What You Need to Buy Your First Home
July 20, 2009 by Mala Webber
Filed under Trinidad, Trinidad wedding
Congratulations!
You are about to make a lifetime commitment.
Crossing the threshold into life as a married couple is the start of many important joint decisions you will make, including your decision to purchase a home. Many couples worry about whether they will ever be able to afford their own home. Relax. Your reservations are quite natural and normal. In this article, we will briefly explain why purchasing a home is a good decision and how to go about applying for and obtaining your mortgage.
Why own a home?
Let’s look at the benefits. Owning a home provides you and your family with a sense of stability, security and pride. A home is also an asset and an investment, which over time, usually appreciates in value. In addition, as time goes by, you build equity in your home which you can use as collateral toward a home-equity loan for reasons such as home renovations or improvements, university education, medical expenses or starting a business.
It does not take long!
In Trinidad & Tobago, most institutions will offer 95% financing, with some providing up to 93-90% financing on the lesser amount of the price, or the valuation of the property you wish to buy. Approval time can be as little as 45 days depending on the institution you apply to. Any reputable institution will be able to give you a conditional approval after meeting you and discussing your financial situation.
What you need to know
To qualify for a mortgage, you should be 18 years or older, gainfully employed and have a good credit history. Your total payments towards loans, inclusive of your mortgage payments, should not exceed 40% of your gross income and your loan should be re-paid by your retirement age. To get an idea of the value of the mortgage loan you can apply for, take a quick look at the inset table in this article?
Imagine a life beyond renting!
Imagine more! It’s possible to live as newlyweds rent-free. Take the first step toward owning the home you imagined for yourself and your family.
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