Did You Know?
- The 2010-2011 national budget has now been presented in parliament. Based on the current state of affairs, the Government of the Bahamas debt to GDP ratio has now surpassed the 50% threshold. By comparison, Bermuda's debt to GDP ratio is around 11%, while Trinidad & Tobago's is around 56%. If these three countries were individuals approaching a lender for a mortgage, only Bermuda would be approved based on its' healthy debt to GDP ratio.
- Before you speak with a real estate agent, architect or contractor, you should speak with an XM Mortgage Specialist to determine how much house you can afford. Many unsuspecting borrowers decide to have plans drawn for a home before they know if they can afford it. Doesn’t it make sense to know how much you can afford before you pay for expensive home plans?
- You pay the lender almost one and a half (1 ½) times the amount you borrow from them over the life of your mortgage. Just multiply your monthly payment by the number of months [not years] that you have been given to repay the loan.
- It is your right to have your XM Mortgage Specialist shop around for the best terms and rates for your mortgage.
- Your brother, father or friend who is a mortgage officer can only offer you the best rate at his bank. His bank’s best offer may not be the best offer in the market. This is what your XM Mortgage Specialist gets for you…..the best offer in the market!
- The difference between an interest rate of 9% and 8.5% is over Twenty-five thousand dollars [$25,000.00] in interest cost over the life of a Two hundred thousand dollar [$200,000.00] mortgage. Allow your XM Mortgage Specialist to get the best rates and terms in the market for you.
- Yes, You can be approved for a mortgage with a bank that you have never done business with. Banks need new customers!
- You can move your mortgage from a bank if you decide that you want to get a better rate or if you don’t like the level of service they are giving you.
- You can instruct your lender to schedule your loan payments bi-weekly so that you can reduce the amount of interest you pay them.
- You can pay principal [additional payment directly to the loan balance] payments to reduce the length of time you will have your mortgage loan. For example, paying an extra fifty dollars per month may reduce your loan term by up to five years if you pay the extra amount every month.
- If you own a lot, you do not have to come up with a down payment or closing cost when you are ready to build your dream home. This will require that your equity is sufficient to cover those costs.
- You do not have to wait until you have fully repaid a lot loan before you request a loan to construct your home.
|
Contact Us!
Bahamas
1 (242) 225-3873
US Toll Free
1 (800) 303-3934
|
