Select your Lot and pay your CI$1,000.00 Reservation Fee
Sign the Offer to Purchase / Reservation Agreement
Meet with the to obtain financing and a loan Commitment Letter
We will help prepare your Loan Application and go with you to the bank appointment to make it as easy and hassle free as possible.
The Mortgage Officer will collect information about your debt, income, and assets.
They will look at your credit profile and assess your ability to pay the earnest money deposit (usually 10%) along with closing costs.
The length / term of your mortgage loan are determined by your age. Add your age on your next birthday to the length of your anticipated mortgage term and that number should not exceed 65. Some mortgage institutions will lend up to the age of 70. Example: You will be 45 years old on your next birthday and you will be applying for a 20-year mortgage. 45 + 20 = 65.
Documents needed when applying for a personal mortgage loan
Completed application including statement of financial affairs
Offer to Purchase/Reservation Agreement
Valuation report on the property
Verification of source of down payment / deposit and closing costs
Two forms of valid identification: A passport, and Driver’s License (If you are a Cayman Islands citizen or Status Holder, you may substitute a Driver’s License)
Job letter from your employer
For non–residents Include: Two years Tax Returns together with a recent credit bureau report–preferably from Equifax.
For Residents Include: A photocopy of a current Work Permit
Recent pay slip
If self-employed, evidence to support income e.g. financial statements for the last 2 years, a copy of your trade and business license and bank statements
Bank reference letter
Comprehensive home insurance coverage
Life insurance on each borrower for the amount of the mortgage, with policy assigned to and held by the bank.
A commitment fee of 1% of the amount being borrowed, payable upon acceptance of the Letter of Offer
Present Letter of Commitment from your Bankers, sign formal contracts and pay earnest money deposit.
You will be notified in writing when the house is ready and the Certificate for Occupancy Certificate (CO) has been issued. At that time the balance of the purchase price will become due.
If you don’t require a mortgage we will require a 10% deposit accompanied by a Letter of Undertaking from a financial institution. Upon presentation we will sign the formal contracts to develop and purchase the house.
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