residential real estate mortgage market guideline

[DRAGULA]

Is anyone familiar with this? If so, I'd appreciate if someone can explain how this would affect persons who have or are about to take mortgages. Thanks

[rfari]

heard about it. honestly dont knw much. link below.

http://www.central-bank.org.tt/sites/de ... 202011.pdf

[RGF Asset Management]

From what i gather in a nutshell it is a new requirement that commercial banks have to follow in the processing of residential mortgages.

They are basically required to disclose full information with respect to mortgage terms and conditions, fees and charges, rates, ammortization schedules and any intervals at which the mortage can be reviewed.

From my assesment, it would impact favourably on the consumer as it provides him with the information up front to compare between competing institutions to be able to make a more informed decision and to negotiate better terms and conditions at inception.

Sometimes in the past, many of the details of the mortgage contract particularly with respect to interest rate variations were not highlighted.As a result, clients were only made aware of these details when the lending institution attempts to enforce some of these terms and conditions.

It seems that this is an attempt to eliminate this sort of scenario going forward.

[kevin310]

I did a search, but did not find much. Where offering the best deals on mortgages presently ? Can anyone explain the process for a early 20's couple who have no clue about purchasing land, approvals etc ?

From my research so far, I gathered
1) Banks would only lend money for T&C approved lands
2) Interest rates are a beyotch
3) A downpayment of about 10% is usually required
4) Money is released from the banks in phases ( phase 1 - buy land, phase 2-build foundation and walls etc)


Whats your advise/experience ? Where offers the best deals ?
TTMF ? Republic ? FCB ? Royal ? Credit Union ?

[Mr. Red Sleeper]

Might be wrong but the OP did say residential.
I.E. He want to buy a house...

[kevin310]

I did not want to create a new post, its a similar topic

[crazychinee]

Recently went through this , actually took my app to most banks . Pm me if you want more info.

In short scotia will lend easy but overall is a shitty bank . Avoid credit unions 1 percent monthly is balls