FAQs

Find answers to common questions to better help you

Frequently Asked Questions (FAQ)

Frequently asked questions about our services and product offerings are addressed below.

Please note, the information provided may vary depending upon various factors.

If you don't find the answer to your question on this page, you may submit your question via our contact form or contact us by telephone for more assistance.

The Bahamas Mortgage Corporation (BMC) is a corporation established by Parliament to assist Bahamians in acquiring their own home.

The Bahamas Mortgage Corporation (BMC) assists in providing financial assistance to qualified applicants in areas such as: • The construction of a new home • The acquisition or development of a new or existing home • The rehabilitation or enlargement of an existing home • The acquisition of vacant land that is intended for use in the construction of a new home.

Loans are processed in the order that they are received by the Corporation. To expedite the processing of loans, applicants are encouraged to apply online.

A loan may include any of the following costs: Cost Of Land, Building Cost, Legal fees (which includes the costs of title searches and the preparation of mortgage agreements), Hazard Insurance, Premium Life Insurance, Premium Interest On Advances, Government Stamp Tax (if applicable), Utility Connection Cost, Mortgage Insurance Fees, Hurricane Protection Windows, Burglar Bars & Fencing. Note: Any of these costs may be paid separately as an alternative to the costs being included in the loan.

All persons that are steadily employed and earn sufficient income to meet mortgage payments; which includes fire, hazard, and life insurance premiums. Such persons should possess the character and creditworthiness to meet loan obligations.

The amount that can be borrowed is determined by an applicant’s income and existing financial obligations.

Applicants may apply at our office locations.