The invitation below was sent out by email to most business and realtors, I also noticed that another bank, I think it was Fidelity posted an ad in the Compass announcing Fixed Rate Mortgages for a short period. Is this an indication that loan portfolios are dropping because of the 7 year rollover policy or is it simply beause of the USA interest rates scaring of borrowers ? Either way you look at it, this clearly shows me that bankers are finally becoming more receptive to the needs of the home buyer. Any Bankers out there ? We need to hear from you.
FIRSTCARIBBEAN OPEN HOUSE
Saturday 12th August 10AM – 2PM
Main Street Branch
Thinking of buying a home, car or land?
Visit our Open House Loans Session, and learn about our affordable mortgage and loans offerings, and have your questions answered by our qualified Loans Specialists.
Ask about:
Our Fixed Rate Mortgages
Refund of legal fees and closings costs up to US$5,000
100% financing on land and cars
20% discount on property valuations from Deloitte.
Don't Miss This Event
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Well, I went downtown to the First Caribbean Bank show on Saturday quite excited to find out about the so call “good news” on the fixed mortgages. And dear readers, I hate to disappoint you, it was too good to be true.
The rules are as follows.
8.25% fixed for 3 years and then it will be revised at that time.
Don't think abut paying down on the principle during the 3 year fixed period, you can't do it.
Or you can do 9% fixed for 5 year and the same thing applies as for the 3 years.
What do I think, you may ask? It is no different from the credit card companies with their marketing ploy to hook you in with an introductory rate and then hit you with the higher rates later.
I did ask if this was due to a decrease in new mortgages, but was told that their loan portfolios are still very healthy and this was simply the banks way of responding to their customers needs/complaints due to the continued increases in the USA Federal Banks interest rates.
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