TTMF vs Republic Bank mortgage

nightcrawler · Postby **nightcrawler** » March 23rd, 2021, 12:46 pm

I have a situation where I need to pay off some $ for some work that was done for me. Which is better to go with for a mortgage on my property republic bank or ttmf? I have appointments set up with both in the next week. Would like to know what to expect , rates etc. Thanks

agent007 · Postby **agent007** » March 23rd, 2021, 1:03 pm

I would say compare rates and T&Cs first before committing. At the end of the day, your loyalty is to your pocket and not the institution. Besides, can anyone advise what is the status of the supposed proposed merger between TTMF and HMB?

De Dragon · Postby **De Dragon** » March 23rd, 2021, 1:28 pm

nightcrawler wrote:I have a situation where I need to pay off some $ for some work that was done for me. Which is better to go with for a mortgage on my property republic bank or ttmf? I have appointments set up with both in the next week. Would like to know what to expect , rates etc. Thanks

Why not compare after you've gotten the facts from the institutions themselves rather than rely of asking the public for advice?

VexXx Dogg · Postby **VexXx Dogg** » March 23rd, 2021, 1:49 pm

De Dragon wrote:
nightcrawler wrote:I have a situation where I need to pay off some $ for some work that was done for me. Which is better to go with for a mortgage on my property republic bank or ttmf? I have appointments set up with both in the next week. Would like to know what to expect , rates etc. Thanks

Why not compare after you've gotten the facts from the institutions themselves rather than rely of asking the public for advice?

Exacto Patronum!

yea, compare. Check FCB too, their rates blew RBL out the water a few years ago for me.

francis1979 · Postby **francis1979** » March 24th, 2021, 7:31 am

agent007 wrote:I would say compare rates and T&Cs first before committing. At the end of the day, your loyalty is to your pocket and not the institution. Besides, can anyone advise what is the status of the supposed proposed merger between TTMF and HMB?

Not sure if the plans is still to merge
But the mandate or function of HMB has changed where they no longer offer residential loans. You are directed to Ttmf

https://hmbinvest.com/about-us/

francis1979 · Postby **francis1979** » March 24th, 2021, 7:59 am

nightcrawler wrote:I have a situation where I need to pay off some $ for some work that was done for me. Which is better to go with for a mortgage on my property republic bank or ttmf? I have appointments set up with both in the next week. Would like to know what to expect , rates etc. Thanks

Compare terms and conditions items for each loan. Ensure it is given to you in writing before you decide.

Note: if your financial position is strong and you are an attractive customer; you can negotiate terms and conditions e.g. reduction of interest rate

Items to look at are: ( other tuners can add to the list also)
1) Loan application / negotiation fee
2) Legal cost
3) interest rate ( ttmf has interest rates of 2% for qualifying customers)
4) penalty for early Payoff of loan or advanced payments
5) duration of loan
6) is life insurance required for the loan . Is it covered by a group policy from lender or do you need a personal insurance to cover the loan
7) insurance for building - is it covered by group policy or lender needs to cover personally
8 ) length of period to process loan
9) is any other payments included in the loan on your behalf . I maybe wrong but ttmf covers water payment or a similar fee
10) length of Loan period. Max age to stop paying for the loan use to be 60 years . Now some locations are saying you can pay back up to age 65
11) how does lender consider the loan if you rent the property. In some cases this is not allowed
11) how does lender consider renovations to property ( do you have to notify them and get permission)
12) down payment required. Usually it is 10% but some institutions will go lower
13) is interest rate fixed or floating for life of loan. Some loan rates float upwards with prime lending rate. For remember a while back ttmf had 2 options- fixed rate or floating. Fixed rate was higher.
14) monthly installment - factor of interest rate, loan value, duration
15) can closing cost be included in loan ?
16) process/ charges for releasing loan

Tuners you lease add if I missed any details.

These are also some good references

https://www.central-bank.org.tt/sites/d ... 0T%26T.pdf

https://www.ttmf-mortgages.com/2020/02/ ... est-rates/

widdyphuck · Postby **widdyphuck** » March 29th, 2021, 7:14 pm

Which Institution did you go with? Where gave you the lowest interest rate?

PapaC · Postby **PapaC** » August 7th, 2021, 9:25 am

Bumping this thread as I am considering some banking options.

Any guidance as to what are the big mistakes some may have made when comparing mortgages, or what to make sure I look out for besides interest rates.

Postby **Dave** » August 7th, 2021, 11:53 am

I was once told when I was in the same predicament that TTMF would react quicker to decreases in rates Vs banking institutions and hence my decision was made on that. Of course the converse is the same. Rates were projected downwards at that time. Not sure how the market forces are but it was my lawyer who guided me. At the time he had more dealings with the banks than TTMF so the decision wasn't of a biased nature.