The Benefits of Using a Mortgage Broker in the Caribbean
The benefits to using a mortgage broker in the Caribbean are ten fold over using one at home. Mortgage brokers are known for assisting clients in finding the best mortgage at the best rate. In the Caribbean however, where there are so few lenders and mortgage options, a mortgage broker is key to securing financing for your Caribbean property.
The process of applying for a mortgage is similar to applying in the US or Canada, however there are differences. There is often more paperwork required, and for many clients qualification is highly unlikely due to the lenders situation. Knowing this before hand can save you a significant amount of time and money. This is why working with a mortgage broker in the Caribbean is so important.
Knowing Mortgage Lenders in the Caribbean
There are a number of banks operating in the Caribbean. Prominent Canadian banks are located on a number of islands. These lenders are still offering mortgages (for the right clients/locations). However, in many cases they are not reliable lending partners after seeing significant losses after the 2008 recession.
There are a number of non bank mortgage lenders in the Caribbean as well as banks. These lenders are not always well known, which is a why a mortgage broker is so key to securing financing in a timely manner. The rates will not be as low with non bank lenders however in most cases, they will be your best bet to financing a property.
The Costs of Using a Mortgage Broker
Carib Capital generally charges a 1% fee for securing a mortgage. This can vary depending on deal size but for most clients this is applicable. We only charge a fee for securing a mortgage, no upfront fees on standard mortgage applications.
The costs of not using a mortgage broker in the Caribbean is much higher. You can spend months trying to work with local banks, and often not get financing at all. A mortgage broker is your best bet to secure financing in the Caribbean. Talk to us today about your mortgage options.
