Our experienced agents at McB REALTY have standing business relationships with all reputable lenders in Grenada and can assist buyers in seeking approval for the best loans and mortgages available to them. Below are some of the documents you’ll need as well as standard terms and conditions to be aware of when seeking an EC dollar mortgage or loan.
Required Documents for Grenada Mortgage Application
You will need to submit the following documents to most financial institutions in Grenada when applying for a mortgage:
If you are seeking financing for a new-construction home, you will also need to provide:
Additional Documents Needed to Receive a Grenada Mortgage
Depending on the type of property you’re purchasing and your financial institution’s procedures, you may need to provide additional information at a later date. This can include:
Standard Terms and Conditions of Grenada Mortgages
Some financial institutions may expect a downpayment of up to 25% from non-national buyers. National buyers, however, may have the option to put down as little as 10%, depending on their current credit history. Putting less than 20% down can result in the additional monthly cost of Private Mortgage Insurance (PMI). However, if your home value is appreciating, PMI can be eliminated in a few years through refinancing. Your debt-income ratio should not exceed 40%, and most reputable lenders will not approve a loan if it means that your debt will exceed 40% of your gross income.
If you need help securing a mortgage or navigating the application process, the McB REALTY team is here to help!