Tips for Buyers seeking financing

We know you want a deal! However be realistic, Get pre-approved by your lending institutions, this way you know exactly what you can afford. Also by being pre-approved, you improve your chances of having your offer accepted when you do find that right property.  A pre-approval letter speaks volumes

Make sure your deposit is available and have evidence of it’s existence

A minimum of 10% is the required deposit

Have all documents required by the lending institutions in place to make for a speedy uninterrupted transaction

Your lending institutions will require a valuation and a survey to be done on your prospective purchase

This is at the buyer’s expense

Have an Attorney ready to represent your interests

This process usually takes 90-120 days to be completed

 

Costs involved to the buyer

Government stamp duty    2%

Registration fee      0.25%

Attorney’s fees     approx.  3% plus misc. costs

mortgage processing fees. Determined by Lending Institutions

16.5% GCT on legal fees

Contact us at: mceachron-clarke@cwjamaica.com