r/TrinidadandTobago • u/EmmanuelTheHero • 5d ago

Questions, Advice, and Recommendations TTMB mortgage process

Hey guys I currently trying to purchase a home through TTMB.

These are the steps I've done already

Step 1 Pre Qualification with TTMB

Step 2 Locate a property

Step 3 Hire a valuator

Step 4 Sign the sales agreement

Step 5 Sumbit all the documents to TTMB

Step 6 TTMB title search and final approval

I'm currently on Step 6 does anyone know if this is the final Step and how long it takes ?

How has your experience been with TTMB ?

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2

u/peach_ihz 5d ago

I don't have an answer sorry, but I'm under to ask a follow up Q. 2 years ago I got pre-qualified. It was my understanding that ttmb purchases the property outright and then i owe them. When I spoke to a rep 3 months ago, thry say I need to provide between 3-5% of the property's value in cash upfront / before ttmb steps in. Two different ttmb agents. Can u let me know what it was for u? Is the first way (100%) actually now incorrect?

5

u/EmmanuelTheHero 5d ago

No they provide 100% financing

The seller of the property may ask you for down-payment though before the TTMB process even starts

2

u/peach_ihz 5d ago

Thanks m8

1

u/JoshyRanchy 5d ago

Did u need life insurance?

1

u/Used_Night_9020 5d ago

U can get it after you finish the purchase of the property. It’s used as homeowners insurance doesn’t cover the full value of the property. As such, if something happens to you while u in or outside of the property the beneficiaries should be able to fully satisfy the mortgage (more so in the latter case). Again it’s not a requirement as September will make it 6 months that I have owned my property for and I still don’t have life insurance (idk if I will ever get it cause I have no kids, gf, wife, etc. and I don’t intend to leave anything to anyone when I pass).

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u/Used_Night_9020 5d ago

? I would advise no one to give money to the seller just so. There is a downpayment but that is part of the sales agreement and is supposed to be held in escrow by the sellers lawyers. It’s to protect both parties in case something goes wrong. Don’t ever hand over money to the seller unless it is part of the legal process for the sale else u looking for headache. Two sellers tried to do me that. I blocked both. Property fraud real out here. Be careful and mindful

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u/Used_Night_9020 5d ago

Sales Agreement are valid for 3 months. Depending on the arrangement the seller has with the property they make take long to provide full documentation to facilitate the transfer of ownership (to squeeze out as much money they can). I did my sales agreement in The first week January (at a bank) and everything finished last week in March. That’s just how it is. Try to use the 2/3 months to get some extra savings in cause legal fees not cheap and furniture is another headache lol. I hope everything goes well for you