Ratio MUST NOT exceed 45%
2. Down Payment
   • 15% down-payment is required on all vacant land purchases.
   • Optionally the down-payment can be as low as 5% with Mortgage Indemnity Insurance.
3. Interest Rate
   • Prime Plus 2.5% up to Prime Plus 3.5% which works out to about (8.0% up to 9.50%). The better interest rates are reserved for clients with excellent credit profiles that offer larger down-payments.
4. Term (life of the mortgage) is usually 15 years or to the client's retirement, whichever is shorter.
5. Closing Costs Financing - in some cases we may consider financing the closing costs as a separate loan.
6. Turnaround Time - once all the necessary documents are received, we respond within 48 hours (2days) on amounts up to $100,000.00 and 96 hours (4 days) if the amount exceeds $100,000.00.

   Items needed to process a vacant land loan.

   • Purchase Agreement
   • Down Payment
   • Current Appraisal Report (less than 6 months)
   • Income Confirmation
     • Employment Reference letter
     • Salary notification advice
   • Confirmation of other sources of income
   • Three years of financial statements for self-employed individuals
   • Bank credit reference for new clients
   • Passport (first four pages)
   • National Insurance Card (front and back)
   • Copy of utility bill, cable bill, phone bill

1. Debt Service Ratio MUST NOT exceed 45%
2. Down Payment
   • 20% down-payment is required on all vacant land purchases.
   • Optionally the down-payment can be as low as 5% with Mortgage Indemnity Insurance.
3. Interest Rate
   • As lows as Prime plus 2.0% (85% variable rate) where the customer puts down 20% or more.
   • Prime Plus 2.25% up to Prime Plus 3.0% which works out to about (8.5% up to 10.50%). The better interest rates are reserved for clients with excellent credit profiles that offer larger down-payments.
4. Term (life of the mortgage) is usually 35 years or to the client's retirement, whichever is shorter.
5. Bank Fee of about 1% to 2%.
6. Additional Financing -
7. Turnaround Time - once all the necessary documents are received, we respond within one week on amounts up to $225,000.00 and 10 business days if the amount exceeds $225,000.00.

   Items needed to process a home purchase loan:-

   • Purchase Agreement
   • Down Payment
   • Current Appraisal Report (less than 6 months)
   • Income Confirmation
     • Employment Reference letter
     • Salary notification advice
   • Confirmation of other sources of income (50% taken into account)
   • Three years of financial statements for self-employed individuals
   • Bank credit reference for new clients
   • Details of borrowing.
   • Life Insurance for mortgage with our bank as loss payee.
   • Peril Insurance to cover home with our bank as loss payee.
   • Copy of first four pages of passport.
   • Copy of National Insurance Card (front and back)
   • Copy of utility bill, cable bill, phone bill

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