Looking for information on mortgage interest rates Trinidad and Tobago? This article will provide information on mortgage interest rates from RBC, TTMF and Scotiabank.
Mortgage interest rates in Trinidad and Tobago are very low at present. As a result commercial banks are competing for your business. Trinidad and Tobago Mortgage Finance, RBC Royal Bank and Scotiabank are offering promotional packages. These include 2% and 5% programme from TTMF and “Friends and Family” from RBC.
Mortgage Interest Rates Trinidad and Tobago
What is a Mortgage?
A legal agreement by which a bank, credit union, building society, etc. lends money at interest in exchange for taking title of the debtor’s property. With the condition that the conveyance of title becomes void upon the payment of the debt.
Mortgage companies is Trinidad and Tobago offer mortgages financing options for the following:
- Purchase of residential property
- Purchase of residential lots
- Construction or renovation
- Utilization of equity for investments, emergencies, expenses, debt, education, medical, etc.
- Purchase, construct or refinance a non-owner occupied residential property for investment purposes
Is it a good time to get a mortgage?
When is it a good time to get a mortgage? There is no better time than the present. For many people, owning a home is the fulfillment of the Trinidadian dream. For others, it is their worst nightmare.
Purchasing a home is one of the biggest financial decisions you will make in your life. So, before you decide to buy, carefully consider the pros and cons of home ownership. Here are some benefits of being a home owner:
- As a homeowner, you build your equity through paying down your mortgage over the years.
- Homes typically increase in value
- Costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
- Rent money goes to the owner of the property
- There’s pride in homeownership, which also closely ties you to your community.
Disadvantages of Owning a Home
Home-ownership is a long-term financial commitment.
You’re responsible for all maintenance on your home.
Owning a home ties you to your community, making it more difficult to suddenly pick up and leave a location.
Buying a home requires a down payment, closing costs and moving expenses.
The value of your house may not increase – especially during the first few years.
Two main reasons why pre-approval is important for a mortgage:
- It will show the sellers that you are serious about buying a home, which is particularly crucial when requesting a viewing. Real estate agents prefer pre-qualified buyers to avoid wasting both the agent and the homeowner’s time.
- It will let you know how much home you can afford. Before you start browsing online listings and requesting viewings. Mortgage payment calculators from RBC, TTMF or Scotia Banks gives an estimate of your monthly payment.
Mortgage Companies In Trinidad and Tobago
Trinidad & Tobago Mortgage Finance Co. Ltd – Dundonald St, Port of Spain
The Trinidad Building & Loan Association – 89, Queen St, Port of Spain
Home Mortgage Bank – Prince’s Court, Keate & Pembroke Street, Port of Spain
Mortgage Interest Rates Trinidad 2017
Trinidad & Tobago Mortgage Finance Co. Ltd
2% Mortgage Programme -If the income of the head of the household is $14,000 or less, you may qualify for an interest rate of 2% to purchase any property valued up to $1,000,000. Special conditions apply.
Features of the 2% mortgage interest rates Trinidad facility:
Included a graduated payment mortgage arrangement. 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 next level of the subsidized mortgage rate of 5% in seven (7) years.
Property value must not exceed $1,000,000.00
Land owners can still receive financing up to $1,000,000.00 for construction
Up to 100% financing. For Purchase Price of house and land or land with immediate construction of a house. Help reducing the amount of savings required for the down payment on the property.
Monthly Income of borrower(s) must not exceed $14,000.00
Borrower(s) must be a first time home owner
Maximum Repayment Term of 30 years
Mortgage can be extended to age 70 with a gainfully employed younger family member being a co-borrower
Inclusive of $20,000.00 approved for major appliances
5% Mortgage Programme
The Expanded Affordable Housing Financing Regime, will cater to the needs of the middle and lower middle income families. Special conditions apply.
5% mortgage interest rate will be applicable to first time home owners only. For purchase of house and land or land with immediate construction of a house. Applied for properties valued up to $1.5 Million. Recipients of funding under the 2% Financing Regime would not be eligible for funding under the 5% programme.
Household income will reflect the incomes of the heads of the household, excluding the incomes of other parties. Household income must not exceed $30,000.
Qualified buyers receive 95% financing. As a means of reducing the amount of savings required for the down payment on the property.
The maximum term of the loan will be 30 years up to age 70.
Included a graduated payment mortgage arrangement. 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.
The legal provision in the mortgage documents require that beneficiaries of newly built Government-financed properties cannot sell or sublet. Ten (10) years must expire after date of financing.
RBC Royal Bank Mortgage Interest Rates Trinidad
Resident can obtain a mortgage for the purpose of purchasing an owner occupied residential property. Including single-family units, townhouses and condominiums.
Up to 90% financing is available (as Mortgage Indemnity Insurance is available for amounts in excess of 80%); therefore a minimum downpayment of 10% is required.
Amortized monthly payments of principal and interest can be granted for up to 30 years. (maximum term and age of client not to exceed government age of retirement).
2 yr fixed closed – 2.990% | 3.040% APR
5 yr fixed closed – 3.390% | 3.410% APR
5 yr variable closed – RBC Prime Rate + 0.000% | 3.220% APR
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