When determining the amount of mortgage, you can afford, we look at your combined gross salary, as well as the amount that goes towards your existing loans. We then combine any existing loan payments with the proposed mortgage payment, after which we determine if your loan payment exceeds 45% of your income. The general rule of thumb is that your loan payments should not exceed 45% of your income. Speak to a mortgage adviser for special rates that may exist. 

If your mortgage payment is too steep for you, consider the following: 

• Making a larger down payment; 
• Taking the loan for the maximum mortgage tenure to make the amount more affordable;
• Consolidating existing debts to make your monthly payments more affordable; and 
• Looking at whether there is a less expensive property that you love just as much.

Legal fees are a part of the closing costs and usually range between 2% and 3% of the selling price, plus GCT. Legal fees may vary. However, many buyers tend to shy away from using a separate lawyer from the seller because legal fees can be expensive. However, it is advised that the home purchaser individuals get their own lawyer.

Legal fees cover a wide variety of legal needs such as representation, drafting of the sales agreement, and writing letters to utility companies regarding name changes, etc.

To repay a loan, the borrower would need to be earning an income. Additionally, the person should be able to qualify for creditor’s life insurance. This insurance would pay out the loan if the person dies before the loan payments are completed. If the person is self-employed and in good health and does not have a physically taxing job, for example, a lawyer, the loan may be calculated to end at age 70. For employed persons, the loan is calculated to end at age 65.

Yes, we do. Speak with one of our mortgage experts to discuss your options!

Yes. The borrower can access maximum financing of 95% of the purchase price or market price, whichever is lower. The additional 5% is considered to be equity, otherwise known as a deposit.

When determining if a self-employed individual qualifies for a mortgage, we look at the person’s credit history, which is represented by a score, and the person’s ability to repay. The ability to repay is determined by adding the proposed mortgage amount to your existing loans. The total monthly repayment should not exceed 45% of your income. Speak to a mortgage adviser for special rates that may exist. 

• Proof of income (e.g. letter from Chartered Accountant, Audited Financial Statements, copy of Income-tax return, GCT return) 
• Bank statements (at least 12 months, from the main operating account showing business activity and personal earnings). 

Yes, you can. This is an option that will make your mortgage more affordable. The individual would have to ensure that they meet the mortgage requirements. 

The rate at which the mortgage is calculated is not dependent on the status of the applicant’s residency. However, the currency in which the application is being made is a determining factor, and as such, a USD mortgage attracts a different interest rate from a JMD mortgage. Generally, USD loans attract a lower rate. Additionally, the borrower must earn USD to get a mortgage in that currency.

There is no average time to repay your mortgage. However, the tenure of your mortgage is determined by the maximum number of years to repay. Each organization’s repayment years vary: NHT has a maximum of 40 years, or the number of years to your 70th birthday, while the JMMB maximum is 35 years, and the number of years to your 65th birthday.

Closing cost refers to the fees associated with your purchase. Some of these fees may include stamp duty, registration fees, and lawyer’s fees. You can expect to pay 5% to 6% of the purchase price, plus GCT. 

JMMB Bank offers Joint Financing with NHT. First, request your NHT Eligibility letter via the NHT website (NHT Online). Then, tell your mortgage officer that you requested your NHT Eligibility letter.