House and land advice please anyone

outsiderzkrew · Postby **outsiderzkrew** » February 22nd, 2015, 6:52 pm

I want to buy a house, haven't started any process to get a loan.
I have a permanent job, and don't have a 10% down payment as yet.
Is there any institutions that would be able to help me out?

*KRONIK* · Postby ***KRONIK*** » February 22nd, 2015, 7:04 pm

1)Start saving your down payment

2)Go to the bank/ttmf and see how much u qualify for

3) start looking for something in ur approved price range

Speedemon27 · Postby **Speedemon27** » February 22nd, 2015, 7:12 pm

Check TTMF....if you qualify dey financing up to 100% for the purchase of a house.

Check their website for more info

outsiderzkrew · Postby **outsiderzkrew** » February 22nd, 2015, 10:50 pm

Thanks for the info

STORM1234 · Postby **STORM1234** » February 23rd, 2015, 2:26 pm

I hate mortgages, that is why my mooma say I will never own anything

sadface X2

*$kїđž!™ · Postby *$kїđž!™ » February 24th, 2015, 1:54 am

apart from the downpayment you need money for bank and legal fees.....

Its great op is thninking about home ownership rather than the usual apartment rental menatality...

Op its expensive but worth it for the peace of mind.......

Mind you do not put your hat too high in terms of mortgage....as this is a burden.....make sure you got cash to live on after mortgage payments......

Postby **Duane 3NE 2NR** » February 24th, 2015, 2:11 am

Don't forget stamp duty
http://www.ird.gov.tt/uploadedfiles/Lis ... 0Rates.pdf

pugboy · Postby **pugboy** » February 24th, 2015, 5:24 am

and "negotiation fee", life insurance to cover loan in case you die

Postby **crazybalhead** » February 24th, 2015, 8:36 am

OP, just go in and talk to the TTMF and as many commercial banks as you can. Great thinking BTW.

The financial institutions will be able to advise as to each individual policy.

The sooner the better, that way you will know what you need to save, and start looking in your pirce range ASAP.

MG Man · Postby **MG Man** » February 24th, 2015, 8:39 am

^^^^everything that baldhead crazy fella said

shottah_crew · Postby **shottah_crew** » February 24th, 2015, 8:43 am

Earlier in the year, Scotia had offered to cover 95% financing, but their fees were in the region of $15,000. Their interest rate wasn't bad either...

pugboy · Postby **pugboy** » February 24th, 2015, 8:50 am

interest rates supposed to be lowish for a while now.

unless you are a multimillionaire, buying a property will always be a grind but
it is better to be working at a grind to pay a mortgage on a decent property
which can appreciate in value and is yours
than expending money on rent/cars/alcohol and other consumables

reaching age 30-40s and not owning a home and having to rent is not really a good thing

STORM1234 · Postby **STORM1234** » February 24th, 2015, 9:12 am

STORM1234 · Postby **STORM1234** » February 24th, 2015, 10:06 am

Where does money come from is a question that most of us never think to ask, even though in one way of another money affects almost every aspect of our lives.

Now, if you give the question a few seconds thought, the answer may seem obvious; take any note out of your wallet and you’ll see the words “Bank of England” printed on the front.

But the twist in the story is that the only money that the Bank of England creates is the cash that and this cash makes up just 3% of the money we use.

So where does the other 97% come from? The surprising fact is that the vast majority of money that exists is actually just numbers in computer systems. Money now is electronic. And these numbers are created through an accounting process used whenever a bank makes a loan.

In fact, the number that you see at the bottom of your bank statement or on the screen of an ATM doesn’t represent a pile of money in the bank’s safe; that number is the money.

So, when we borrow from a bank, we’re not borrowing money from someone else’s life savings; it’s actually newly created money. In fact, brand new money is created by banks every time somebody takes out a loan, overdraft or credit card.

Slartibartfast · Postby **Slartibartfast** » February 24th, 2015, 10:14 am

Bank of England?

Most of what you said is on point though. Paper money is a scam.

skylinechild · Postby **skylinechild** » February 24th, 2015, 4:10 pm

good vid there 8-)

MG Man · Postby **MG Man** » February 24th, 2015, 4:39 pm

Rahtid · Postby **Rahtid** » February 25th, 2015, 11:15 am

Inherit or buy land, build your own house piece by piece, according to how cash flows, build to your own design, after a couple years, u got your own, u don't owe banks, or have to pay mortgage for fifty years plus

teems1 · Postby **teems1** » February 25th, 2015, 11:22 am

Rahtid wrote:Inherit or buy land, build your own house piece by piece, according to how cash flows, build to your own design, after a couple years, u got your own, u don't owe banks, or have to pay mortgage for fifty years plus

No bank gives out a 50 year mortgage... That's just unrealistic...

