Surprise! Your Dream House May Be More Affordable Than You Think
“Based on your age, the mortgage for that J$20 million property you really want would be approximately J$118,000 and it would be less if you are sharing that mortgage payment with someone else, since you could get a combined mortgage of J$13 million from the National Housing Trust (NHT), at a lower interest rate,” I said to Michael. “Really, I thought it would have been more than that, now I can look to close on that deal!” he exclaimed.
Many years ago, I too dreamed of and wanted to own real estate. However, I thought I could not afford it, because I did not take the time to do enough research about the process and work with my financial institution to explore how I could get my dream house. The truth was, I could have afforded a house then, even if not my dream house and would, therefore, have been several millions of dollars wealthier today. So my advice to you, do not let the same thing happen to you.
The truth is, you are younger now than you will be in five (5) years, the property is likely to cost more, with inflation, and the mortgage will be more expensive, because you will also have less time to repay. So, purchasing sooner than later may be a better choice, even if you need to rent it initially.
I am sharing with you, your approximate mortgage payments based on joint financing from NHT and JMMB Bank in the table below to help you determine if you can afford your dream house.
**Minimum salary assuming that you have no other loans.
* Mortgage payment may vary based on creditworthiness. Your mortgage tenure is up 35 years or up to retirement, whichever is soon.
Move into Your Dream Home
• Save for your down payment: You may have just realised that you can afford your dream house, but you do not already have your down payment. A JMMB financial advisor can help you to determine the most appropriate investments to get you the down payment in record time, while managing your expenses. Please call (876)998—5662 to speak with a JMMB representative.
• Get your mortgage from JMMB today: You probably just realised you can afford your dream house and have the down payment, no need to wait, call JMMB Bank at (876) 998-5662 and let our loan experts get you into your dream house. Here is a bonus, apply before September 30, 2020, and you will enjoy lower rate than what was used to calculate the repayment above if you are a government worker or essential worker. Also see our recent webinar on Home Ownership on our YouTube channel to get you some tips and tricks at https://bit.ly/HomeFMS
Written by Michelle Sinclair-Doyley
Manager, Group Financial Partnership Support & Financial Education, JMMB Group