remember a certain test report, and being chided by my father
to improve my score or else live under Ma Arnos mango
tree. My childs mind entertained two thoughts: Daddy
simply couldnt expect me to sleep under a mango tree
and where do birds go when it gets dark?
Well, some birds go to hoot, but most birds go home! And that
brings us back to the matter of acquiring the home mortgage.
Now well focus on the necessary documents.
Mortgage companies want all kinds: from copies of recent pay
slips to utility bills, proof of age and a job letter. If
youre self-employed, you must produce evidence of income
in the form of bank deposit records for several months or
audited financial statements for two years.
If you have other loans they want statements from the relevant
lenders. If you have life insurance they want to see your
cash value statements. If you are entering a joint mortgage
you will also need similar evidence from the joint partner.
You will need evidence of Town and Country approval and valuation
reports for the property. In addition all rates and taxes
must be paid to date.
There are some other requirements depending on whether your
home is going to be built, whether it is previously owned,
or whether it is an apartment or condominium type dwelling.
For the latter, they will need evidence of maintenance, typically
in the form of a contract. In addition you will have to get
property insurance, peculiar to multi-housing complexes. Note
as well that Town and Country approval for such types of properties
If you are building from scratch: you must have good title
to the land first and foremost.
Next, you will need a building plan completed by a draughtsman
or an architect, together with blueprints for structural integrity.
Getting the building plan and blueprints can take several
months, and quite a few interviews, if you are doing a custom
Then you must get approval for the building plan.
Next, you must seek out estimates from builders and contractors.
When you are satisfied with a particular proposal, it must
be formally drawn up and signed by the builder or contractor.
Such a proposal should detail costs for various sub-headings
in the construction and interior and exterior finishing, both
in terms of the construction material and labour.
This detail assists both the inspectors (for bridging finance)
and you the homeowner, especially with respect to bottlenecks
Once the loan is approved you will have to get property insurance
to cover the lenders risk. Let me reiterate, you also need
insurance to cover your own risk!
You will also have to get water and electricity on the property
before construction begins.
Construction of the property is complete when there are the
requisite drains and a sewer system in place to manage the
disposal of waste and waste water. Finally, a visit from the
statutory authority renders the Completion Certificate and
you are free to move in.
But it doesnt always go like clock work. In home acquisition
and in life, each of us must have a Plan B. Its a value
to be like the bird, that pausing in her flight awhile, on
boughs too slight, feels them give way beneath her, and yet
sings, knowing that she hath wings.
I know, because my school report didnt always place
me first in class, and I could still hear my fathers
chiding: Sit by the table and read till the cow come home!
It is always about Home, isnt it?