Mortgage Options for the New Homeowner

SmartHomes

It’s never been easier for Jamaicans to qualify for mortgage loans than it is now.

Just recently, the Government of Jamaica has “eased the tax burden on real estate transactions”, causing a frenzy of new financing options to come forth from private banking institutions. These options vary between institutions as it relates to promotions and rates, however their goal is to work with you on your home ownership journey.

Choosing the appropriate lending institution will come down to your budget and preference/existing relationships with the banks you currently operate at.

Before you make a decision, make note the following things;

  • If you are a first time buyer you may qualify for a special mortgage
  • Take the ‘safest’ mortgage that is available. This is especially important if you are planning to live in your house for 5 years or longer 
  • Ask your lending agent to provide you with refinancing information. Rates can change in the future and you might be able to secure more favorable opt

Current Local Mortgage Rates

https://jamfinfacts.com/mortgage/    (*Rates as at May 31, 2019)

SmartHomes is here to help you on yourjourney and help get you one step closer to your dream home. We have an abundance of experience in financing and have individual relationships with various lending institutions. If you need assistance, or are confused as to which direction to take, feel free to reach out to us. One of our representatives will be happy to guide you along the way.

5 First Time Home Owners – Tips

  • Start saving for the down payment – Its typical for prospective home owners to put down 20% in anticipation of their first home payment, however many institutions allow for down payments of less than 10%. Note that if this is done it may result in higher overall costs.
  • Seek guidance for a professional financial organization for mortgage options – Lending organizations are here to help you achieve your home ownership goals. Here in Jamaica, there are many options for you to choose from. CLICK HERE FOR MORE INFORMATION ON MORTGAGE RATES AND OPTIONS FOR THE NEW HOME OWNER = > Link to article #4.
  • Obtain a preapproval letter – As the time gets closer to your first home purchase, you will need to obtain a pre-approval letter from your preferred lending institution. At this point, your lender will take an in depth look at your finances to get a better understanding if you can afford the purchase. When the time comes to purchase your home you will appear to be a serious prospect to the development company.
  • Choose the appropriate house and neighborhood – Chances are that when you make your first home purchase, you will be living there for more than 5 years. This being said, it is important to do your due diligence on the surrounding community. Ensure you spend adequate time researching local schools, hospitals, activities, and crime statistics.

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