Mortgage Loan

Purchase of House & Land or, Land only, Construction or, Home Repairs/Renovations and property to be held as security for loan applied for. Reduced Rate – 0.5% Effective June 1, 2013

 

All loans are subject to normal lending criteria:house

  • Completed loan application form
  • Recent job letter & payslip
  • Two (2) Personal References (1 family & 1 close friend)
  • Two (2) forms of ID and recent utility bill or bank statement
  • Copy of Deed & Cadastral Sheet
  • Land & Building tax receipt (current year)
  • WASA clearance certificate
  • Town & Country ‘Final’ approval where applicable (land must be freehold)
  • Agreement of sale
  • Valuation report by approved valuators
    1. Ray Pierre – 624-7015
    2. Raymond & Pierre Limited – 623-4945 or 653-2847
    3. Any other approved Valuator
  • Builders estimate (where applicable)
  • Approved plans (where applicable)
  • Statement of Savings & Indebtedness from financial institutions
  • Required shares 10% (unencumbered) where applicable or, Loan for up to 85% value of the property, or 90% financing of purchase price – Limit subject to Board Of Directors approval
  • Repayment period maximum 20 years
  • Debt service ratio – not more than 45%
  • Interest rate is 0.5% on the reducing balance per month subject to review every 3 years
  • Note: House Insurance to be taken out based on valuators recommendation and be assigned to AMGECU (where applicable) and Life Insurance (optional)

Fees applicable:

  • Pay valuators for valuation
  • Loan processing fee 0.5% of Loan approved (included in loan applied for)
  • Search fees, lawyer fees etc.

Attorneys:

  1. D Hewitt & Company – 625-5016
  2. Girwar & Deonarine – 652-3461 or 624-5121
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