Trinidad and Tobago - Mortgages
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Mortgages

You are on: Purchase of Residential Property tab

  • At RBC you can obtain a mortgage primarily for the purpose of purchasing an owner occupied residential property, including: townhouses and condominiums.
  • Financing is available up to 90% (as Mortgage Indemnity Insurance is available for amounts in excess of 80%); therefore a minimum downpayment of 10% is required.
  • Amortized monthly payments of principal and interest can be granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).

Contact an RBC Mobile Mortgage Specialist

You are on:Purchase of Residential Lots tab

  • At RBC you can obtain a mortgage to purchase residential lots in government approved subdivisions for the purpose of eventually constructing an owner-occupied home.
  • Financing is available for up to 90% (with Mortgage Indemnity Insurance), therefore a minimum down payment of 10% is required.
  • Amortized monthly payments of principal and interest can be granted for up to 10 years (maximum term and age of client not to exceed government age of retirement).

Contact an RBC Mobile Mortgage Specialist

You are on: Construction tab

  • RBC offers financing to build or undertake major renovations for owner occupied residential property.
  • This type of mortgage is set up as an interest only facility during the stages of construction.
  • During the period of construction (maximum of 1 yr), the client can draw down balances in pre-determined phases as needed up to the approved limit. Upon completion, the final amount will be converted to a residential property mortgage with monthly blended installment of principal and interest.
  • Amortized monthly payments of principal and interest are granted for up to 30 years (maximum term and age of client not to exceed government age of retirement). 

Contact an RBC Mobile Mortgage Specialist

You are on: Utilization of Equity tab

  • At RBC you can utilize the equity that has been built up in your property for your goals including: Home Improvements, Debt Consolidation, Investments, Educational or Medical expenses with the supporting collateral being a mortgage over the property.
  • RBC financing is available for up to 80% of the value of the property.
  • Amortized monthly payments of principal and interest can be granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).
  • Maximum term of loan is 30 years (not to exceed government age of retirement).

EXAMPLE:
Assume you have a property with an original valuation of $500,000 in 2007.
Existing mortgage facility is $400,000 @ 10% for 20 years, original down payment was $100,000
Mortgage balance is $360,000 in 2012

Scenario 1:
What is the available equity in 2012 that can be utilized assuming the original value of the property remains the same?


Answer:

LTV Maximum Equity Available
Maintains current market value of $500,000.
with standard 80% [80% * $500,000] - $360,000 = $40,000

Scenario 2:
If in 2012 the property has increased in value to $560,000, what is the new available equity?

Answer:
LTV Maximum equity available
Appreciates to $560,000
With standard 80% [80% * $560,000] - $360,000 = $88,000

You are on:What do I need tab

Purchase of residential property and residential land:

Collateral:

  • Assignment of Home Owner's Insurance cover over the property
  • Registered first mortgage of a continuing nature over property being financed

Documents:

  • Agreement of Sale
  • Deed for property
  • Current Valuation Report
  • WASA Clearance Certificate and up to date land and building taxes

Construction/Renovation:

Collateral:

  • Assignment of Home Owner's Insurance cover over the property
  • Registered first mortgage of a continuing nature over property under construction

Documents:

  • Approved Plans - Town and Country
  • Builder's estimate and references
  • Quantity surveryor's report
  • Most recently paid WASA bill (for renovations only)
  • Current valuation report
  • WASA Clearance Certificate (for construction only)

For more details refer to Residential Mortgage Checklist

    You are on: Frequently Asked Questions tab

    Expand - FOR WHAT PURPOSE CAN I APPLY FOR MORTGAGE FINANCING? For what purpose can I apply for mortgage financing?

    Expand - WHAT ARE THE BASIC REQUIREMENTS FOR OBTAINING MORTGAGE FINANCING       What are the basic requirements for obtaining mortgage financing?

    Expand - WHAT ARE SOME OF THE BASIC DOCUMENTS REQUIRED?       What are some of the basic documents required?

    Expand - HOW LONG DOES THE ENTIRE PROCESS TAKE?       How long does the entire process take?

    Expand - WHAT ARE THE BENEFITS OF MORTGAGE FINANCING?       What are the benefits of mortgage financing?

    Expand - CAN I APPLY FOR A MORTGAGE WITH ANOTHER PERSON?       Can I apply for a mortgage with another person?

    Expand - CAN I MAKE LUMP SUM PAYMENTS TOWARDS MY MORTGAGE LOAN ?       Can I make lump sum payments towards my mortgage loan?

    Expand - HOW CAN I PAY LESS INTEREST TO THE BANK OVER THE PERIOD OF THE MORTGAGE ?       How can I pay less interest to the bank over the period of the mortgage?

    Expand - ARE THERE PENALTIES FOR EARLY LIQUIDATION OF MY MORTGAGE LOAN?       Are there penalties for early liquidation of my mortgage loan?

    Expand - WHAT TYPES OF INSURANCE ARE AVAILABLE WHEN IT COMES TO MORTGAGE FINANCING?       What types of insurance are available when it comes to mortgage financing?

    Expand - WHERE DO I GO TO APPLY FOR A MORTGAGE?       Where do I go to apply for a mortgage?

     

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