Securing financing is just one part of a real estate transaction.
At RE/MAX 1st Choice, we recognize that owning a home has always been a key component of most life goals and that building or buying a home is an exciting and complex adventure, and perhaps the most significant investment you will ever make.
Our RE/MAX 1st Choice team is experienced at assisting both new and experienced buyers alike in all areas of real estate and we are here to assist you make your dream of home ownership a reality.
We have built strong business relationships with all of the reputable lenders in Grenada and they’ve helped us recognize some aspects that can make the process of applying for a loan easy.
Qualifications:
Must have a good employment history.
Be financially capable of servicing the mortgage.
Be creditworthy.
Have adequate security
Life Insurance
A signed sale agreement
A fixed price contract and construction estimates (in case of construction)
Required Documents:
Valid photo identification (Driver’s license, National ID card, NIS card, voters ID card,passport)
Proof of Address (utility bill or credit card/bank statement in your name)
Copy of Title Documents or Deed of Conveyance
Proof of income (job letter and most recent pay slip)
Sale Agreement
A property valuation
Bank Statement showing deposit and loan balances
Approved building plan (in case of construction)
Detailed independent estimate for construction
General Terms and Conditions for local mortgages:
Relatively low interest rates between 6 - 9%.
Up to 30 Years to Repay
Mortgages can cover up to 90% of the total value, however some institutions do offer
100% coverage subject to special conditions
Required deposit can be as low as 10%
Debt Service Ratio should not be more than 40% of your gross personal income
Life insurance
List of assets and collateral
The property itself can be used as collateral to secure the mortgage
RE/MAX 1st Choice Buyer Tip:
Don't fudge the truth. A white lie on your mortgage application can be mortgage fraud.
It may not be a big deal now, but it can come back and haunt you.
If you notice other fees popping up in your loan process, ask for an explanation.
You have a right to know what each fee is and why it's being charged.
Always remember, your RE/MAX 1st Choice Agent is here to help!
