MORTGAGE REQUIREMENTS

Facts to know…

Maximum You Can Borrow:
The maximum loan is 90% of the lower cost or market value. However, for a loan that is over 75% of the lower cost or market value, mortgage indemnity is required.

How much of my salary can go towards my installments?
Your monthly mortgage installments should be a maximum of 35% of your gross income.

How long do I have to repay my loan?
The maximum number of years for the loan can be thirty (30) years or the number of years left until your retirement age.  If you are self-employed the age will be determined by the Company. The minimum loan term is five (5) years.

Required Documentation:

Purchasing:
Purchase Agreement and title of property.
Valuation report from an approved valuator 
Financial status report, job letter and salary slip.

Self-employed: 
Financial statements & copy of tax return.
Current year's lands and buildings taxes and water and sewer rates receipts.
Completion Certificate from Regional Corporation where the property is less than four years.

For the purchase of townhouse or condominium type homes:

• Share certificate
• Management Company's articles of incorporation and By-Laws
• Management Company's statement on insurance coverage and maintenance charges with evidence of current payments.

Construction:
Approved plans. 
A Quantity Surveyor's Report / estimated cost of building materials.
An agreement signed by the building contractor together with the estimate.

Need more information contact us at info@assurialifett.com