Home Mortgage

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  • Interviews by appointment only

  • Interest rate is 6% to 9%

  • Deposit minimum is 10%

  • Debt Service Ratio is 40%

  • Payment period 10,20,25,30 years

   

   Document Checklist

    Basic (Required for all mortgage applications)

  • Application Form

  • Referral from Credit Union

  • Two (2) Forms of Valid National Identification – Passport, ID Card, Driver’s Permit

  • Recent Job Letter (No older than 3 months)

  • Recent Pay Slip

  • Utility Bill (Proof of Address)

  • Statement of Savings (Evidence of Funds to be Held / Equity)

  • Sale Agreement with at least 8 weeks before completion and /or Extension Agreement

  • Deed / Certificate of Title / Lease Agreement

  • Valuation from approved Valuator RICS Approved

  • Up-to-date Lease Rent Receipt

  • WASA Clearance Certificate

  • Up to date WASA Receipt

  • Land & Building Tax Receipt

  • Town and Country Planning Approval together with the requisite approval from Local Government Authority (as may be requisitioned from the CFF’s Attorneys)

  • For recently constructed homes, a completion certificate from requisite local government agency

  • Processing Fee of .75% of loan amount

    For Self Employed Persons

  • Audited Financial Statements for the past 3 years

  • Bank Statements for the past 12 months

  • Cash Flow Projections for the next 3 years

  • Tax Returns

  • Last Annual Return

  • Registration / Incorporation Documents

  • Any other supporting documents (e.g. copies of contracts)

   

   For Mortgages involving Townhouses, Apartments and Condominiums

  • Share Certificate

  • Evidence of up to date Management Company maintenance fees

  • Management Company Bye Laws and up to date Annual Returns

  • Consent to Assignment and Mortgage as may be required by the Deed

   

   For Land Purchase

  •  Up-to-date Land Tax Receipt

  • Survey Plan (as may be requisitioned by CFF’s Attorneys)

  • Town & Country Planning approval to develop land for residential purposes

  • Regional Corporation Final Approval for development of land

  • Mortgage Deed (if there is an existing mortgage on the property being purchased)

  1. Copy of Deed of Release executed in Escrow

  2. Settlement Letter from Mortgagee advising on the sum required to liquidate the Mortgage as of a specific date together with a daily interest rate:

  3. Copy of invoice or receipt of payment from Attorney preparing the Deed of Release

   

    Bridging Construction

  • Survey Plan

  • Settlement letter for Land Loan (if applicable)

  • Approved Building Plans (from Town & Country Planning and Regional Corporation) inclusive of Building Permit

  • Builder’s Estimate

  • Building Contract

  • Quantity Surveyor’s Report

  • Valuation Report giving the proposed value of house and land

  • Contractor’s All Risk Insurance for a period of at least one (1) year

  • Upon completion, a Completion Certificate from the Local Government authority and an   Electrical Inspection Certificate from T&TEC

  • Evidence of funds available to cover cost overruns

   

    Application Form