It is the goal of many Trinidad and Tobago citizens to own their own home. TNT Homes for sale offers novel ways to own your home early in life and make home ownership a reality. To assist a series of articles will be posted that are centered on:

Best ways to home ownership and financial management for people just starting out in the world of work (20+).

– To rent or not to rent? – Why an early start on home ownership is a step towards a bright future

– Buying foreclosed homes: What you should know

– How to get a mortgage?

– Why saving for home ownership is hands-down the way to go

– How to kick-start a home-savings plan?

– What is a Credit Score and why it matters in home ownership?

– Who can help? Reaching out to institutions

Do I/we need to pre-qualify for a mortgage? When do I make a down-payment? Benefits of 100% financing. These are questions surrounding home ownership that will be answered.

Financial Ways to own your home

Three  different ways for 20-somethings to finance home ownership

From entry-level salaries to lacking work experience, members of the Millennial and Gen Z generations face one major issue when it comes to home ownership. Affordability! So, today we will look at three different ways for 20-somethings to finance home ownership.

Have you noticed recently that most young people aren’t looking into home ownership? This lack of interest stems from the issue they face of affordability. As a university graduate in an entry-level job it seems beyond reach to buy a home in this current climate using the
conventional mortgage if it’s not inherited. From credit scores and loans to affording the down payment and rising home prices, the odds seem to be stacking higher and higher.

Today, we will explore three different ways for 20-somethings to finance home ownership.

#1 Rent-to-Own

A rent-to-own home is an arrangement, through the form of an agreement, where the tenant has the option of buying the property, dwelling in this case, upon the expiration of the rental or lease agreement following which the home becomes tenant’s property subject to clauses in the contract.

A rent-to-own agreement is a great way to buy a home for young people who aren’t in a position to commit to a mortgage. This agreement would provide you the opportunity to lease the desired property until you purchase it fully from the landlord. The advantage of this method is that you are not fully tied to the property as in a mortgage. Also, you have the opportunity to purchase at market price and not the inflated price. This would be beneficial as you can start saving in order to purchase the property later on.

Another version of this agreement is where you and the landlord agree that the monthly rent serves as your mortgage payment. In this version, a purchase price, payment period and interest rate are decided. Both parties then sign a promissory note or contract
agreeing to this information and start your payments to own the property. At the end of the payment period, the house is now yours.

In this method, the agreement happens between the landlord and the tenant, the bank is not involved.

#2 Foreclosed Homes

In this method, young people could take advantage of a lose-lose situation. Foreclosures happen when mortgagees cannot continue to pay the monthly installments of their mortgages. Lenders also lose because they are no longer making profits and their top goal
of return on investment seems to be slipping. This is an ideal situation for young persons as lenders aim to get rid of the properties at lower prices.

One thing to note is the many hurdles and checkpoints that need to be crossed such as having large amounts of cash saved. There are also a lot of mandatory laws and documents needed in the bid process, however, the discounted prize at the end of the race is worth the time and effort to endure.

#3 – Rent Half

Another option to home ownership for young persons would be renting half of the property you have mortgaged. When this is done, you live in the other half of the house and the rent money you make would go towards paying the mortgage installments. In essence, you live mortgage free and can focus on other career goals and maintenance until it is paid for. One factor to be mindful of is the down-payment money that needs to be secured when initially applying for the mortgage.

Yes, affordability is somewhat challenging especially as current market prices continue to rise. However, this does not have to spell the end of your ambitions. With some saving, planning and research, home ownership can be in your future sooner than you know.

How To Own a Home Early in Life Through TTMF

A mortgage might seem like something that drags on forever, but, luckily for us we have the Trinidad and Tobago Mortgage Finance Company Limited. They are the #1 lender for residential mortgages with options to fund your home purchases and land purchases.

They even offer financing for home improvement, Bridge loans, long-term loans and equity financing for investments and expenses. Their trusted experts will help you every step of the way so, TTMF is a great place to start as a first-time home owner. TTMF and TNT Homes For Sale can take you from here to home.

TTMF provides 100% financing to “First Time Home Owners” for the purchase of a home up to one million dollars. What does that mean? When buying a home, the standard requirement is a 10% down-payment. For example – home cost 1 million | down-payment required – 100 thousand.

How many young families will have 100k as a down-payment? Also, to be included will be legal fees, loan application fee, credit check fees etc.? Not many unless we are of the 1%.

TTMF provides a solution. Provide 100% financing. However the offer applies to person/s with a combined income of up to $14,000.00 monthly.

Yes, affordability is somewhat challenging especially as current market prices continue to rise. However, this does not have to spell the end of your ambitions. With some saving, planning and research, home ownership can be in your future sooner than you know.

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