Dey com’in!!!

As a result of the outcry of thousands of average citizens in response to the downward pressures on our economy, the Ingraham government has proposed sweeping tax relief for existing and new homeowners in this year’s budget. Recently, many in the real estate industry and related fields were bewildered when Mr. Ingraham decided not to renew the mortgage stamp duty exemption instituted by his predecessor. We suspect that the tax relief in this budget may not have been included in the absence of the public furor. However, we give kudos to Mr. Ingraham and his team for positively responding to the bleak outlook forecasted for our Bahamaland in the face a global economic slow-down.

As it turns out, among other things Mr. Ingraham has proposed to give relief to homeowners in the form of reduces or eliminated taxes in some cases. While for some Bahamians this may be a little too late, for the overwhelming majority of citizens, this proposed tax relief may not have come at a moment too soon. For instance, borrowers seeking to use the equity in their homes to consolidate consumer debt may be completely exempted from the payment of government stamp duty. Furthermore, those purchasing a home will likewise enjoy the elimination the stamp duties on that transaction.

Ultimately, time will judge whether this budget and the tax relief proposed therein went far enough to save the middle class from significant erosion. Above all, we must be mindful that the world is experiencing cataclysmic changes in its’ geopolitical and economic make-up. Hence, accepting that our beloved Bahamaland is not insulated from these changes may help to better prepare us for the coming wave.

For more information on the stamp tax exemptions, email us at info@xmloans.com

Prove it!

If you are self employed and have ever tried to get a loan, the above may resonate with you. The burden of proving income rest squarely on the shoulders of the borrower, and by proof we are referring to documented evidence of your earnings provided by a third party.

This third party can be an accountant, independent bookkeeper, or in some instances bank statements from your business account. It is futile to think that your lender will grant your loan request on the basis of your verbal declaration of income. Up to recently they did just that in the US, it was called “stated loans”, you stated (declared) your income and that was accepted as true and correct and no proof was required. Resultantly, they are now in the midst of the sub-prime mortgage crisis brought on by a number of things, including exaggerated incomes from borrowers.

From the President’s desk….

Troy Sampson
Troy Sampson, President & CEO

If I could save [money] in a bottle!

How often have you heard people say “time is money” and agreed with them? This statement is utterly false and should be repudiated every time someone says it. Here is why it is so offensive; simply put, if “time is money” then “money is time” and if you ever ran completely out of money, you’d be dead!

To equate time with money is to suggest that money is an irreplaceable and irretrievable resource which once spent can never be gotten again. Time is inestimable, infinite and essential. Money on the other hand is replaceable, finite and necessary.

However, there are many people who continue to survive when they are out of money. We have checked, and can report there are none who survive when they are out of time!

Your monthly mortgage tip:

Secrets Lenders don't want YOU to know!

loanSecrets

Everyone approved for a mortgage does not have Life Insurance!

There are instances where lenders have approved persons for mortgage loans in the absence of life insurance. While this is the exception rather than the rule, our point is that you do not have to eliminate yourself from trying if you do not have life insurance or are unable to qualify for coverage.

If you have a congenital but non-life threatening condition such as heart defects, or diabetes, and are unable to qualify for insurance coverage you may still be able to get a mortgage. Moreover, if you are free from any medical challenges and are applying as a single individual with no dependents, approval is definitely a possibility even in the absence of insurance.

To find out if your condition will permit you to be approved email us at info@xmloans.com

CONSULT YOUR BROKER – DO NOT DECLINE YOURSELF!

1(242) 225-3873 or 1(800) 303-3934
www.xmloans.com

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.

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