In my experience, Murphy's law which says: "whatever can go wrong will go wrong", seldom fails to prove true when it comes to dealing with transactions at financial institutions; it seems inescapably true when dealing
with major transactions such as applying for a mortgage.
As with most things we set out to accomplish, the key to making the mortgage application process easier is being prepared. Reviewing requirements by a few of the major lenders in The Bahamas, here is a checklist of some key documents you need to have...
When applying For A Mortgage Loan
- Agreement of Sale
- Copy of deed/Certificate of Title
- Valuation/Appraisal Report
- Copies of lease receipts (if applicable)
- Up-to-date land and building taxes and water rates
- Certificate of Compliance
- Two forms of valid identification (Identification Card, Driver's Permit/Passport)
- Confirmation of savings/debt
- Job letter and recent pay slip (if employee)
- If self-employed, evidence to support income e.g. financial statements for the last 12 Months or more
- Builder's risk and comprehensive home insurance coverage
When applying For A New Construction Loan
- Approved building plans
- Builder's detailed estimate
- Building contract
- Quantity Surveyor's Report
Contact me for any assistance in this process at email@example.com.