National Colony Realty

“Mortgage process differs when building a home

If you are buying an existing home, you’ll most likely need a typical residential mortgage. But if you plan to build, the mortgage process often unfolds in stages, as most people need to fund construction as it happens.

To get construction started, banks such as Scotiabank offer financing programs that begin with a Lot loan, which you have up to 15 years to repay. Once you begin construction, you’ll consolidate this loan into a Home Builder Loan which allows you to pay your builder in stages during construction. When your home is finished, you’ll roll your Home Builder Loan inot a Residential Mortgage and start making blended payments of principal and interest to build equity in your new home”

Factor in risks of variable rate mortgage

In addition to a choice of amortization periods, you may also have a choice between a fixed-rate mortgage and one with a variable rate. The interest rate for a fixed rage mortgage remains the same over the life of the loan while the rate on a variable rate loan changes as interest rates fluctuate on the open market.

Many like the security and predictability of a fixed rate mortgage, and are willing to pay slightly more for a peace of mind. “

Save money with a shorter loan period

“Once you qualify for a mortgage, one of the key factors to consider is the duration of the loan - referred to as the amortization period. Some homeowners find the monthly payments more manageable when they opt for a fully 30 years, making smaller payments over a longer time period. But there’s a downside -the longer the amortization period is, the more interest you end up paying over the long term.

Because of these higher interest costs, many people choose to pay off their loans as quickly as possible by increasing their monthly payment amounts. The payments each month, though as substantially higher since they must be made in less time. You should also look into whether your bank offers the option of preparing a lump sum of your mortgage each year, typically up to 15% without penalty. While your future monthly payments will stay the same, more of each payment will go towards paying off the principal because the lump sum has reduced the amount you owe and lowered your interest costs. You’ll end up paying off your mortgage much faster this way.”

“Qualifying is step one

Before you consider the type of mortgage you need, you first have to qualify. This usually requires three things:

• A down payment - as little as 5% of your home’s purchase price;
• The ability to pay the closing costs, such as a solicitor’s fees, a survey, a home inspection and your real estate agent’s commission;
• A regular income that allows you to cover the monthly payments.

Lenders will need to know about your job, other income and credit history.”

Who says there is no theater in the Turks and Caicos Islands?

With stunning underwater sets and costumes, The Little Caribbean Mermaid has all the elements of the typical British pantomime – unforgettable song and dance numbers, witty in-jokes, audience participation, the spooky monster, slapstick comedy, a hilarious grand dame, the inevitable chase scene, mysterious characters who are not who they appear to be, and the “Oh, no you don’t; Oh, yes, you do” and “Behind you!”  Guaranteed to tickle your funny bone, thrill you, chill you and keep you laughing and humming for weeks, this TCFAF production is a wonderful Christmas gift for the entire family to enjoy. 

Opening Thursday 3^rd December for 8 shows at Brayton Hall, Mermaid is the 3^rd original Panto that the Friends of the Arts has produced. Tickets are on sale online at www.TCFAF.com, as well as Unicorn Bookstore, The Saltmills Diner and Graceway IGA.  

Visit the Friends of the Arts on line to see all of the wonderful thngs planned for the new year! 

Karen Shaw

I was reading the Freepress over the weekend, and saw a rather interesting article entitled “Financing your home-a mortgage premier”. Written by Mr. Phillip Cross, a manager of Scotiabank Turks and Caicos. As we often get a number of questions about mortgage in the TCI, I thought I would share this article with our blog fans. Here goes

“There’s no question: buying a house is the biggest purchase most people ever make. And because homes are such a big ticket item, most purchasers need financing. Deciding which mortgage is right for you takes a little research, along with advice from a bank’s mortgage expert. Here are some basic mortgage facts to help you make your choice.

• Qualifying is step one
• Save money with a shorter loan period
• Factor in risks of variable rate mortgage
• Mortgage process differs when building a home”

These are the key components to remember about a mortgage so I will over the next few days blog about each one individually so as to keep this article as concise as possible. I have always heard the shorter the blog the better! not sure how true that is.

I thought that I would share with you a few sample photos of the homes that we visited today in the Turtle Cove and Richmond Hills area. All for sale and priced from $345,000 to $2,750,000.00. Let one of our real estate agents at National Colony Realty help you with further information on any one of these properties. (Click on any photo to get a better view)

Yet another tour of a section of the island. This week, the TCREA agents tour homes in the Blue Mountain and Thompson Cove area. This included, canal front homes, Ocean view homes, and beach front properties. All the properties were interesting and beautiful in their own respect, particularly the two Villas of Blue Mountain homes which were a beach front bungalow, and a two storey home with exquisite views. One good thing about it is that, in purchasing these home at the Villas of Blue Mountain you have the option of tweaking the homes a bit to suit your needs. It is a housing project you will want to see.

We will be doing yet another tour on this coming Friday, but will be in another area looking at other homes on the market. I always enjoy this association exercise, as even though I have seen many of the properties before, I am always happy to refresh my memory of the product which means again, serving my clients better.

Another successful triathalon was held in the Turks and Caicos Islands this past Sunday with individual, team and youth participants some 64 strong.  The meet consisted of a 600 meter swim starting on Grace Bay Beach, then to a 10 mile bike ride along the road to the Golf Course and back to the Sands resort twice, and finally a 3 mile run to Leeward development and back…whew…I’m tired just writing the stuff never mind participating!  Well, I was an official timer so I guess that counts as participating!

The next event is scheduled for February 28th so if you are planning to participate plan your holiday travel around it…it’s a great way to see the sites, play among the locals and rest on the beach after you’re done.    

Karen Shaw

Can you afford to purchase a condo in the Turks and Caicos Islands? The answer is up to you. But what I can advise is:

1. Make sure you know your budget.
2. If you are looking into mortgage, see about the rates of exchange, and get pre approve first.
3. Find out the strata/common fees of the development you are looking into.
4. Ask if insurance is included in the strata.
5. Find out about the rental programme and request a rental history. 
6. See if the buyer is motivated.
7. Make sure you have considered all factors and it coincide with what you want. Drill your realtor, he/or she has nothing else to do but answer your real estate questions. Its their job!

Then you can answer yes or no to the question, and hopefully begin making arrangements to view a potential condo development like the seven stars, ocean club, North West Point Resort, or even the Tuscany and Royal West Indies and later make it a future asset of yours.