Getting a mortgage in Barbados as a young adult
For context, I am now about to search for my first home to purchase as a young professional mid twenties and I am in the process of obtaining a mortage certificate from CIBC but lets just say I am estimating a loan between 350,000 BBD to 375,000 BBD.
I would like some advice from persons already in the process of getting a mortgage or who already have mortgages on what to look out for, things I should question, hiddens fees/costs, early repayment clauses etc.
I heard recently that mortgage rates are the lowest they've ever been at 3.5% however based on the few conversations i've had, im not sure which institution is offering such a low rate, if anyone knows I am eager to hear. I also noticed some banks have starting rates for the first 3 years subject to increase....again this is completely new to me, I was advised to also get my own lawyer for the process but all advice and knowledge is welcomed!