Home Buyers Guide: Financing your home

Overview

Obtaining a Mortgage Pre-approval is your first step in financing a property. You will be able to act quickly when you find your dream home.

Step One: Obtain a Pre-approval

• By obtaining a Pre-approval for a Mortgage, you will be ready to secure your property when you find it. Find out how to apply.
• Your personal financial information will be analyzed by one of our Mortgage Specialists to determine the maximum amount of credit available to you, and also advise you of the mortgage product suitable to your needs.
• You will be provided with a letter confirming the approved funds available.

Step Two: Search for your property

Meet with your real estate agent and take a copy of the Bank of Bermuda's Pre-approved Mortgage letter for the agent's file.

Step Three: Put down a deposit

When you and your agent find the home of your choice you will be asked to make a deposit, which is usually 10% of the purchase price of the property.

Step Four: Finalize your mortgage

• Upon entering into the purchase agreement, provide Bank of Bermuda with a copy of the agreement so your Mortgage Specialist can immediately arrange the financing.
• Your Mortgage Specialist will arrange to have the property appraised. The Mortgage Specialist will prepare an Offer to Finance Letter containing the terms and conditions for the borrowing which you are required to sign.
• Your Mortgage Specialist will be available throughout the term of your mortgage to answer any questions you may have, and to service any other credit needs that may arise.

What you should know before you apply

• The pre-approval process can take up to four (4) working days.
• There is no fee for this service.
• It can take up to 30 days before the property is transferred to you.

More tips...

• Preparing to buy property
• Insurance, legal and other considerations