Are you considering owning your first home?
One of the questions that are sure to come up when you are considering a place to call home is whether you should build your own home or rent. Both options have their pros and cons but in the end there is really nothing like having a home of your own. Not only does it build your assets or wealth, in the long term, but it provides stability for you and your family.
The Belize Bank First Time Home Ownership Program can make acquiring your home a whole lot easier, because we will get you started with 100% financing for the purchase of your land.
Our First Time Home Ownership Program involves three steps.
100% Financing for Land with Pre-approved Mortgage
- The mortgage specialist will pre-approve the mortgage amount that you qualify for based on your income.
- Based on the mortgage payment, you will be informed of the maximum amount you can borrow to acquire your land.
- Once you’re pre-approved, you can begin shopping for your land.
- When your land loan is executed you will be presented with a Pre-approved Mortgage Certificate for the amount the Bank will be prepared to lend you for the construction of your home.
Grow your Equity
- You will be rapidly building equity or wealth as your make your monthly payments.
- While you’re building your equity and on your way to owing your land outright, you can start planning the construction of your home. This will involve the following:
- Acquiring your building plans
- Acquiring approval of building plans from Central Building Authority
- Selecting a suitable contractor
- Acquiring Bill of Quanity
- Repayment of your land loan should be completed in 36 months. At that time you will be a proud land owner and can visit your Mortgage Specialist to apply for your mortgage.
- You can also choose the option to commence construction before the 36 months have elapsed but you must have built up equity in the land for an amount equal to or greater than 10% of the value of the property( land and proposed building).
- During the construction phase the mortgage proceeds will be disbursed in tranches based on the approved bill of quantities.
We’re always here to help with advice and to assist you in reaching your financial goals and dreams, so visit us soon to discuss how we can help you in becoming a home owner. Belize Bank is the ideal place to fully prepare and educate yourself about first time home ownership.