Securing your funding before you begin your property search will enable you and your CIREBA agent to search and ultimately negotiate more effectively, thereby avoiding disappointment.
You should plan to visit the banks that provide mortgages services on Island. There is no fast way to do this but it is best to shop around, as many things are negotiable. Lenders require a down payment of between 5 – 40%. Most lenders do not charge for pre-payment penalties. Interest will vary between 1 to 3 percent, or better, above the prime rate.
Talk to your CIREBA Broker about seeking independent advice when taking out a mortgage. Not having your financing in place could ruin your chance of buying your dream home. Once basic due diligence is completed, you will find the process straightforward. Once your mortgage application is complete, most lenders will process it within two to four weeks. Most delays occur because of missing information required by your lender.
