Buyer's Guide

Financing a Lot Purchases

  1. Debt Service Ratio MUST NOT exceed 45%
  2. Down Payment
  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

Financing a Home Purchase

  1. Debt Service Ratio MUST NOT exceed 45%
  2. Down Payment
  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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