Financial Tips to Know when Applying for a Loan

Financial Tips to Know when Applying for a Loan

 

When applying for a mortgage, there are some things you can do to prepare yourself for the lender. Since you’ll be asked to provide a lot of documentation, it will help to get some of it prepared ahead of time.
Every financial institution is obviously different, so you may want to call your lender and ask what information you will be required to have on hand. The following is some basic information that you will be asked to provide:

-Your current and former addresses.

-Social Security card.

-Verification of monthly and annual income

.
-Information about outstanding debts if there’re any.

-Bank statements for the previous two months.

-Your place of employment and how long you’ve been there.

– Information about stocks, property or other assets if any.

After you turn in your loan application what your lender will proceed to do is verify all of the information you provided, check your credit history, and get an appraisal to determine the value of the property you are seeking to purchase. The lender will also order a title search and obtain required insurance documentation. Once this information is obtained, the lender will review everything to determine whether your loan will be approved and you’re on your way to owning your own home.

What Type of Loan Should I Apply For?

This question has plagued many potential buyers, selecting a loan that is right for you can be a tricky situation. You will need to obtain a loan that will allow you to purchase the home you want, with monthly payments you can afford.

Functions of a Real Estate Agent

Functions of a Real Estate Agent

 

As a buyer, you don’t gain anything by not using an agent, because the seller pays the agent a commission. Typical commissions range from 5 to 7 percent of the selling price of the listing.
-Agents have access to multiple Listing so that they are aware of many homes for sale. You can also find houses on your own by attending open houses, reading the real estate section in your local paper but your agent is the best point of access for all the properties you might be interested in and can arrange showings for those properties.
Your agent can help you narrow your search by going through a home with you and noting all that you like and the stuff that you dislike. The agent is also a source of information about the home itself, for example how long it’s been on the market, the neighborhood and school system, the best features the home has and other similar issues. Rather than being bombarded with properties of all type, your agent can help you find a wonderful property that’s a match for your specific needs and wants.
-Your agent can also answer questions about the current real estate market, interest rates and other home buying issues and he can also refer you to other specialists in overall process whom you will need, including the very important potential lenders.

Travel Advice: When Traveling to Grenada

Travel Advice: When Traveling to Grenada

 

Precaution Should always be taken when traveling to a foreign country, in this article you would get a bit of information about about the Caribbean island of Grenada and what you could expect when visiting this island so that there will be few surprises.

SAFETY AND SECURITY

 

-Safety and Security – Terrorism

There is a very low threat from terrorism on the island of Grenada but all persons traveling should also be aware of the global risk of indiscriminate terrorist attacks which could be in public areas, including those frequented by locals and foreign travelers.

Safety and Security – Crime

You should maintain at least the same level of security awareness as you would in whichever part of the world that you are visiting Grenada from and you must also ensure that your living accommodation is secure. Apply the same measures of security if you are staying on a yacht. Avoid walking alone in isolated areas, including the beautiful beaches after dark. Do not carry large amounts of cash or jewellery. Valuables and important travel documents should be left, when possible, in safety deposit boxes and hotel safes.

Safety and Security – Local Travel
– Local Travel – Road Travel

Motorists drive on the left in Grenada. In some areas, there are small and some time large open drains, at the side of roads and many roads are steep, with sharp bends and potholes in places that’s why extra care is needed when traversing the various roads in Grenada. Drives should take particular care at pedestrian crossings ,roundabouts, and traffic lights even if you think you have the right of way. Use only designated bus stops to ride the local buses because the practice of flagging down buses on busy roads (which is very common in Grenada) is responsible for many accidents.
The mini buses that operate throughout the island provide very affordable and fast travel within Grenada. Water taxi and ferry services are also available as alternative forms of travel. There’re Standard taxi fares for various destinations but it’s advisable to firstly clarify the fare with the taxi driver before beginning a journey with him. The option also exists to rent vehicles to experience the thrill and adventure of the island on you own. Because of the steepness and ruggedness of many roads that are in the mountainous hinterland, automatic four-wheel drive vehicles are very popular. You are required to purchase a local driving permit (30 East Caribbean Dollars for a three-month permit that would be about 12 US dollars) and will need to produce a full driving license from your country of origin to obtain one.

 

– Local Travel – Air Travel

You will have to pay a departure tax when leaving the island of Grenada. The cost is East Caribbean Dollars 50 per person which can also be paid in US Dollars ($20).

LOCAL LAWS AND CUSTOMS

-You should note that for most countries there are severe penalties for all drug related offenses. Its always wise to pack all luggage yourself and do not carry anything through customs for anyone else.
-Certain homosexual acts are illegal under Grenadian laws.
-It is an offense for anyone, including children, to dress in camouflage clothing.

ENTRY REQUIREMENTS
Entry Requirements – Visas

You should note that overstaying without permission is an offense and paid employment is also prohibited without the issuing of a work permit. CARICOM nationals only need some form of valid identification like their birth certificate, drivers license etc to enter Grenada. North American and UK nationals do not need visas to enter Grenada.

