Are you planning to own a dream property in St Kitts and Nevis, St Lucia or Europe? Then you may approach SAJ Real Estate SKN who is a prominent real estate agent based in Saint Kitts and Nevis. They would assist in turning your dreams into reality. However, there are quite a few challenges involved while purchasing a property in a new country. Some of the crucial factors to be taken into consideration are as follows:
At first, you should have a clear picture of your current financial position and mortgage payments before the purchase of property in whichever country that you decide to purchase.
- Owing to the exorbitant cost of property ownership in your chosen destination, the majority of the new buyers do not pay full amount instead they prefer down payment on a property by utilizing the money saved by them. The remaining cash is borrowed from a lender.
- Mortgage Pre-Approval is yet another important step to be taken before the purchase of the property. The majority of the realtors would insist the buyers hold this as proof that he/she is a qualified buyer. This is to ensure that properties are displayed within a price range. The concerned mortgage professional would analyze the current financial stability of an individual and make sure he/she can pay the down payment. They provide expert advice concerning the mortgage.
- The initial process is termed as pre-assessment wherein a ten-minute discussion related to employment, credit, and finance is organized. Individuals will not be requested to offer any kind of paper works.
- Interest rates are also mentioned.
- The second stage involves disclosing the credit application along with authorization to the concerned mortgage professional. This is helpful for them to review the credit file.
- Individuals are asked to submit relevant paper works along with supporting documents such as income certificate, down payment/equity.
- House shopping is a stage in which an individual scout around for a property that is affordable within a specific price range. In this case, realtors would assist them in choosing a reliable one that caters to the needs and expectations of a buyer.
- Realtors provide constant guidance and support in comparing various properties.
- Buyers do have the option to ask the realtor to set up an instant email alert that displays new listing in a target area, style and price range. If necessary, request them for historical sales reports and execute a comprehensive homework from your side.
- If you intend to carry out an offer to purchase, he/she is supposed to provide an accurate form to the concerned seller and a realtor performs this process. If you are not working alongside a realtor, seek the assistance of a professional lawyer or a mentor to procure the form.
- The offer bears the name of prospective buyers and sellers along with price, the actual amount to be paid. Moreover, it contains additional details such as closing day, conditions of purchase. This is required to be considered eligible for mortgage financing.
Consider the Role of a home inspector
A home inspector is a professional who examines the property in detail for any flaws. Even though they cannot assure a guarantee against future problems, they are well-trained to provide a warning regarding potential issues.
Mortgage Approval Process
Mortgage Approval Process is quite similar to that of a pre-approval process. However, the mortgage lender should approve the property.
- The initial step involves sending a hard copy of the Purchase Agreement, Multiple Listing Service feature sheet to the concerned mortgage person, and it should be signed and authorized.
- Once the Multiple Listing Service information sheet and Purchase Agreement is received by the Mortgage Professional, they would review the application along with other papers contained in the file. The application is updated and later submitted for mortgage approval.
- It would take approximately 24-48 hours for the lender to respond from the date of receiving the purchase agreement.
- On the approval of the conditional mortgage, the terms are reviewed while accepting the lender’s mortgage.
If you are planning to purchase a property in St Kitts and Nevis, St Lucia or Europe, you may consider seeking the assistance of SAJ Real Estate SKN. They would help in completing the Pre-Approval of Mortgage to buy a home in your territory.