ROLE OF THE MORTGAGE BROKER

An independent mortgage broker will ensure that the customer gets the loan package that best suits their needs. The broker works totally for the client and after assessing their needs, can search the market to get the best terms and conditions. Caribbean Mortgage Services has experienced staff with over 35 years experience in the mortgage business, and operates throughout the Caribbean region.

Securing a mortgage in the Caribbean can be a stressful and time-consuming experience for professionals in the business and a potential nightmare for those who try to do it themselves. The efficient broker will take much of the hassle out of the process, especially for overseas applicants used to quick turnaround times and a competitive mortgage environment at home.

Caribbean Mortgage Services offers a personal broker service that includes an initial assessment of the client's requirements, sourcing the most suitable products to meet those requirements, giving advice and guidance on the products, agreeing the way forward, packaging the application papers, presenting them to the lender, and securing the Offer Letter within a reasonable time. The broker will then liaise with the parties involved to help bring both the mortgage and the purchase to a satisfactory conclusion.

Advice and guidance can also be provided in other associated areas such as tax, investment, legal, property sales and rentals, property management, and valuation.

An Engagement Fee of 1% is normally charged for the mortgage broker service but a good broker could save the client this amount many times over with the correct advice and guidance. In addition they will save the applicant a lot of time and stress in securing the most suitable mortgage. There are no upfront or consultancy fees, and if the mortgage is not secured then there is no fee charged. Both parties will sign an Engagement Letter listing the terms and conditions of the engagement prior to proceeding with the formal application.

Caribbean Mortgage Services Ltd. is registered under the Companies Act of Barbados as Company number 21516 and its business defined as negotiation and finance agents and mortgage advisory services.