In This
Issue
Welcome
back….
Your Real Estate Pro & Featured Property: Gino Maycock of Kings Realty
From the
President’s Desk
Your
Monthly Mortgage Tip: Secrets Lenders don't want YOU to know!
Link: Construction
Jones Construction
Veritas Consultants
Go
Integrated
Link: Attorneys
Halsbury Chambers
Link: Real Estate Services
Seaview Properties
Kings
Realty
Turks
& Caicos
Coldwell Banker
Contact Us!
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Welcome
back….
If you haven’t heard already, we will just assume you’ve been hiding under a rock. The US sub-prime mortgage fiasco has caused a precipitous decline in the US financial markets over the past several months and local pundits are speculating about how long it will be until the ripple effects are felt in the Bahamas and what effect will this have on the Bahamian economy, banking in particular.
Fortunately, lenders in The Bahamas have long followed conservative and prudent lending practices which have for the most part insulated our mortgage market from the kind of melt-down we have seen in the US. But the saying, "when the US sneezes, the Bahamas catches a cold" may prove prophetic in the short term. What I mean by that is, if there is a recession in the US we in the Bahamas and Caribbean may actually have fully depressed economies.
If this is how it plays out, the local mortgage market could see large numbers of defaults (similar to what occurred after September 2001). If workers in the tourism sector begin to have reduced numbers of work days or are laid-off, we could have massive loan defaults as these persons become unable to pay their loans. After the World Trade Center attacks in 2001, the Clearing Banks Association decided to help minimize the impact on the tourism industry workers. They accomplished this by offering interest only payments until the work schedule was back to normal. They also offered to capitalize (add to the loan balance) all delinquent payments resulting from the fallout from 9-11.
The lesson here is to not avoid your lender, but to visit them to explain your situation and see how they are prepared to work with you until things are normalized.
Your Real Estate Pro!
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Gino Maycock
Kings Real Estate
BREA Certified Broker
Phone: 424-WORK (9675)
394-4397 --Office
Email: gino@kingsrealty.com
Commended by both Local and Foreign Investors for the above and beyond services - Quote: "The detailed information you provided made all the difference during our purchase, many thanks". |
Looking to Buy a Home?
A decision to buy a home or secure vacant land is a big move and for some it is also a once in a life time decision. I would like to commend you ahead of time for taking the first step towards this achievement.
Here are some important points to consider:
- Visit or contact XM Loans to get an in depth review of the financial details associated with buying a home and to learn of the various mortgages and home buying programs available to you.
- Define the "wish list" of features you want in your home.
- Choose your neighborhood, this may be based on school or work district, proximity to relatives or family.
- Shop within your budget.
- Work with a knowledge and reputable Licensed Real Estate Agent.
You do not have to do it alone - A good Real Estate Agent performs the following with you:
- Provides detailed listing information
- Negotiates the deal to save you money
- Guides you through the avalanche of paperwork and procedures
- Commits time and energy to finding you the right home or property
- Works with buyers at no cost
- Monitors all new listings and alert you to new houses and properties as soon as they are put on the market
- Guarantees your privacy
I will eliminate the stress involved with buying a home by putting my years of real estate experience to work for you.
Finding the perfect home is my business.
I will lead you through every step of this exciting home buying process with knowledge and experience.
FEATURED PROPERTY: Royal Valley Subdivision $359,000.00
Eastern District, Nassau / New Providence
4-Beds 2-Baths
Attached is a 2 bedroom 1 bathroom apartment.
Property size: 118 x 100 sq. ft.
Call Gino for more details or to set-up a viewing!
Asking Price: $359,000.00
Down payment $ 17,950.00
Mortgage Loan: $341,050.00
Monthly payment: $2,502.50 (interest rate of 8% over 30 years)
Approximate monthly income required to qualify for this home $6,255.00
(Terms and conditions apply to the qualification information above. Complete the application on our website to see if you qualify!)
From the President’s desk….
Troy Sampson, President & CEO
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"Doing the same things over and over and expecting different results" is the definition of insanity according to Albert Einstein.
While the world around us is rapidly changing, the average Bahamian and Caribbean national seems to be steadfastly holding onto the status quo despite the historic inequities perpetrated by it. Like the old man on the roof top during the flood, we defiantly refuse the help of rescuers insisting that God will come to our aid.
While I am in no way comparing myself or XM Loans to God, I can unequivocally tell you we are here to help you realize one of your most significant dreams. |
There are choices which you have to make in relation to accomplishing this dream. You can either do the same thing that every other frustrated borrower has done, or you can embrace the future of business and become empowered by having lenders pursue you. So what will it be, are you going to stay on the roof top or will you get in the boat? Only you can decide!
XM Loans Ltd. “Real Solutions, Real Time©!”
Your
monthly mortgage tip:Secrets Lenders don't want YOU to know!
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Let’s say that you decide to borrow $341,050.00 to buy the dream home above. With great fanfare you announce to your family and friends that your mortgage has been approved and that you are on your way to home ownership.
Well, there is one glaring fact that is usually missing from the information given to most borrowers. |
While you may be artfully informed about your loan amount, the interest rate and loan term; seldorm are clients advised of exactly how much they will end up repaying the bank over the life of their mortgage loan.
So, using the loan amount above ($341,050.00) at a rate of 8% over a 30 year term, your loan payment would be $2,502.50 each month. The net effect is that over the life of your mortgage you will repay $900,900.00 in total, inclusive of the principal ($341,050.00) + interest ($559,850.00).
After getting over the shock of this information, you wonder to yourself, "What can I do to reduce the amount of interest I pay?" Firstly, find out your lenders’ policy regarding extra principal payments. Each lender has a different policy affecting when or how many extra payments you can make. Secondly, as often as you can, make extra payments to your mortgage principal balance. This helps to reduce your loan amount ahead of schedule, thereby reducing the amount of interest you pay. As little as $50.00 extra, consistently each month, can reduce your interest costs by thousands of dollars over the life of your loan while also reducing the length of your mortgage as well.
To find out exactly how much you will repay on your mortgage, click here to use our Loan Calculator.
KNOW THE FACTS!! IT’S NOT ONLY ABOUT HOW MUCH YOU BORROW, IT’S ALSO ABOUT HOW MUCH YOU REPAY!
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.
As your Trusted Advisor, we always want to make sure you are clear on all details of the home financing process. If
you or someone you know are interested in purchasing or refinancing a home,
give us a call today! XM Loans Ltd. is the copyright owner or licensee of the content and/or information in this
email, unless otherwise indicated. The Mortgage Optimizer does not grant to
the recipient or distributor a license to any content, features or materials
in this email. You may not download, or save a copy of any of the content
except as otherwise provided in our Terms and Conditions.
In the unlikely event that you no longer wish to receive these valuable market updates, please email: newsletter@xmloans.com with "UNSUBSCRIBE" in the
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If you prefer to send your removal request by mail the address is Admin, XM Loans Ltd. P.O. Box N-4443, Nassau, Bahamas |
