Your 4-Step Guide through the Mortgage Process - Trinidad and Tobago Mortgage Finance Company Ltd.

Thu 20th Apr, 2023

When looking to purchase a home or land, getting a mortgage can seem complex or daunting, especially if you are a first-time buyer. Therefore, it is helpful to know what you can expect. In this week’s edition, we will explain everything you need to know about each of the four essential steps to a mortgage: Pre-Qualification, Search, Mortgage Application and Closing.


Get Your Pre-Qualification

You really need to figure out how much home or land you can afford first. This step lets you set realistic expectations for house hunting and choosing a mortgage loan. This step is important before kicking off the mortgage loan process.

A mortgage calculator is a very useful tool at this stage as it can show you the impact of different rates on potential monthly payments. Use TTMF’s online mortgage calculator to get an estimate of how much your monthly mortgage payment could be, as well as, to give you an idea of how much you could qualify for based on your income, age and debt. Learn more about our prequalification process when you read How to Pre-qualify; or you can Book a Prequalification Appointment  with one of our knowledgeable staff.


Start your search within your price range to find a property

Most people start looking for properties or land long before they are pre-qualified and perhaps before they are even thinking of buying a home. But once you have followed the first step above, and have your pre-qualification, you are now ready to begin looking in earnest.

With estimating your own budget, you can now start looking at homes or land within your price range. Here are some tips on how to select a property that you want to ensure as your ‘best fit’ – Say Yes to the Address!

Apply for a Mortgage

Once you have identified the property, you are ready to apply for a mortgage,

We will need information from you to give you an offer. We may have some of this information already but we may need more or updated information.

Here’s a look at the list of overall documents you will need to have prepared for your Mortgage Appointment – Appointment Documents Required.

It is a good idea to check your credit beforehand to see where you stand. Be prepared to explain any issues or missteps in your financial background.


Close on the Property

If your mortgage application is approved, it is now time for closing. At this stage, you will have some documents to review and sign. Once you have reviewed and everything looks to be in order, you will sign to accept the mortgage! Well done!

Check all of your documents carefully, make sure you understand the mortgage you are being given, and seek expert help if you are unsure about anything. Because you will be paying your mortgage for a long time, it makes perfect sense to get it right.


In the end…the process can be long and stressful, but make sure you do not rush it.


Become Home Smart

We suggest to that you read up on TTMF’s 5 Steps to Financing so you can better understand how the application process works. Pay attention to the qualification criteria as these directly affect the strength of your application. Remember, in the How to Calculate your Mortgage Amount blog, your income, age and current level of debt are the main factors that are taken into consideration when assessing your ability to qualify for a mortgage and the amount you qualify for.

Check out TTMF’s 2% Program and 5% Mortgage Program and familiarize yourself on their mortgage rates…the best on the market.

Remember, TTMF is always here to help. Make an appointment with a knowledgeable TTMF representative by logging on to to chat online or call 623-TTMF.


We’ll take you from here…to home. Let’s get started…today!


Related articles:

What to Ask Before Taking a Mortgage

The Benefit of Home and Land Ownership for First-Timers

Building a Home – The More Cost Effective Approach to Homeownership

Buy Land to Start your Homeownership Journey

Pre-Qualified for Mortgage Financing – What you need to know