Mortgage Process in Jamaica

EFFECTIVE AND SKILLFUL REPRESENTATION YOU CAN RELY ON

EFFECTIVE AND SKILLFUL REPRESENTATION YOU CAN RELY ON

PRE- QUALIFICATION FOR A MORTGAGE IN JAMAICA

You will have to shop around to determine which financial institution suits your needs. You will find that different financial institutions will offer different percentages of financing at different rates. In general, financial intuitions may offer as much as 100% financing to a little as 75% financing depending on factors such as;

  • your eligibility for Mortgage in the requested sum
  • whether the property you wish to purchase is your first/primary residence
  • whether the property you wish to purchase is an investment property
  • whether the property is vacant/empty lot.

The financial institution will assess your eligibility based on your income and expenditure. You will need to present a list of both.

If are shopping around for a lending institution after have already found a property you will have to ensure that you have your deposit money on hand, you will need to show that are able to finance the 10% deposit on your own. Once you have the signed sale agreement you are the financial institution will ask to see your and proof that you have paid over the deposit amount to the Vendor.

Here are some items you will need to present to your financial institution to assess your eligibility for your loan or Mortgage.

  • If you are employed and earn a salary you will have to request an Income verification letter/ Job letter from your employer along with your most recent pay advices.
  • If you are self-employed you will need to present your Financial Statements /bank statements, Tax return documents or documents showing a history of work orders or contracted work.
  • Proof of funds to complete the transaction such as your closing cost, and Attorney’s fees.
  • Valid photographic Government issued Identification (Passport, Driver’s License or National ID)
  • Proof that you’re over the age of eighteen age (valid passport/birth certificate).

  • Your National Insurance Card (NIS)
  • Tax Registration Number (TRN)
  • National Housing Trust eligibility letter (if the financing financial institution is a participant in the Joint Financing Program)
  • Signed Agreement for Sale and receipt for the deposit
  • A list of existing loan(s) and monthly expenditure

If this is your usual financial institution at which conduct all your matters you may not need to provide as much information as they would have information regarding your usual expenses. Your financial institution will need a Credit report, this will be requested by the financial institution on your behalf however you be required to pay for the report.