TriniRealty is dedicated to providing up-to-date and useful information to home buyers across Trinidad and Tobago. This is the motivating factor behind our present series on creating awareness of the mortgage facilities currently available. This week Scotiabank is in the spotlight and the following information has been compiled for ease of comparison to the previous post on RBTT’s Mortgage Facility.
What mortgage interest rate is currently being offered at Scotiabank?
Scotia is currently offering a special rate of 6.75%. To qualify for this rate you must be either a first time home buyer (the property to be mortgaged must not be for investment purposes), interested in switching your existing mortgage to Scotiabank or able to come up with a 15% down payment.
What are the special features of a Scotiabank mortgage?
For the duration of the special mortgage campaign legal fees and discount fees will be reduced by up to 50%.
Fortnightly payments are possible, but this needs to be approved by the attending mortgage officer.
Is it possible to make lump sum prepayments that go directly to your principal?
Mortgage holders can repay anywhere in the range of 10% to 30% of the original mortgage principal every year without penalty. This is only permitted after giving the bank 90 days notice of your intent in writing. You should also make it clear that you are making a principal payment otherwise your funds will go in as a prepayment and your mortgage installment may be halted until the deposit to the loan is used up.
How does a person who has no prior relationship with your bank apply for a mortgage loan?
You need to set up an appointment with a mortgage loan officer. Scotiabank has Mortgage Specialists that can address all your questions and concerns. If you have secured an appointment you will need to walk with the following to finalize the loan agreement;
For Mortgage Loans
- Agreement of Sale
- Copy of deed/Certificate of Title
- Valuation Report
- Copies of lease receipts (if applicable)
- Up-to-date land and building taxes and water rates
- Certificate of Compliance
- Two forms of valid identification (Identification Card, Driver's Permit/Passport)
- Confirmation of savings/debt
- Job letter
- Recent pay slip
- If self –employed, evidence to support income e.g. financial statements for the last 12 Months or more
- Builders’ risk and comprehensive home insurance coverage
For New Construction Loans
- Approved building plans
- Builder's detailed estimate
- Building contract
- Quantity Surveyor's Report
Source: Scotiabank.com