Mortgage Rates in Trinidad - Who is Best?

[eitech]

Isn't TTMF's 5% rate for a fixed period (1st 5 years) as opposed to the life of the mortgage and it then goes to market rates eventually. (v. A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the Approved Mortgage Company (AMC) rate (currently 7%) in five (5) years........https://www.ttmf-mortgages.com/mortgage ... -programme)

This should be a concern/point of note for persons who just about qualified from an income perspective, as they would need to pay a bigger payment later on.

I saw all my calculated payments and ur mortgage payment remains fixed, eg lets say it 3000/mth, what actually varies is the interest but however it varies, ur mthly installment adjusts to suit. So in essence at some point u will be paying a higher interest rate and ur principle will be less, then as years go by the interest decreases but the principle goes up. But in d end ur installment is fixed ie 3000/mth.

Hey bro thank you for this information as I also have a TTMF loan but can you clarify further. U say that the installments stay they same even if the interest rises?

The way ttmf makes their money is through the interest on the principle. The amount you pay per mth is the sum of principle and interest. The principle remains fixed throughout the mortgage period however its the interest that varies. If you have a ttmf loan they would have given you the actual read out of all payments to be done. The interest starts low and eventually goes up and comes down again. Thats why when ppl like my folks want to pay of some of their mortgage, they ask for it to be applied to the interest portion of the loan. However you must get permission from ttmf to do this as it can be a clause in the agreement. Lol yuh trying to cut up their benefits

[De Dragon]

Linden scott is pretty affordable and provides good service...I trying to live with the reality that mortgages getting outa hand (ie interest) so im trying to band belly and build cash

Excellent.
Never, ever wait until you're actually ready to build a house to approach the bank/TTMF. Save your money well in advance, and build a little at a time. I bought my land, chilled, saved, did the foundation, chilled, did the steel frame and roof, chilled, did the upper deck and walls and plastering and only approached the bank for the finishing money, and even then it was real hoops/paperwork. The real hell though was from Regional Corp

[bluefete]

Q#3: Ask MaxP

[Redman]

Mathematically it's better to borrow and build when inflation...is eroding the purchasing faster than interest rates increase the debt ...you should borrow.

Use your cash to invest in a producing venture than will increase in value faster than inflation.

[WhiteAnalyst]

Anybody paying off one for around a $3.5m house? What rate you get? What rates you think for that?

[ProtonPowder]

Mathematically it's better to borrow and build when inflation...is eroding the purchasing faster than interest rates increase the debt ...you should borrow.

Use your cash to invest in a producing venture than will increase in value faster than inflation.

Interest rates will rise again. Read some deeds from the 80s and 90s if you can, interest rates were 9-15% before they eventually settled back down to 7%

[AlphaMan]

HDC house better than a Mortgage

[Digiquant]

Hi Tuners, I lost my job six months ago and I haven't paid my mortgage for 2 months and it doesn't look like I'll be able to make it at all in the future.

Are there any bankers in here who know what will happen to me when I default.

After my house is foreclosed and let's say the are successful at selling it.. If they sell it for more than what I owe will I be able to receive that additional money.

I'd my debt is cleared via the foreclosure, will my credit scrore still be impacted.

I'm 50 years old, will I be able to access another mortgage anywhere?

So many questions.

Any advice is appreciated

[Digiquant]

It's a serious question
Just adding some levity if I don't laugh I will cry

[Kenjo]

Just go into your bank monday self . Where you located though ?

[bluefete]

If serious, you should have gone into the bank 6 months ago when you lost your job.

They would have been much kinder to you then.

Let them sell the house and if you get anything back, you could spend money on Venes.

[Gladiator]

What's the balance on the mortgage?

[Cantmis]

Blame kamla

[VII]

Talk to the bank, and if you can work out a time frame or ask them to suggest a refinancing option to regularize it, they will work with you.

Realistically 2 months default is very early days in this process, you have a couple years again there still before any real action is taken to get you out. You will know because you'll be invited to court before with a set date a couple months after. Talking to them will buy you time before that process is initiated

If you don't see any way forward anytime soon, you can take charge of the sale yourself , keep them informed about what you're doing, and after the search and upon closing the buyer will issue two cheques, one for what's owing to the bank and one for you, in that way you will be in control of any available equity .

Good luck bro, but it's early days yet and not time to give up, they know people had it hard over the last couple years, talk to them, take control .

[Digiquant]

Talk to the bank, and if you can work out a time frame or ask them to suggest a refinancing option to regualtoze it, they will work with you.

Realistically 2 months default is very early days in this process, you have a couple years again there still before any real action is taken to get you out. You will know because you'll be invited to court before with a set date a couple months after. Talking to them will buy you time before that process is initiated

If you don't see any way forward anytime soon, you can take charge of the sale yourself , keep them informed about what you're doing, and after the search and upon closing the buyer will issue two cheques, one for what's owing to the bank and one for you, in that way you will be in control of any available equity .