 

Entry Requirements – Passport Validity

– For Tourists requiring passports to enter Grenada, the passport has to be valid for a minimum period of six months from the date of entry into Grenada.
-Entry requirements may change from time to time and should be checked with the Grenada High Commission in your respective country of origin for further information.

 

HEALTH

-Dengue fever occurs across the Caribbean and can occur throughout the year. This is a mosquito borne infection that can cause an illness associated with headache, fever, muscle aches and pains, and rashes. Some cases of dengue tend to be very severe. Dengue can be prevented by avoiding being bitten by the disease carrying mosquitoes that feed predominately in daylight hours.
-You should exercise normal precautions to prevent exposure to HIV/AIDS.
-You should seek medical advice before traveling to Grenada and any other country in general to ensure that all appropriate vaccinations are up-to-date

NATURAL DISASTERS

Natural Disasters – Hurricanes

The hurricane season in the Caribbean typically runs from June to November. You should monitor local and international weather updates that are being streamed from the US National Hurricane Center and the World Meteorological Organization.
GENERAL
General – Insurance
You should take out comprehensive travel and medical insurance before traveling if its available. It is particularly important that this includes air ambulance charges and medical expenses in a third country because serious medical cases are sometimes referred overseas. Search for any exclusions and that your policy covers you for all the activities you want to undertake.
General – Package Holidays
-If you are on what is referred to as a package holiday, you must travel on the specified return date. If you fail to do so it is likely that you will have to pay the cost of a return ticket yourself

Featured Community (Westerhall)

Featured Community (Westerhall)

 

 

Westerhall is a peaceful neighborhood located in the Parish of St David’s on the beautiful Caribbean island of Grenada.

This beautiful community is probably most famous for the Westerhal Rum Distilleries. The alcohol products that are made here are popular island wide and some of those products even have the name Westehall included in the product title thus giving the community a fair amount of Popularity among the Grenadian population. Westerhall also boast the popular Westerhall Point neighborhood which is an exclusive residential area and arguably Grenada’s best upscale residential neighborhood.

Westehall is just 15 minutes’ drive away from the capital city of St George’s and almost all areas have easy access to the main road that passes through the middle of this community and public transportation. It’s quite a popular community for returning Grenadians and locals. Many areas within this community boast spectacular views of the sea and some are even just a few minutes away from incredible white sand beaches. Owning a property in this beautiful Grenadian community will definitely be a treasure.

 

About Grenada

About Grenada

In this article we would try to give you an insight into the cost of living on the beautiful Caribbean island of Grenada. Grenada is located to the north of Trinidad and Tobago and to the South of St Vincent and the Grenadines.

People

Ethnic groups: blacks 82% Mulatto 12% Indians 3% and whites 2.9%, trace Arawak/Carib Amerindian
Religions: Roman Catholic 53%, Anglican 13.8%, other Protestant 33%, Buddhism 0.2%

Population:
104,890 (World Bank, 2011)

Language
English is the official language but English creole and French Patois is also spoken

Currency:
Eastern Caribbean Dollar (XCD); you would sometimes see the abbreviation EC which means the same thing.

Conversion:
1 US = 2.67 EC

 

Business hours
Banks- 8 AM to 2 PM Monday to Thursday and 8 AM to 4 PM on Fridays
General Business hours are Monday to Friday 8 AM to 4 PM and on Saturdays from 8 AM to 1 PM

 

Building in Grenada

Homes in Grenada generally tend to have an open tropical look and it’s obvious why. It gets really hot down here in the Caribbean and most persons like being cooled by the soothing tropical breeze that always seems to gently caress you on an ordinary hot day. A large verandah (almost every home in Grenada has a verandah) is where residents do most of their living and entertaining. A veranda can be strategically positioned to take advantage of the scenic views that are so prevalent in Grenada. The average cost to build a home in Grenada will all depend on a few obvious factors like
1. The Location, (Slope etc)

2.The type of property you want to construct,

3.The materials you want to be used in construction

4. The size of the property you wish to construct.

If one is to build a residential house in one of the more well established residential areas in Grenada for example in Westerhall Point, or Lance Aux Epines, it will generally run them a cost of between $250.00 to $ 325.00 dollars (EC) Eastern Caribbean dollars per square foot to build which would be like from US $100.00 to $150.00 but for non- exclusive residential areas like Grand Anse, Springs ,St Pauls ,Morne Jealoux, Happy Hill, Calliste and so on the cost will range between $175.00 to $250.00 dollars EC per square foot to build which would be like from US $60.00 to $125.00.
The slope of the land on which you would be building on also plays an integral role in the overall cost of the property. Most of the available residential land that you’d find in Grenada will be sloping to moderately sloping and as you would expect there’s usually some extra excavation to be done.
Grenada has a sizable and growing population of foreign permanent and/or part-time residents. They’re mostly from the UK, the US and Canada but there is also an increasing number of Europeans who have chosen to make this island paradise their home. The local population are known internationally for their hospitable and friendliness: that’s no wonder Grenada is such a favorite for thousands of persons who have fallen in love with its unique charm and beauty.

