The freedom and security of home ownership is something most persons aspire towards. An investment in real estate is an exciting undertaking for a first-time owner; it’s likely to be one of the biggest investments you will ever make! 

Purchasing a home is a financially savvy move with several benefits. 

• Owning real estate is one of the quickest ways to build your wealth and net worth.
• As you pay your monthly mortgage, you are building equity in your home, which you can access down the road. 
• A house is a physical asset which appreciates in value over time. If you choose to sell your property in the future, you will be able to tap into this value by selling for a profit. This is money you could use to reinvest in another property. 
• Home ownership helps you to manage your finances better, as a mortgage is a fixed payment unless you change the terms.
• Improved health, civic participation, and peace of mind are all associated with home ownership.

Since home ownership is such a big deal, it requires careful thought and professional guidance. The VM Group’s Steps to the Home Ownership process helps you:

1. Save for the deposit, closing costs and other mortgage related expenses. This is usually 20-30% of the purchase price of the home. Our iSave for Home product is specially designed to facilitate saving your deposit. It’s a twelve-month contractual savings account with a consistent monthly deposit requirement, which may be increased at any time during the period. 

2. Search for the ideal property for you through our expert realtors at VM Property Services Limited (VMPS). VMPS has a comprehensive list of residential properties for sale and rental, with expert realtors to advise you on your journey. When looking for the place to call home, consider things that may affect your purchase, like the specific location, affordability, time horizon, and how close it is to work, school and other facilities. 

3. Secure a VMBS Mortgage.

The Mortgage Process 

As we support our Members with transforming their lives, we have simplified the Mortgage Process to get you home more conveniently. These are the steps involved.

1. Pre-Qualification

During the pre-qualification stage, a VM Branch Representative will assess income-related documents to give the prospective home owner an idea of how much they are likely to be qualified for. To facilitate this process, the following items are required:

• Last three months’ pay slips
• Employment Letter
• A valid I.D
• Completed Income & Expenditure Form
• Credit Report

2. The Application 

Once the prospective home owner has located the property of interest, they are required to provide the relevant personal and property related documents to facilitate a complete application for review.  

3. Acceptance 

When the loan requirements have been satisfied, the full application will be submitted to the Adjudication Team for a decision. If the decision is favourable, an Offer Letter will be prepared for execution and signifies an agreement with the loan offering and conditions applicable. The Commitment Letter will then be prepared and sent to the Vendor’s Attorney. 

4. Mortgage Registration

At this stage, the Society’s attorney will be instructed to prepare the mortgage and will make contact with the prospective home owner to have the mortgage documents, including the Mortgage Deed, signed. Our attorney will request, from the vendor’s lawyer, documents related to the transaction (i.e. instrument of transfer, original copy of title). Once all documents are in hand, they will be sent to the Stamp Office and then the Titles office for registration.

5. Disbursement

On completion of the process, our attorneys will request disbursement of loan and the amount requested will be sent to the vendor’s lawyer via electronic transfer. The borrower will then receive a letter from us informing of the disbursement of the loan.

Once the process has been completed, it’s time to collect your key and move into your dream home!