Home Smart Archives - Trinidad and Tobago Mortgage Finance Company Ltd.


Category filter:AllCorporate News & EventsHome SmartVideo
No more posts
22-342-TTMF-November-Blog-Home-Mortgage-Options-Website-700x320-01.jpg
Mon 5th Dec, 2022

Do you want to get some ideas for affordable home options? Expanding your mind on what home really means to you can open up your options. Here are two great and smart home alternatives just for you:

 

Look at buying land as an option:

Buying land now to build a house later gives you the complete liberty to do as your heart desires i.e. when things improve for you. Regardless of its size, you decide when you are ready, but until then you hold the land as an asset.

When buying land:

  • Tip #1: Make sure the land is for residential purposes only, meaning for private dwelling purposes, and not for commercial or recreational purposes.
  • Tip #2: Make sure the developer or landowner has gotten the approval for the land by the Town and Country Planning Division and has the relevant Municipal Corporation confirmation on where the plot of land is actually located.
  • Tip #3: Make sure you conduct a registered land title search to confirm that the seller of the land indeed owns it, and has verified the boundaries of the land and has ensured that there are no charges or liens on the property.

At TTMF, financing is available for the purchase of residential building lots and homesteads. When you have located your piece of land, begin by submitting all the required documents and fees to begin our application process:

Check out our Buying Land” episode for some useful tit-bits.

 

Consider building your Home:

With your floor plan in mind, you have the control that you are seeking. You can make the decisions when building the home, so it will reflect your tastes accordingly.

But remember:

  • Tip #1 – Build what you can afford. The extras are nice to have, but they will impact your budget and cause unwanted delays.
  • Tip #2 – Build according to your plan. Adding extra changes/finishes increases your costs and can even hold you back from getting your completion certificate.
  • Tip #3 – Make sure to look at the overall costs, legal requirements, contractors and financing. Be sure you are aware so you can be confident in making your moves.

Take a look at Building A Home: The More Cost-Effective Approach to Homeownership to give you more insight.

Bridging loans are available at TTMF to construct a home. Naturally, construction must adhere to local building codes and follow designs and specifications approved by local regulatory bodies.

 

 

Become Home Smart

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

Follow us on Instagram & Facebook or sign up for our monthly newsletter for more helpful tips on homeownership.

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

 

Related articles:

How to Finance your Home Construction

Buy Land to Start Your Homeownership Journey

Why Buy Now

Building? Here are some DIY ideas and other ways to cut down on labour costs

22-261-TTMF-Blog-Artwork-Website-700x320-01-1.jpg
Tue 11th Oct, 2022

Home is definitely where the heart is. After you purchase a home, what comes next is to furnish its interior to your heart’s (and your budget’s) content.

In this edition, we offer you 5 simple ideas when thinking of sprucing up your home. It might be easy to think that transforming your home with creative ideas will require a lot of work and a lot of money, but the simple ideas in this article will help you achieve the perfect balance in and for your home, that are alluring, timeless and trend-proof.

 

Make a Statement

Incorporate chic touches and statement pieces everywhere. Your living rooms and bedrooms and even bathrooms can feel bright, shiny and new, with the incorporation of metallic accents and mirrored details. You can create a wow factor with oversized accessories like a big statement mirror or clock.

Image: Statement Mirror (cliqueinc.com)

 

 

Pet-Loving Furnishings

Do not think of home as just being for us humans. Open up to pet-focused décor or “barkitecture” as it is sometimes called. Pets are part of the family, so give them something comfortable to lounge in that is also stylish, tailored to fit your space, needs, and budget.

Image: Chaise (bigcommerce.com)

 

Alluring Couches

We all agree, reupholstering your furniture automatically changes the landscape of your home making it feel brand new. Taking risks with colours and fabrics is the name of the game. Embrace your bold streak. You can try different color pallets and different fabrics for a new look. Also, for better function and form, you can move your furniture around the rooms, finding a new and novel placement. Whether reupholstery or furniture relocation, both can end up being the best way to make the best interior design changes to your home.

Image: Couch (evansofhighwycombe.co.uk)

 

Functional Studies

The pandemic has taught us a lot about how we need our homes to function. Carve out a dedicated workspace and experiment with wallpaper or colors. You do not need to have unlimited square feet to embrace this treatment.

Image: Home Office (singhhomes.com)

 

 

 

 

Earthy Touches

If we spend so much time in the great outdoors, isn’t it only fitting that we bring Mother Nature’s influence inside our homes? Take your favorite earth tones and mix them with your favorite patterns. Whether you experiment with prints or add in a few plush textures, the final result will be oh-so-earthy.

