Real estate agents are continually asked one question over and over, “What’s the market like?” Due to lower interest rates on mortgages, the real estate market is picking up. It’s a great time to consider purchasing as opposed to renting.
Would you qualify and what might be the terms and conditions and any additional costs? Don’t just check out one, check out all the commercial banks. Maybe one may have a little higher rate of interest, but it’s less money down. That may be worth it to you to get into your own home. What to ask about?
- What is your current rate of interest on mortgages?
- What percentage do you require as an earnest money deposit?
- Is there any penalty for paying this off early?
- What might be the longest term I could get at my age?
- Can I use my own insurance company to insure the property once I have a mortgage?
- Are there any fees the bank charges other than my mortgage payment that I would receive monthly?
- Is there an approval charge for receiving a mortgage from your bank?
Make a little chart and compare each one and weigh the differences. Also, remember, ask, ask, and ask. If the mortgage officer tells you something, keep asking questions. For instance, if the officer tells you that 20% down is required, ask a question like, is there any way that you would accept less? Keep asking questions.
Find an amortization chart on the internet like this one http://www.amortization-calc.com/ then put in your property price and the different rates of interest offered to see exactly what you’ll be paying monthly and even over the term of the entire loan.
When you’re ready to search for a property, browse this site www.morleyrealty.com ! Then reach out to us. We can help narrow your search and find your new home.
Here are a few commercial bank links here in the Bahamas to get you started in making your dream come true.