Steps to Home Ownership
H
OME OWNERSHIP – it’s one of the biggest decisions a person will make in their life, but it’s one that brings a great deal of satisfaction. Like any big decision, there are a lot of things to take into consideration. What type of house do I want? How much can I afford? I hear my friends talking about their mortgages but I don’t understand some of the terms? Where can I go to find out more? At Scotiabank, we have a well-versed team of experienced professionals who can answer these questions and more. With our 3% Money Back up front, which can be used for closing costs, legal fees or any other expenditure you choose, the benefits of a mortgage with us is amazingly rewarding. Below are some simple tips to consider.
Step 1: Consideration Process Pre-qualification is an informal process where the Bank will estimate how much money they can lend you based on the financial information they have on record for you. Our mortgage calculator on our website www.barbados.scotiabank.com is also a useful tool that you can use at your convenience to get an idea of how much you will possibly qualify for. Once you have found your property, you will need to work with a Scotiabank Personal Banking Officer to submit your application for a mortgage. The Officer will guide you as you what documents you will need to provide. This list of documents is also available on the website.
Step 2: The Attorney It is not mandatory for you to use the Bank’s attorney. Even though it would be more convenient to have all of your business 48
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needs centralized, you should use an attorney that you are comfortable with and who is familiar with real estate transactions. Once the entire team dealing with your mortgage is efficient and understands your needs, then this helps to reduce the lengthy mortgage process and helps you to be in your home much sooner.
Step 3: Expenses People often overlook the utility expenses associated with home ownership. These include utilities such as water and electricity as well as other costs like purchase of new appliances, moving costs and maintenance costs. To avoid any surprises, it is always best to speak to a Scotiabank representative as they will guide you in calculating your estimated expenses. If you are moving to larger accommodation, take into consideration that costs like electricity for example will be increased as your utilize more lights and may have more high-end appliances. It’s well worth considering whether you’d like to include any upgrades to the property in your mortgage. Save on electricity costs by installing solar. Paid at low rates over a long amortization period, it becomes affordable. To get more information, listen out to hear when our branches are having monthly Mortgage Checkups where you don’t have to make an appointment to sit with a representative. Alternatively, you can visit our Warrens branch on Saturday, April 14th between the hours of 10am and 2pm for our Real Estate Expo where you can speak with mortgage specialists and realtors about your mortgage options.