What are the requirements to obtain a mortgage loan?

Thank you for your interest in our loans, the requirements include::

Buying a Home:

1. Photo ID (Social Security, Passport)
2. Proof of address (Recent Utility Bill within 3 months)
3. Recent Employment Letter or Certified Income Statement (if self-employed)
4. Land Title
5. Proof of payment of property taxes
6. Purchase Agreement
7. Valuation Report

Building a Home:

1. Photo ID (Social Security, Passport)
2. Proof of address (Recent Utility Bill within 3 months)
3. Recent Employment Letter or Certified Income Statement (if self-employed)
4. Land title
5. Proof of payment of property taxes
6. Purchase Agreement
7. Valuation Report
8. Building Plans (approved by Central Building Authority)
9. Bill of quantities
What are your interest rates on mortgage loans? We provide competitive loan interest rates ranging from 7% to 10%. The interest is applied using the reducing balance method where interest is charged on outstanding principal amount.
What is the maximum loan amount for a mortage loan? The maxiumum loan amount will be determined by your lender based on factors such as house valuation, affordability, and other eligibility requirements.
What is the maximum loan term for mortgage loans? The maximum repayment period for mortgages shall be up to and not exceeding 300 months or retirement age.
Can I obtain 100% financing for a mortgage loan? The Belize Bank Limited First Time Home Ownership Program aims to provide customers who want to buy their first home with 100% financing. Find out if you qualify for the program by speaking with one of our helpful loan officers.
Will I be required to have equity or make a down-payment when applying for a mortgage loan? If so, how much is required? A prospective homeowner typically needs to have equity equal to 20% or 5% of the lesser of the following:
1. Evaluated market value
2 .Buying price
3. The price of building and land

Find out which mortgage you qualify for by speaking with one of our helpful loan officers.
What are the fees for a mortgage loan? Mortgage loan fees include:
a. Loan fee – 2% of the loan amount or a minimum of $1,000.
b. Legal fees – this fee is dependent on the legal firm chosen.
c. Insurance – this fee is dependent on the insurance premium you wish to obtain.

Speak to one of our friendly officers to obtain more information on our fees.
What payment options do you offer? We offer individualized repayment plans to meet your financial situation. Payments can be made weekly, bi-weekly or monthly. These payments are automatically withdrawn from your Belize Bank salary/deposit account.
How long will it take for my mortgage loan to be approved? Once all the requirements for the mortgage loan are met, the conditional approval time will take no more than 10 business days. Loan disbursement however, will start once all legal documents are in order.
Can I borrow to purchase a house that is already built? If so, what are the requirements?

Yes, we also finance houses that are already built. Kindly note the following requirements for buying a home:

1. Photo ID (Social Security, Passport)
2. Proof of address (Recent Utility Bill within 3 months)
3. Recent Employment Letter or Certified Income Statement (if self-employed)
4. Land Title
5. Proof of payment of property taxes
6. Purchase Agreement
7. Valuation Report
Is my mortgage loan insured?

Mortgage insurance can be obtained independently from the insurance company of your choice; however, it must be assigned to Belize Bank Limited. Some of the insurances currently being offered include Health Crisis Protection and Critial Illness which vary in fees depending on your age and health.

Please note that Fire & Hurricane Insurance must be obtained independently and must be renewed annually.
What is covered under my mortgage insurance? Mortgage insurance obtained from GK Life Insurance may include: Heart attack, stroke, life-threatening cancer, dismemberment, permanent disability under the health crisis protection. The critial illness protection may cover your loan for heart attack, stroke, and life-threatening cancer.
Can I refinance my existing mortgage loan? Yes, mortgage refinancing is considered once the necessary requirements are met. Kindly speak with one of our friendly loan officers about refinancing your mortgage.
What are the requirements to transfer my mortage loan to Belize Bank? Thank you for your interest in transferring your loan to Belize Bank. Please feel free to schedule an appointment with your nearest Belize Bank Branch and bring along the following documents:
a. Currently mortage loan statement
b. Employent verification form
c. House valuation

Our lender will be more thann please to reveiw your request and let you know if it convenient for you to transfer your mortgage.

Once your request is reviewed and it is determine that it will be beneficial for you to move your mortage facility, we will prepare all the legal documents pertaining to the transfer of the mortgage.
I am self-employed. Do I qualify for a mortgage loan? Yes, a residential mortgage loan may be considered with a repayment term not exceeding the age of 65.
Can my mortgage loan by joint with my spouse? One of the initial and most crucial tasks when you’re prepared to purchase a property is to apply for a mortgage. For married couples, this typically entails submitting a mortgage loan application jointly. As a result, you will own the house jointly and the loan will be in your names.
Will my mortgage loan include all the fees including legal and loan fees? The maximum amount that may be included as part of the mortage loan will depend on the value of the security and your equity contribution.