Get the keys to your home in no time with Sagicor Bank

For years you've dreamt of turning the keys in the door to your own home; you've envisioned exactly how you want it to look, feel and even smell - from the decorative backsplash tiles in the kitchen, the hardwood floors in your living room, the plush comforter on your bed, to the tranquil aroma of lavender lingering throughout your house. You even know what your 'welcome mat' will look like.

Now it's time to identify the house and your preferred lending financial institution to help you achieve this goal. With an experienced and knowledgeable mortgage officer to help guide you along the way, your journey to home ownership can be seamless, making your experience a memorable and joyous one to mark such an important milestone.

As explained by Garfield Morgan, product manager at Sagicor Bank, the question that rests on many persons' mind in consideration of purchasing a house is the old adage "Which is better? Rent or buy?" For many, buying a house is a major life decision and a financial sacrifice, but is also considered a significant accomplishment, once you get over the hurdles. He also noted that as important as the home one purchases, is the mortgagee you choose to help you through the process.

"Purchasing your home with the assistance of a mortgage payment usually means having a monthly obligation to repay a financial institution over a varied number of years; but the great benefit of this, versus rent, is that each is a step towards achieving your dream of home ownership," Morgan shared.

He added that this results in greater peace of mind and the creation of a valuable asset in the future for both you and your family.

According to Morgan, one of the first things to do when getting ready to buy your home is to assess your finances in order to determine what you can afford. This, he noted, is critical, as it will guide the loan amount you are eligible for and what your monthly repayment will be. For a mortgage, financial institutions will look into your credit history, your current income, outstanding loans and other debt obligations, which will be factored into your ability to fulfil your mortgage payments.

"It is also important that you choose an institution that understands your needs on a holistic level; one that is always in your corner, providing you with the best financial solutions in order to support your financial wellness," Morgan said.

He further shared that at Sagicor Bank, personalised client experience and excellent customer service are top priorities in maintaining a high-quality standard for everyone who does business with the bank. "We will hold your hand through the process because we understand how important this is to you," Morgan said.

"Sagicor Bank provides a range of options and solutions to assist with purchasing your home in the quickest time possible, including access to NHT mortgage financing under the Joint Mortgage Programme," he said.

Morgan outlined the steps below to help in acquiring a mortgage from any financial institution:

1) Get pre-qualified. provide information on income and debt payments to determine how much you can afford. For this you, will need to provide:

- Identification - either a driver's licence, passport along with a Tax Registration Number.

- Information on existing credit facilities.

- Most recent pay slip or information supporting your income (in the case of self-employed individuals).

2) Start looking. It may be useful to look at a few properties to find the right one. The classified ads in the newspapers and realtor websites will give some idea of the options and prices for homes in your area of interest.

3) Decide on the home you want and get your professionals involved (lawyer, land surveyor, valuator, etc). Here you will need to provide:

- Copy of the certificate of title for property to be mortgaged.

- Valuation report (not older than 12 months) prepared by a member of the bank's panel of approved valuators.

- Surveyor's identification report (not older than six months).

- Copy of signed sale agreement.

- Evidence of deposit/or statement from attorney holding carriage of sale.

- Information on existing assets and liabilities.

4) Have your loan processed and collect your keys. Sagicor Bank is currently offering, up to December 31, 2018, mortgage rates at 7.5 per cent. Qualified mortgagor will also receive a preapproved credit card with 20,000 bonus points. New residential homeowners will also enjoy a three-month moratorium - imagine what you can do with three months' break from repaying your new mortgage, allowing you to recover before your first payment takes effect.