Financing a Lot Purchase
(1) Debt Service Ratio must not exceed 45%
(2) 15% Down Payment is required on all vacant land purchases.
(3) Optionally the down-payment can be as low as 5% with Mortgage indemnity.
Interest Rate
(1) Prime Plus 2.5% up to Prime Plus 3.5% which works out to about (8.0% up to 9.1/2 %)The better interest rates are reserved for clients with excellent credit profiles that offer larger down-payments.
(2) Term Life mortage is usually 15 years or to the clients retirement, whichever is shorter.
(3) Closing Costs Financing – in some cases we may consider financing the closing cost as a separate loan.
(4) Turnaround Time – once all necessary document are received, we respond within 48 hrs (2days) on amounts up to $100,000.00 and 96 hrs (4days) if the amount exceeds $100,000.00.
Items required for Vacant Land Loan
(1) Purchase Agreement
(2) Down Payment
(3) Current Appraisal Report (less than 6 months)
Income Confirmation
Employment Reference Letter
Salary notification advice
Confirmation of other sources of income.
Three years of financial statements for self-employed individuals
Bank credit reference for new clients
Passport – first four pages.
National Insurance Card – front and back.
Copy of utility bill, cable bill, phone bill.
Financing a Home Purchase
(1) Debt Service Ratio – must not exceed 45%.
(2) 20% down Payment is required on all vacant land purchase.
(3) Optionally the down-payment can be as low as 5% with Mortage Indemnity.
(4) Interest rate as low 2.0% (85% variable rate) where the customer put down 20% or more.
(5) Prime Plus 2.25% up to Prime Plus 3.0% which works out to about (8.1/2 up to 10.1/2%).The better interest rates are reserve for clients with excellent credit profiles that offer larger down-payments.
(6) Term (life of the mortage) is usually 35 years or to the client’s retirement, whichever is shorter.
(7) Bank Fee of about 1% to 2%.
(8) Additional Financing.
(9) Turnaround Time – once all the necessary document are received, we respond within one week on amount up to $225,000.00 and 10 business days if the amount exceeds $225,000.00
Items Required to qualify for a Home loan
(1)Purchase Agreement
Down Payment
Current Appraisal Report (less than 6 months)
Income Confirmation
Employment Reference letter
Salary notification advice
Confirmation of other sources of income (50% taken into account).
Three years of financial statements for self-employed individuals.
Bank credit reference for new clients.
Details of borrowing.
Life Insurance for mortage with our bank as loss payee.
Copy of first four pages of passport.
Copy of National Insurance Card, front & back.
Copy of utility bill, cable bill, phone bill