Rahtid · Postby **Rahtid** » February 25th, 2015, 11:27 am

teems1 wrote:
Rahtid wrote:Inherit or buy land, build your own house piece by piece, according to how cash flows, build to your own design, after a couple years, u got your own, u don't owe banks, or have to pay mortgage for fifty years plus

No bank gives out a 50 year mortgage... That's just unrealistic...

Don't kill me, just drawing a reference

grad · Postby **grad** » February 25th, 2015, 1:19 pm

Rahtid wrote:Inherit or buy land, build your own house piece by piece, according to how cash flows, build to your own design, after a couple years, u got your own, u don't owe banks, or have to pay mortgage for fifty years plus

Agreed.

simple calculation:
- a decent house in TT is about 1.5 million
- take that for 30 years mortgage at 7% it works out to about 10 000 per month.
- you end up paying about 3.6 million to the bank eventually
- thats about 2 million in interest or what trinis say "dead money"

Now if we decide to scrunt and buy land and build as rahtid says.
- a decent piece of land is about 400000 and about 500000 by the time u pay interest (at about 8000 per month)
- with a downpayment you could pay out for it (if ur disciplined) realistically in about 5 years
- with the remaining 2000 per month (that you would have paid 10 000 for your mortgage) u can rent for 5 years(while paying for 8000 per month for land) and another 5 years (while saving 8000 per month for building your house)
- after ten years you would have paid out for your land and would have saved half a million to start building your house and even move in.
- you would have paid about 100000 dead money in interest from the land loan, about 240000 in dead money from renting, a grand total or about 350,000 in dead money thru buying land and then building

thats my ultimate goal, but I need a better job to afford these kinda ideals lol. So, while owning your own home is everyone's wish, some people go through the bank and dont mind 2 million in interest because "what they have is their own at the end of the day". :\

my 2c

pugboy · Postby **pugboy** » February 25th, 2015, 3:23 pm

you can take out a mortgage and pay it off beforehand...just check that no penalties

Slartibartfast · Postby **Slartibartfast** » February 25th, 2015, 5:24 pm

grad wrote:
Rahtid wrote:Inherit or buy land, build your own house piece by piece, according to how cash flows, build to your own design, after a couple years, u got your own, u don't owe banks, or have to pay mortgage for fifty years plus

Agreed.

simple calculation:
- a decent house in TT is about 1.5 million
- take that for 30 years mortgage at 7% it works out to about 10 000 per month.
- you end up paying about 3.6 million to the bank eventually
- thats about 2 million in interest or what trinis say "dead money"

Now if we decide to scrunt and buy land and build as rahtid says.
- a decent piece of land is about 400000 and about 500000 by the time u pay interest (at about 8000 per month)
- with a downpayment you could pay out for it (if ur disciplined) realistically in about 5 years
- with the remaining 2000 per month (that you would have paid 10 000 for your mortgage) u can rent for 5 years(while paying for 8000 per month for land) and another 5 years (while saving 8000 per month for building your house)
- after ten years you would have paid out for your land and would have saved half a million to start building your house and even move in.
- you would have paid about 100000 dead money in interest from the land loan, about 240000 in dead money from renting, a grand total or about 350,000 in dead money thru buying land and then building

thats my ultimate goal, but I need a better job to afford these kinda ideals lol. So, while owning your own home is everyone's wish, some people go through the bank and dont mind 2 million in interest because "what they have is their own at the end of the day". :\

my 2c

Boom! Exactly what I tell everyone when they ask why I dont take out a loan. Plus, it's a lot easier ifbyou want to move while renting. Let's say you get a different job. Try moving while you have a mortgage and see what happens

*$kїđž!™ · Postby *$kїđž!™ » February 25th, 2015, 6:12 pm

so what u guys saying....rent for ten years and then build your house after?.....lol......thats madness man......

plus where the average man gonna find 8000 to pay for land every mth plus pay rent for about 4000?

best you take out your mortgage and pay the 10000 and live in your own home and start your family....

the property gains value over time so even though you are paying interest the value of the house and land always apreciates......

well regardless the figures being quoted are just estimates but upon serious negotiations etc....great deals can be found when either buying or building your own home.....in terms or interest rates and time periods to repay the loans.......