Mortgage financing is available for the purchase of residences including single family homes, townhouses, condominiums, apartments, house construction & investment properties.
Loan Features
- Interest Rates from 6% - 8%, based on Property Value
- Up to 90% Financing
- Repayment Term of up to 30 years
- Origination Fee of up to 1% of the Loan Amount
- Second Mortgages Available
- Mortgage Indemnity Insurance is not required
- Life Insurance is not required as additional security
- No Prepayment Penalties
How to Begin
Start by approaching TTMF to be pre-qualified. Pre-Qualification allows us to review your affordability. Your current age, the amount you regularly earn per month and the number of debts you service will all impact your mortgage affordability. The resultant mortgage amount you can service is detailed to you in our Pre-Qualification Certificate.
You then need to locate a suitable property. After you have identified a property, begin your mortgage application by submitting all the required documents and fees necessary. Learn how to compile the legal documentation required to finance a home in our How-to Guide.
More Information
Required Documents
Standard Documents
- Evidence of Nationality (2 Forms of ID)
- National Insurance (NIS) Number
- Income Tax (BIR) Number
- Evidence of Income
- Evidence of Savings & Indebtedness
- Most Recent Credit Card Statement(s)
- Title Deed or Lease & Mortgage Deed
- Valuation Report
- Up-to-date receipts for Land & Building Taxes, Water & Sewerage Rates & Lease Rent
- WASA Clearance Certificate
- Utility Bill
Other Required Documents
- Agreement of Sale
- Certificate of Assessment from the District Revenue Office
- Completion Certificate from the Regional Corporation where property is less than 4 years old
Additional Documents: For a Home Needing Repairs
- Approved Building Plans (from Town & Country Planning Division & Regional Corporation)
- Signed Builder’s Estimate in phased scheduled draw-downs
- Quantity Surveyor’s report where the cost of the renovation/repair exceeds $450,000
- Completion Certificate from the Regional Corporation on completion of required works
Additional Documents: For a Townhouse or Condominium-type Home
- Share Certificate
- Registered Management Company Bye-Laws
- Management Company’s Statement on Insurance Coverage and Maintenance Charges with evidence of up-to-date payments
Documents, including Valuation & Quantity Surveyor Reports, to be submitted in DUPLICATE where applicable.
Evidence of Income: Submit an Original Job Letter & Pay Slip. If overtime is inconsistent, submit 2 TD4 slips for the past 2 years. If self employed, submit Audited Financial Statements for the last 2 years.
Evidence of Savings & Indebtedness: Submit Audited Financial Statements from all Financial Institutions with which you deal, including Credit Unions (monthly payments towards loans must be indicated on these statements).
Fees & Costs
Estimated Application Costs
- Application: $150.00
- Title Search: $1,000.00 (initial)
- Acceptance Fee: 1% of Loan Amount or $500.00 minimum
- Credit Bureau Report: $65.00 per applicant
- Site Visit: $300.00 per visit
Initial Payment Requirements
- Attorney’s Fees (Deed Preparation)
- Statutory Fees (Stamp Duty & Registration Fees)
- 3 months' Rates & Taxes
- 3 months' Maintenance Fees
- 1 year’s Lease Rent
- 1 year’s Property Insurance Premium
