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.
Submit your Mortgage Application
Review and accept the offer of Financing
Sign Mortgage Deed and other legal documents
Register your Ownership
Once you’ve decided to 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.
The 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 PREQUALIFYING
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 satisfy all the requirements on your wishlist, without breaking the bank.
Be sure to bring your ID, most recent pay slip, job letter and evidence of your other debts. If you are considering a joint purchase, both yourself and your co-borrower must bring this information.
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
Interviews are arranged for submitting your official application for financing. You should present all valid documents specific to your type of loan application. If however you do not have all the documents required, your application could still be processed subject to submission of same. Your mortgage officer will advise you accordingly.
You will be required to pay the following:
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.
Within 1 work week, our Offer of Mortgage Loan will be ready for your acceptance.
Processing of your application will begin as follows:
Request for a Credit Reporting.
Request for Title Search through an attorney from our panel. This includes a Judgment Search on each Applicant in the Mortgage Loan.
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
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
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. At this time 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 paid up to the time of your receiving title. You become liable for these payments from the date of title transfer and, by including the payments for these taxes in your monthly instalment, TTMF will ensure that the relevant rates and taxes are paid on time.
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 interim interest (i.e. 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.
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
You 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 the time the approved mortgage funds are disbursed. Arrangements can be made with the vendor for the physical exchange of keys at that time or on a specific date thereafter.
If you are carrying out construction or improvement works, a partial amount of the approved funds will be disbursed at the signing. This amount will satisfy any purchase agreement or outstanding debt as well as funds for the first phase of work.
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 give someone in the country 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
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 instalment becomes due on the last day of the month following the disbursement of your mortgage
Interim interest is payable from the date of disbursement to the end of the month in which the loan is disbursed.
Your Letter of Offer & Loan Agreement allows 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.