(868) 623-TTMF or 625-TTMF (8863)
info@ttmf-mortgages.com

Applying for financing may sometimes seem an intimidating task, especially when you do not know what to expect. Our Mortgage Process makes acquiring your home an easy and rewarding experience.

There are 5 easy steps to applying for your mortgage.

  1. Get Pre-Qualified
  2. Submit your Mortgage Application
  3. Review and accept the offer of Financing
  4. Sign Mortgage Deed and other legal documents
  5. Register your Ownership

Step 1: Get Pre-Qualified

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Once you’ve decided to take the next “adult” step in your life and purchase or build a home, the process can seem endlessly overwhelming and you may not be sure where to even begin! TTMF is here to help.

piggy-bank-calculatorThe first step you must take is determining your affordable price range. TTMF’s Pre-Qualification Process analyses your financial information to calculate your price range.

A Pre-Qualification interview permits us to take an early look at your financial position. At this interview, you are assessed on the basis of age, income and existing financial commitments. The resultant mortgage amount you can afford will be detailed to you in a Pre-Qualification Certificate.

Benefits to Pre-Qualifying

Getting your Pre-Qualification Certificate eliminates doubt, second-guessing and unpleasant surprises. Once we have determined your affordable price range, you will be able to conduct a more focused house or land hunt, and seek out properties that satisify all the requirements on your wish list, without breaking the bank.

Required Documents

Be sure to bring your ID, most recent Pay Slip and a Job Letter. If you are considering a joint purchase, both yourself and your co-borrower must bring this information.


Get Pre-qualified »

Get started on Financing

Start by approaching TTMF to be pre-qualified. Pre-Qualification allows us to review your affordability. The resultant mortgage amount you can service will be detailed to you in our Pre-Qualification Certificate.

Qualification Criteria

You qualify by satisfying our lending criteria. Some of our mortgage programmes require that you occupy only the mortgaged home. To qualify, you should:

  • Be 18 years & over
  • Be a Citizen of Trinidad & Tobago*
  • Be acquiring acceptable property anywhere in Trinidad or Tobago
  • Have a sound employment & income history. Temporary/contractual and self-employment are considered
  • Hold a favourable credit history

  • Be able to inject between at least 10% of the property cost or value
  • Be able to service the mortgage instalment in keeping with standard lending criteria
  • Have sufficient funds available to pay the mortgage closing costs/fees
  • The repayment term should not exceed your retirement age or 65 years




*Non-residents may be approved

Step 2: Submit your Mortgage Application

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Interviews are arranged for submitting your official application for financing. You must present all valid documents specific to your type of loan application and have the following fees for payment:

  • Application Fee
  • Title Search Deposit
  • Credit Report Fee

If the documents satisfy the requirements, you must sign our Mortgage Application Form. You will then be directed to pay the above fees.

Processing of your application will begin immediately as follows:

  • Credit Reporting, through various means available.
  • Request for Title Search through an attorney from our panel. This includes a Judgment Search on each Applicant in the Mortgage Loan.
  • Approval of your Loan Application.

Within 1 work week, our Offer of Mortgage Loan will be ready for your acceptance.

Step 3: Review and accept the offer of Financing

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Our Letter of Offer and Loan Agreement will be addressed to all mortgage applicants and provides a discretionary period of 14 days for signing and payment of requested fees. The document outlines the applicable details of the loan being granted, such as:

  • the Principal Amount
  • the Mortgage Interest Rate
  • the period for Loan Repayment
  • the monthly Amortised Payments of Principal & Interest
  • the monthly Aggregate Payment, if applicable
  • other relevant terms and conditions

Reviewing the Offer

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The Letter of Offer also summarises some standard mortgage clauses which will appear fully worded in the formal Mortgage Deed to be presented for your signature. You may review our form of Mortgage Deed by contacting the assigned attorney for a draft copy before signing and accepting our mortgage offer.

Make sure that you and any other applicants read this document carefully and get any clarification before signing. The signatures indicate agreement to fully observe the terms and conditions as outlined.

Once you are comfortable, you and your co-borrowers must sign and date all copies of our Letter of Offer as well as deduction authorisations for either your employers or your bankers, then arrange with our offices to pay the relevant fees.

Accepting the Offer

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After you have accepted the offer of financing, instructions are sent to the assigned attorneys to prepare the Mortgage Deed and the other legal documentation. Bear in mind once you submit the signed Letter of Offer, attorneys’ fees, the partial month’s mortgage interest and all outstanding processing Documents are due.

