Overview

While shopping for a property or a new home, buyers are immediately faced with costs that are higher than anticipated. However, their dream of home ownership is not yet lost as home buyers are able to request a home mortgage from The Bahamas Mortgage Corporation (BMC) to fund their projects.

When applying for a mortgage from BMC, buyers are given the necessary assistance to purchase real estate without paying the full costs up front. At BMC, mortgage specialists are available to provide potential borrowers with further information and assists with applying for a BMC mortgage.

Before the loan application is processed, potential borrowers are advised of fees and deposits that are required during the loan application. The exact loan transaction fee amount differs as it is dependent on the dynamics of each client’s loan application details.  Applicants are notified of all specifics for the desired loan before the process begins.

The type of mortgage that a borrower should choose is one that meets their requirements and is affordable to them. Borrowers should ensure that the mortgage payments would not interfere with other financial obligations. 

"Mortgage" is the method of using assets such as real estate as security for the payment of a debt or loan. The payment on a loan is decided by the amount that was borrowed from BMC and the length of time in which the amount must be fully re-paid. Longer terms may result in smaller monthly payments, whereas shorter terms may result in a slightly higher payment that decreases the number of years to re-pay a mortgage. 

A mortgage is a contractual agreement between the borrower and the lender which in this case is BMC and is supported by law. Borrowers agree to pay off their loans in the designated time foreseen by BMC. 

Borrowers are encouraged to make their payments punctually on a monthly schedule, as by law, BMC is enabled to foreclose on mortgages that have become delinquent in applying payments to reimburse the amount of the mortgage.

At BMC we work closely with our clients to ensure that borrowers are given a mortgage that is within their budget to avoid losing their homes. Our team of professionals work with each client to ensure that the right mortgage plan is chosen.