BUYING A PROPERTY?
First of all it is a good idea to become prequalified with a bank, mortgage company or credit union. If you have a good relationship with one particular institution that’s fine but it doesn’t hurt to shop around for the best mortgage rate. Remember, always that you are the customer and that it is healthy to negotiate. Make appointments with your chosen institutions and ask as many questions as you can because even a small percentage point on the cost of a mortgage could pay for your electric bill for the next 20-25 years. Ask about hidden costs.
It is seriously important to choose a good lawyer. They say that it take s 3 months to close a transaction in Barbados. That is not quite true, the average is 5.4 months. However, if you chose the wrong lawyer it could take years. It is important to have good professional people working with you from start to finish.
We advise all young people to start saving early. Some banks offer 100% mortgages but they often have strict terms and conditions and tend to be very expensive. SO it is much better in the long run to have at least 10% which is the minimum deposit in most cases. Remember, the more cash you can put down, the lower your payments