Where necessary, you may be asked to present updated Property Rates and Tax Receipts along with an updated WASA Clearance Certificate to confirm that these Property Taxes have been settled up to the time of your receiving title. You become liable for these payments from the date of title transfer and TTMF will ensure that the relevant rates and taxes are paid on time.


Step 4: Sign Mortgage Deed and other legal documents

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Our attorneys will arrange a date with you to the sign of the legal documents. Please note that on the day you sign the Mortgage Deed, you must have funds available to pay the balance of the legal fees and the partial month’s mortgage interest. The amounts will be advised beforehand and invoices will be presented at your appointment. Our attorneys are authorised to receive your payment of partial month’s interest on our behalf.

The partial month’s interest on the Mortgage Loan is calculated on the Principal Amount financed, at the per annum rate granted, and pro-rated for the number of days beginning from the mortgage signing to the end of the month.

Example

You are granted a loan of $100,000 @ 6.00% per annum and you sign your mortgage deed on January 19, partial mortgage interest is $197.26, as follows:

(100,000 X 6%) / 365 X 12 = $197.26

review-mortgage-agreementYou will have the opportunity to review the documents and obtain clarification of the contents where necessary. When satisfied, you and any other loan applicants must sign in the presence of the attorneys or their designate.

Your payments of the fees and costs will be receipted at that time and our cheque for the approved mortgage funds can then be delivered. Where you need to exchange the funds for ownership of property, arrangements can be made for the physical exchange of keys at the Attorneys’ office or on a specific date thereafter.

Construction or Renovation Considerations

If you are carrying out construction or improvement works, a partial amount of the approved funds will be delivered at the signing. This amount will satisfy any purchase agreement or outstanding debt as well as deliver funds for the first phase of work to you.

Out of the Country

If you or our co-borrower are out of the country, you have two options with regards to closing your transaction: you can either have someone in the country have a Power of Attorney to do business on your/their behalf or you can liaise with our attorneys to have them send the documents to you via courier. The costs of shipping has to be borne by you.

Summary: Finalising the Mortgage

Mortgage loans are finalised after receipt of:

  • All documents supporting the Application Process
  • Payment of Interim Interest, Administrative Closing Costs & Attorney’s Fees
  • Signing of all Application Forms, Deduction Authorisations and Legal documents
  • Completion of satisfactory Title and Judgement Searches


Step 5: After Closing

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You need to file statutory declarations of ownership of the Property with the relevant authorities. Our attorneys will deliver to you a legal document called a ‘Return of Ownership’ which you must file with the District Revenue Office (DRO). This alerts the DRO to the change in name of owners and assigns an account for receiving your payment of annual house, land and buildings taxes. If you build, the DRO will assess your property and advise an Annual Taxable/Ratable Value (ATV or ARV) for your property via a Certificate.

After filing with the DRO, you must file with the Water and Sewerage Authority (WASA) to register your ownership of the property and for the assignment of an account for payment of your quarterly water and/or sewerage rates. If you build, your property WASA rates must be upgraded on the basis of the DRO advised ATV/ARV. A WASA advisory statement or a bill will be given to you.

You will want to take advantage of any reduction in your tax liability by filing a new TD1 form with the Board of Inland Revenue. A supporting Interest Statement can be arranged at your request. Yearly statements will be automatically prepared for your account effective January of the coming year.

Remit Mortgage Payments

Ensure that your selected method of payment to TTMF takes effect on time, in keeping with your contractual agreement with the TTMF. Regular monthly payment can be made through Salary Deductions, where available, Direct Debit, post dated cheques or over the counter at our Offices.

Your first monthly installment becomes due on the last day of each month and shall commence as follows:

  • Interim interest is payable from the date of disbursement to the end of the month in which the loan is disbursed.

Early Repayment

Your Letter of Offer & Loan Agreement provides for early repayment without penalty and for lump-sum payments to principal during the life of the mortgage.

Summary: Statutory Declarations

Several declarations are required when you get your home:

  • Submit the ‘Return of Ownership’ to the District Revenue Office (DRO). This registers your Ownership of the Property and assigns an account to accept your Rates and Taxes dues.
  • Submit the DRO Certification received to WASA for the assignment of an account number to receive your quarterly payments of water and sewerage rates.
  • File a TD1 Declaration of new Home Ownership at the Board of Inland Revenue. This reduces your tax liability for 10 years.