Good luck bro, but it's early days yet and not time to give up, they know people had it hard over the last couple years, talk to them, take control .

Thank n you my friend this us the advice I needed

[Digiquant]

What's the balance on the mortgage?

Just under 2 million

[FuadAdnan]

This sounds like something a poor lil dog-la like Zoom would say.

[Digiquant]

What's the balance on the mortgage?

Just under 2 million

[bluefete]

What's the balance on the mortgage?

Just under 2 million

With a balance like that, you need to find yourself first in line at the bank in the morning!

Have a chat with your loan officer. Most likely, they will ask if you could pay the interest alone.

If you can do that, then they will lay off a bit.

If you cannot make payments for a while, take VII's advice.

[Dave]

And after you finish with the bank find yourself any job you can get. At least you admitted you're not too proud to settle for minimum wage.

[VexXx Dogg]

Don’t lose hope. Talk to the bank, make moves for any job that can help you land back. What’s your field? Many vacancies cross my email/feeds and I’ll be happy to forward any relevant ones to you.

[Bad Dog]

Mortgage balance of 2 million? What's the value of the property? If not sure of the value, get an appraisal to find out if there is equity in the property. If there is sufficient equity ask the Bank for time to sell, settle the mortgage and recover some of your equity. If the bank sells the property for less than the mortgage you will be responsible for any deficit.

[zoom rader]

OP best to come with an arrangement with bank to sell , pay back what's owned to bank and take yours .

The banks will want to under cut you and sell to their families and friends. Get property valuation

[ProtonPowder]

A valuation from a firm the bank would actually acknowledge would start at at least $5000, and that is assuming the balance is 2m on a new mortgage with 0 equity, which likely isnt the case.

Banks dont even glance at valuations done by people not on their whitelist. The man doing valuations through your friend law office for stamp duty cant help here.

[shake d livin wake d dead]

Just under 2mil at age 50?

How much was that mortgage?
How long ago you take out that?
You was planning to pay until you reach 75?
Did you take the mortgage by yourself?

From my limited experience most mortgages would end when clients around 55-60. Given that age range it should be nearing the end. So that maths Nuh mathsing!

[pugboy]

man was asking for a fren

[agent007]

OP, you're 50 years old with a mortgage balance at approx. $2M.

How long ago did you take out this mortgage? I ask because, with such a huge balance at that age, your property sounds like something in the vicinity of $3M and up (market value).

If my assumption is correct then no worries, listen up carefully. Sell the house to clear the loan and keep the balance. Don't refinance at all.

In an AV Knowles or Transunion credit report, every payment you missed will be visible so any future loan you wish to take, the lending institution will assign a certain risk level to you based on the delayed or non payments.

To get back another loan, you still have time. If the legislation is successful, you may have up to 15yrs again (to age 65) for retirement. If not, you have 10 so let's make this count.

With that loan balance in hand, shop around for something very basic or even if you don't have a place to stay temporarily, you may have to rent. Small ting. If no jobs are available then you create one. Think Entrepreneurial. What have you been doing for the past 32 years (assuming you started to work at 18).

Are you an expert in something? Consult the thread on this forum where entrepreneurial and business ideas were discussed. Get out there and do something. If you manage to be successful being self employed, make sure your business income can properly be examined by way of income and expenditure flows from your business account held at the bank.

Once you can show proper earnings for 24 months your age would be 52 and thus, I suspect legislation would be in place by then for you to secure a mortgage till age 65. So in as early as 24 months, you can be well on your way of securing another mortgage for 13 years tops.

It's not impossible but give yourself some buffer to succeed since it is not an overnight scenario. So let's just say, in 5 years time, you are successful, you can take out a 10 year mortgage or car loan or whatever it is at that point.

As part of the lending institution's risk assessment on you, you would have to also submit a resume to show them that you're infact a professional at what you do and very employable.

You mentioned, if you don't laugh you would cry. You're not alone. Stay strong but take the advice you got thus far. Have a discussion with your bank first thing in the morning. Do not let your mortgage file to have letters in it where they are the one reaching out to you and you're not.

All the best and I'll follow up with you in a timing.

[Xplode]

op aka netio din't know you was 50 bruhh, you looking to get visa to fly out still ?

[Bad Dog]

If the bank sells your property you would not get the best price as most people tend to make low offers on repo/forced sale. The bank on the other hand wants to recover their monies and get out as soon as possible to avoid reporting this as delinquent or bad debt. Do your best to arrange with the bank to sell on your own accord.

[ProtonPowder]

Banks dont like keeping distressed properties on their hands. As soon as they could get a reasonable offer to cover the loan balance, they good. To hell with your equity lmao.