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The Mortgage Optimizer! |
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February 2008 |
Volume 2, Number 2 |
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In This Issue Repossessed homes now available Give me a break! From the President’s Desk…Industry Kudos! Your Monthly Mortgage Tip: Secrets Lenders don't want YOU to know! Links Repossessed Homes Construction Attorneys |
Repossessed Homes....NOW AVAILABLE!For the first time in Bahamian history, you can see the list of homes that have been repossessed by the local lenders and are now available to potential buyers like yourself. Just click www.xmloans.com/repos to get to the specific information for each property. There are single family homes, duplexes, commercial buildings and vacant land. The lists includes repossessed properties from all around the Bahamas; Nassau, Freeport, Exuma, Abaco, Eleuthera, etc.If you need assistance with bidding on a repossessed property, please feel free to email us for assistance, we’re happy to help!Give me a break!Gov’t Cannot Afford Tax Break, PM Says….By TOSHEENA ROBINSON-BLAIR (The Nassau Guardian) “Although it has taken a lot of flak for its decision, the Free National Movement government simply cannot afford to extend a tax break for first-time homeowners, according to Prime Minister Hubert Ingraham. "The Bahamas is not in the position at the moment to give additional tax breaks. The Christie government gave too many tax breaks away. We’ve got to consolidate our revenue collection so we can provide the services the Bahamian public needs and requires," he said in an interview with the Journal. As of December 31, 2007, the five-year exemption expired on the payment of stamp taxes for first-time owners of homes worth $250,000 or less.” So, what does this all mean for you? Beginning January 1st 2008 all Bahamians buying or constructing homes will have to pay an additional 4% to 6% of their mortgage amount in stamp tax fees. These costs are to the account of the home buyer and must be paid before your lender disburses the funds from your new home loan. For example, if you intend to purchase a duplex apartment which costs $225,000.00, your up front fees are as follows; Down payment (5%)…………..…….……..$11,250.00 Your mortgage loan amount will be the difference between the purchase price ($225,000.00) and the down payment amount ($11,250.00) = $213,750.00 (mortgage loan amount). The other fees to your account, which are commonly referred to as “closing costs” and are calculated on the mortgage amount are as follows;
If the government stamp duty exemption was still available, your total up front cost based on the above example would be reduced by $10,687.50. This amount represents a significant savings for the average Bahamian seeking to become a home owner. However, as stated in the article at the beginning of this section the government has determined that it cannot afford to continue granting the exemption. From the President’s desk….Industry Kudos!
Your monthly mortgage tip:Secrets Lenders don't want YOU to know!
To find out more about what is required for a mortgage, visit our web site at www.xmloans.com. KNOW THE FACTS – CLOSING COST CAN BE PAID IN A MYRIAD OF WAYS! About Us | Privacy Policy | Contact Us | ©2007 XM LOANS Ltd. 1(242)
225-3873 or 1(800) 303-3934 The material contained in
this newsletter has been prepared by XM Loans Ltd.
404 Bay Street, PO Box N-4443,
Nassau,
Bahamas
and independent feature contributors. The material provided is for
informational and educational purposes only and should not be construed as
investment, financial, real estate and/or mortgage advice. Although the
material is deemed to be accurate and reliable, there is no guarantee it is
not without errors. Newsletter designed by: |