Image: Bedroom (pinimg.com)

 

 

 

 

 

Top Homeowner Décor Ideas · (dwellingdecor.com)

Transform your home Using Simple Ideas

2022 Home Décor Trends and Design Styles You Will Love

 

Become Home Smart

Remember, TTMF is always here to help. If you find that your remodeling is becoming a bit more intricate, find out about the TTMF Home Improvement Loan, and our current Home Sweet Loan promotion which offers you 4.5% interest rate Here.

Make an appointment with a knowledgeable TTMF representative by logging on to www.ttmf-mortgages.com to chat online or call 623-TTMF.

Follow us on Instagram & Facebook or sign up for our monthly newsletter for more helpful tips on homeownership.

 

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

Related articles:

5 Easy and Cost-Effective Home Remodeling Ideas

Renovate your Home to Increase its Value

Be Home Smart with a Home Garden

Budget Friendly Home Improvement Projects

22-261-TTMF-Blog-Artwork-Website-700x320-01.jpg
Wed 21st Sep, 2022

Gone are the days when giving a toaster was a mortgage lender’s way of thanking their customer. Today, lenders focus on loan offers and promotions. It is all about building relationships.

With many different mortgage lenders out there, and loan promotions available, we have put together a list for you of what mortgage lenders look for:

 

Mortgage loan offers usually focus on the risk you pose

The first thing mortgage lenders are doing when you apply for mortgage financing is checking your credit history or profile. Your credit history or profile, on which lenders base much of their decision about your loan amounts and rates, is a reflection of their confidence in your ability to repay them.

It is mainly your financial information that informs mortgage lenders about how much risk they may face if you borrow money from them, so, if things like your debt-servicing ratio is high, you will be deemed as a higher risk versus someone who has an excellent credit profile and is in good financial standing. Take a look at TTMF’s Avoid – Disregarding Your Credit Rating for further insights.

The good news is, TTMF is extending the term of a mortgage loan from 65 years to 70 years for persons who can prove an earning potential beyond their retirement age. Also TTMF’s acceptable debt service gross ratio will soon be at 35% for mortgages only and at 45% net for mortgage loans. Visit TTMF for more information on the exciting promotions to come.

At the end of the day, prove your creditworthiness to a mortgage lender so you can get the best possible rates.

 

Mortgage loan offers champion low interest rates

Naturally, a mortgage loan offer with low mortgage interest rates is what matters! This will save you thousands of dollars over the life of your loan. As you know, TTMF has 2% mortgage interest rate, and a 5% mortgage interest rate. What you do not know is that TTMF has introduced a 4 ½ % mortgage rate for six years.

Remember, TTMF is known for the stability of their interest rates. Their rates do not vary based on market conditions, so customers are never caught off-guard by unplanned increases in their mortgage balances. For further details, please read the Home Smart blog Stable Interest Rates on how TTMF offers more stability to customers than the banks’ rates.

All in all, be sure to compare rates from multiple lenders before making your final decision.

 

Mortgage loan offers include low fees

Most times, mortgage lenders are providing you with minimal cost with regard to fees like downpayment, application fees, closing costs (legal fees and charges) and homeowner’s insurance. TTMF can provide you with an estimate of these costs. Generally, your closing costs range from 5% to 7% of the mortgage amount.

Make sure you know exactly how much you will be paying in total costs, and be confident in asking the mortgage lender to break down these costs for you. Homeownership may be the dream, but keep one foot on the ground, too.

 

Mortgage loan offers have a wide variety of loan programs

Mortgage lenders offer conventional loans, and in some instances government-backed loans. TTMF is now offering 95% financing and mortgage/financing of up to $2 Mil maximum.

Make sure to do your homework. You are finding a home but you are also making a financial commitment you will have to live with for years.

 

Become Home Smart

These are just a few of the things you should be aware of when looking at mortgage loan offers. Be sure to do your research and compare rates from multiple lenders before making your final decision. If homeownership is just not a realistic option right now, in spite of what may look like once-in-lifetime mortgage loan offers, have no fear. Your financial circumstances could change.

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

Follow us on Instagram & Facebook or sign up for our monthly newsletter for more helpful tips on homeownership.

 

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

 

Related articles:

Lisa Bissessar-Singh – TTMF From Here…to Home Testimonial 

Don’t make these 6 Common Mortgage Mistakes

Homeownership Hopeful

What To Ask Before Taking A Mortgage