What does it mean to be pre-qualified for your home mortgage?
Getting pre-qualified by a financial institution means that this institution has looked at your income, financial background, credit history, and debt servicing ratio, based on this they can determine your purchasing power.
By being pre-qualified you are better able to target your house hunting within the price level you have been pre-qualified for and your property consultants will now be able to narrow their search this makes the process so much easier.
Additionally, when you are pre-qualified this gives you a foundation to know if adjustments are required to increase your purchasing ability.
A pre-qualification is valid for 6 months and can be done with various institutions within Trinidad and Tobago such as banks, credit unions, Trinidad & Tobago Mortgage Finance, and even some insurance companies.
Tips to enhance your mortgage pre-qualification/purchasing ability:
1. Increase Your Down Payment. …
2. Pay Off Debt. …
3. Joint Income. ….
4. Consider Additional Sources of Income. …
5. Utilize the Maximum Term of the Mortgage (to age 60). …
6. Seek Financial Pre-Qualification from other Institutions……
Thinking about settling down and building roots in your dream home NOW? Are you pre-qualified TODAY?
If so then connect with our Property Consultants as we can make things happen for you by taking you through this journey from being pre-qualified to owning your dream home NOW!
