For the 2nrs old enough to have their own home..

[crazychinee]

Mortages; Who did you go with? The interest rate isn't a big concern as I know it's fluctuating,but any idea on if firms(including the insurance ones ) offer fixed rate? Anyone do their mortgage with anyone other than the banks; sagicor/tatil etc


CLosing fees, time from start to finish, hassle? Who can you recommend.
Looking to do a mortgage, but lumpsum the principal every 3 months unless another investment comes along.

I've spoken to Scotia that told me that all details are subject to negotiation, including paying off early, lump suming and having absolutely no penalties attached to early repayment.

[Bareback]

I am with Scotia and I am very happy with the mortgage and definitely recommend them. Rates are not going to be fixed in this market. If CBTT changes the rate then so to will yours change. Scotia is the only bank that offers Bi-Weekly payments (every 2 weeks) and because the mortgage is essentially a bond paid back on an accounting amortization schedule the more frequently you make payments the faster you pay off the mortgage and the less interest you pay overall.

Scotia already has policies on early repayment etc.... so this negotiation thing I am not sure about. There is a qualification/ approval process which every bank has, but essentially it comes down to you being able to service the payments with your current income. Once approved you can request the payments be increased to accelerate the pay off, or do as you wanted and make lump sum payments once you give them the prescribed notification, I think it is 90 days.

[bluefete]

Mortages; Who did you go with? The interest rate isn't a big concern as I know it's fluctuating, (BIG mistake right dey, right dey)but any idea on if firms(including the insurance ones ) offer fixed rate? Anyone do their mortgage with anyone other than the banks; sagicor/tatil etc


CLosing fees, time from start to finish, hassle? Who can you recommend.
Looking to do a mortgage, but lumpsum the principal every 3 months unless another investment comes along.

I've spoken to Scotia that told me that all details are subject to negotiation, including paying off early, lump suming and having absolutely no penalties attached to early repayment. (A nex' BIG mistake right dey, right dey!!)

A fluctuating interest rate is the WORST rate you can get. If it goes down you are okay. When it goes up you can be screwed from a few hundred to a few thousand dollars on your monthly / lumpsum payments.

I am not sure if any institutions offer fixed rates anymore (maybe TTMF).

NO BANK will give up its penalties for early repayment. Expect to be charged AT LEAST 6 months interest for early repayment.

There is a thread somewhere with this info.

[Country_Bookie]

U should visit all the banks and mortgage companies and let them quote you on their rate and legal fees/closing costs for the amount u wish to borrow. The legal fees can vary drastically from bank to bank.
I’m with HMB, as they quoted me the lowest legal fees. They also have the option of having ur mortgage rate fixed for a 3 or 5 year period, which you should avail of if u believe interest rates might go up. However, even on their floating rate mortgages, they don’t change their rates as often as the banks. They’ve been at 7% for the last couple of years.

[Duane 3NE 2NR]

I am with Scotia and I am very happy with the mortgage and definitely recommend them. Rates are not going to be fixed in this market. If CBTT changes the rate then so to will yours change. Scotia is the only bank that offers Bi-Weekly payments (every 2 weeks) and because the mortgage is essentially a bond paid back on an accounting amortization schedule the more frequently you make payments the faster you pay off the mortgage and the less interest you pay overall.

Scotia already has policies on early repayment etc.... so this negotiation thing I am not sure about. There is a qualification/ approval process which every bank has, but essentially it comes down to you being able to service the payments with your current income. Once approved you can request the payments be increased to accelerate the pay off, or do as you wanted and make lump sum payments once you give them the prescribed notification, I think it is 90 days.

x2

[pioneer]

not affected...still living with parents

[rollingstock]

Bought house cash with bribe money, so not affected.
But when i was looking at taking a mortgage TTMF was the better deal for me as a first time home owner. Just try not to take one of the extended 35yr mortgages, the interest if ridiculous.

[zoom rader]

not affected... I applied with the bank of mom and dad at 0% instrest

[Halfbreed07]

Scotia, their bi-weekly payments cut my term by about 8 years

[pioneer]

not affected... I applied with the bank of mom and dad at 0% instrest

In before jealous tuners

[Stephon.]

I was under the impression that whatever bank you had the best "relationahip" with would be the one you would approach for any kind of financial need.

[zoom rader]

I was under the impression that whatever bank you had the best "relationahip" with would be the one you would approach for any kind of financial need.

Nah dude banks in trini are evil. You need to shop around, banks only there to did your eye out. They dont care if you are loyal customer (sucker) only to fill their pockets.

[pioneer]

Die and hope to reborn into a rich family.

[AllTrac]

not affected....recently opened a contracting company in my adopted zimbabwe son name and rubbing shoulders with ministah dawtah.

[dougla_boy]

not affected....recently opened a contracting company in my adopted zimbabwe son name and rubbing shoulders with ministah dawtah.

d phoq

[zoom rader]

Die and hope to reborn into a rich family.

Try Stephon

[Stephon.]

Die and hope to reborn into a rich family.

Try Stephon

Didn't you just say that your parents bought you your house though? Lol

[zoom rader]

Die and hope to reborn into a rich family.

Try Stephon

Didn't you just say that your parents bought you your house though? Lol

Nah dude, had to pay them back at 0% rate

[Pointman-IA]

Scotia....

[Dragular]

I am with Scotia and I am very happy with the mortgage and definitely recommend them. Rates are not going to be fixed in this market. If CBTT changes the rate then so to will yours change. Scotia is the only bank that offers Bi-Weekly payments (every 2 weeks) and because the mortgage is essentially a bond paid back on an accounting amortization schedule the more frequently you make payments the faster you pay off the mortgage and the less interest you pay overall.

Scotia already has policies on early repayment etc.... so this negotiation thing I am not sure about. There is a qualification/ approval process which every bank has, but essentially it comes down to you being able to service the payments with your current income. Once approved you can request the payments be increased to accelerate the pay off, or do as you wanted and make lump sum payments once you give them the prescribed notification, I think it is 90 days.

x2

x3

chose scotia over TTMF. for those who think TTMF is the best, good luck!

[TrEnD$eTt@]

funny enough i went with royal and got the option to payoff in 20thou installments...at the end of the day is ah bank so yuh cyar win..lesser of the evils....my advise though would be that u get started cuz it not gonna get easier.

[shake d livin wake d dead]

TTMF ftw

[crazychinee]

Thanks for the info guys.

I'm shopping around; so far Scotia has told me no fees and penalties(for early repayment) are fixed anymore and that I can negotiate on a personal basis .
I;'m not even approaching Republic Bank their policies on lending now suck.


I'll check out Royal, Scotia and TTMF.
TATIL is offering me a fixed rate of 6.75 for the first 3 years...

[Bizzare]

well u gotta have looks to do that. can u do that sharlene?

[pioneer]

It easier to chain up ah man to marrid and get house

Sucks to be ah man

lolwut?

[bluesteel29]

It easier to chain up ah man to marrid and get house

Sucks to be ah man

u prob from d countryside

[rfari]

Ttmf. Var-instal mortgages from banks may f*q u

[ado15mk3]

Why dont you try...TTMF? Interest is fixed and lower than the banks...especially if you're a first time owner.

when i got mine ttmf said that rates are not fixed but fairly stable compared to the banks

[crazychinee]

Ttmf. Var-instal mortgages from banks may f*q u

That still around? I thought a bank went bellyup because of it.

[rfari]

Sorry. When I say 'var-install' I'm referring to mortgages with the adjustable interest rates.