Cost to Rent in Grenada:

Foreigners who visit Grenada generally tend to favor properties in upscale residential neighborhood like for example Lance Aux Epines, True Blue, Westerhall Point among others to rent. These locations are all beautifully developed peninsulas that boast amazing views of the sea and are always cooled by the easterly breeze.
A 3 bedroom fully furnished apartment or house in those areas mentioned above will generally cost you around US $1800.00 to US $4000.00. A 1 bedroom will usually cost you around US $500.00 to US $1200.00. The cost of renting in other areas would vary drastically. The closer to the capital, Grand Anse, the international airport, you are usually the more expensive the price of the rent. Properties in the rural interior of the island are most often the more affordable properties you’d find to rent in Grenada.

Cost of land in Grenada.

Visit this link HERE to Check out the different prices for land for sale in Grenada.

Annual Property Taxes
Property Tax Rate
Commercial building Tax 0.3 %
Commercial Land Tax 0.5%
Residential Land 0.1 %
Residential Buildings 0.15%

The percentage is charged on the value of the property assessed by the Government.

Island of Grenada own a piece of this paradise
For those of you that are wondering if Grenada is a good destination to visit I would just like for you guys to know that it’s the perfect place to live or visit. The weather is great the people are friendly and the scenery is just to die for.

Buying a property in Grenada could be one of the best choices you would ever make. Many foreigners and returning Grenadians usually tend to favor exclusive residential developments to live. There are quite a few of these developments to choose from through out the island. Well established residential neighborhoods like Westerhall Point and Lance Aux Epines have for a very long time been the most popular and most sort after of these areas. In recent times Egmont and True Blue among others have risen to the top of the list as well.
Grenada is a year-round vacation destination. Visitors flock here from the four corners of the world and they all love it. Imagine owning a property on this island paradise where the sea is always in view and the beach is never more that five minutes away. The cost of real estate here is not as expensive as you might think. You can snatch up amazing properties for great prices. The real estate deals in Grenada are all around to be found but remember great deals never last for long especially when there are other persons looking. Touched Reality Real Estate services has made it our duty to find and list some of the best real deals on the island of Grenada. We seek out listing that are the best value for the price that’s being requested.

Upscale Residential Communities In Grenada

1. Lance Aux Epines– Conveniently located just five minutes from the Maurice Bishop International Airport and two minutes from the world famous Grand Anse beach and shopping complexes Lance Aux Epines is considered by many to be the king of the residential neighborhoods in Grenada. It boasts great vacation properties which includes the Calabash hotel, Coral Cove, Lance Aux Epines Cottages, and most recently the award winning Prickely bay Development project. The cost of land there would usually run from US $8.00 to US $25.00 per sq.ft.

2. Westerhall Point- This exclusive upscale residential neighborhood is located in the parish of St Davids on a sheltered peninsula just ten minutes from the capital city of St George and shopping. It is best known for its’ sprawling private waterfront residential properties and exclusiveness. Many persons recognizing the value of properties in this area invested in purchasing reasonable size lots hence there are not many lots available for sale presently. Prices usually range from US $10.00 to US $30.00per sq.ft.the cost of residential homes will vary but will usually be about US $500,000 and up.

3. True Blue- located just five minutes from the international airport and the Grand Anse area this upscale residential neighborhood is known by many for its’ exclusiveness and the popular True Blue Bay Resort and Marina. Similar to Lance aux Epines it’s located to the southern end of the island, on a peninsula that features amazing views of the world famous St Georges University to the west and Lance Aux Epine to the east. Also like Westerhall Point there are not many lots available for sale. Prices of available lots range from US $15.00 to US $30.00 per sq.ft.

4. Fort Jeudy- Located relatively close to Westerhall Point is quickly becoming an area of choice for Locals, returning Grenadians and foreigners alike. Like the other residential neighborhoods mentioned before most properties in this area would also feature stunning sea views. A sheltered harbor protects residents with waterfront properties who owns boats from rough waves. Unlike True Blue and Westerhall Point there are quite a bit of lots that are available for sale here but considering the trend I don’t think that they’re going to be around for very long.
Prices range from US $5.00 to US $20.00 per sq.ft.

5. Egmont- Located just about five minutes away from the city of St Georges this is one of the newest residential developments on the island. The ambitious developers of this project hope to turn this beautiful peninsula into the best residential area on the island. All lots like in most of these developments feature beautiful views of the sea. Many Grenadians have taken advantage of the opportunity and have secured lots in this area. There are quite a few more lots available which are well worth the price of around US $5.00 to US $20.00 per sq.ft.

There are currently a few more developments on stream in Grenada and on the sister island of Carriacou which are very beautiful and allows for persons to own land in some of the most sort after developments. One such development is the Belle Isle development project to the north eastern side of the parish of St Davids. Constantly cooled by the soothing Atlantic breeze this relatively new development boasts amazing sea views on a peninsula in a well-established gated community. Properties in this area range from US $5.00 to US $15.00 per sq.ft.