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Timeline of Process

Mortgage Process - Buying

We have broken down the mortgage process into 6 stages. These steps are outlined below with the associated timeline.

Stage 1
Discuss your request with a First Citizens representative. You would receive a Mortgage Checklist outlining estimated costs associated with your purchase along with the critical documentation required. You will also be pre qualified and issued an official certificate with your pre approved limit. This will be done same day.
This can also be done online and you can forward your request to any of our Mortgage Experts. The turnaround time for this is 48 hours or less.

Stage 2
Once the requested documents are obtained, an official mortgage application is done.

Stage 3
Within 5-7 days of presenting your documentation, you will obtain final approval (providing all the documents are supplied and no discrepancies are found on your application). A Facility Letter will be issued which highlights all the terms and conditions of the mortgage loan.

Stage 4
You will have up to 14 days to accept the Facility Letter and pay the negotiation fee which is non refundable.

Stage 5
Once the Facility Letter is signed and fee is paid, an attorney on Bank’s panel, selected by you, will commence the legal work and perform title searches.

Stage 6
Once there are no complications with the title search, you would be contacted to visit the lawyer to sign the Deed of Conveyance and Mortgage Deed. You will then receive your cheque to purchase your new home.
The entire process from loan origination to closing the sale can take up to 6 weeks. This can be done in a shorter time however, with the guidance of our Mortgage Experts

 

Mortgage Process - Building

We have broken down the process for construction of your home into six stages. These steps are outlined below with the associated timelines:

Stage 1
Discuss your request with a First Citizens representative. You would receive a Mortgage Checklist outlining the documents required along with the associated cost. If you already own the land to construct your home, the documents required would include approvals from the relevant statutory authorities. If you are now about to purchase the land the Mortgage Checklist along with a First Citizens representative will guide you in the process.

You can also be pre qualified and issued an official certificate with your pre approved limit for the construction of your home or the purchase of land. This will be done same day.

This can also be done online and you can forward your request to any of our Mortgage Experts. The turnaround time for this is 48 hours or less.


Stage 2
Once the requested documents are obtained, an official mortgage application is done.


Stage 3
Within 7- 10 working days of presenting your documentation, you will obtain final approval (providing all the documents are supplied and no discrepancies are found on your application). A Facility Letter will be issued which highlights all the terms and conditions of the Bridging finance for construction and the mortgage loan.


Stage 4
You will have up to 14 days to accept the Facility Letter and pay the negotiation fee which is non refundable.


Stage 5
Once the Facility Letter is signed and fee is paid, an attorney on Bank’s panel, selected by you, will commence the legal work and perform title searches.


Stage 6
Once there are no complications with the title search, you would be contacted to visit the lawyer to sign the Mortgage Deed. If you are purchasing land, a Deed of Conveyance would be included.

The Bridging Finance for building your home would be disbursed based on the requirements of construction on a phased basis. The general timeframe granted for construction is twelve (12) months. Once construction is completed and you obtain your Completion Certificate from the relevant statutory authority, Bridging finance is then converted to a Mortgage loan based on the agreed terms in the Facility Letter.
 

The entire process from loan origination to obtaining a Bridging finance and mortgage to build your home can take up to 8 weeks. This can be done with the guidance of our Mortgage Experts