I bought my house in Jamaica... How I got my mortgage and Tips for you!!
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- čas přidán 27. 08. 2023
- In this video I document my mortgage process when I purchased my home in Jamaica. I also share some things to think about when you are looking to get a mortgage in Jamaica. There were some surprising things that I was not used to coming from the US. Hope this will help you understand the process.
Enjoy!
Links:
National Housing Trust (NHT)
www.nht.gov.jm/
Banks:
National Commercial Bank Jamaica Mortgage (NCB)
myhome.jncb.com/residentialMo...
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Thank you for this! I’m hoping to buy a home in Jamaica by 2025 and this video has given me the push and the knowledge to do so. 🤙🏿
Glad it was helpful! Hope your process is uneventful and smooth.
So much useful information! Thank you so much for sharing, I’ve been trying for so long to understand this process and it’s extremely clear with your transparency.
No problem. Happy you found it useful and thank you for watching.
Insurance is also a thing in the USA but most of us aren't aware. It is called PMI ( Private Mortgage Insurance) which is required if you don't have 20% for your downpayment.
Yes I’m aware of PMI but this is literally life insurance that they have here. It’s not the same as PMI in the US
Jamaica got it right. It makes sense to count all open credit cards as debt because the owner has access to all those cards.
FYI..Jamaica doesn't play if you have credit card debts and not paying it. You will go to jail there. They have debtors jail which you go in on the weekends and out on a Sunday evening in order to go to work. They will take your car too if you owe debt. They do not play.
Thanks Jackie. Your presentation and information was excellent. ❤
Glad it was helpful! Thank you for watching
Very good video, useful information from start to finish.
Thank you. Happy you found it valuable 🙏🏾
Great video. Very informative. I'm wanting to get the process started.
Thank you. Happy you found it helpful. Good luck with your process. 🙏🏾
Big Congrats!!!! Welcome to the club😅🎉🥂🍾🤝🏾🇯🇲💪🏾🙏🏾👊🏾📸💥 I noticed this helped me a great deal when I got 3 different pre approvals at 3 different banks within 3 days. I learned there requirements quickly and chose JN Bank! I was so pleaseed and impressed with how swift, very informative there business practices are. I encourage building more credit in 🇯🇲...ASSETS AND WEALTH TOO!🥂
Thank you!! 💜 I’ve been hearing a lot of positive things about JN. I’ve never attempted to use them but will keep them in mind in the future.
@@jetsettingwithjackie absolutely! Glad to hear and congrats again!🤝🏾🥂🇯🇲💩
@@jetsettingwithjackie Also... I highly recommend if u haven't already, an all around the house with voice activation, camera system. Especially while traveling, it gives such a great peace of mind!😉🙏🏾🇯🇲
Yes definitely… it does give me a bit of peace of mind while away.
This video is amazing. Thank you!
You are welcome. Happy you found it valuable. 🙂
Great video helped a lot. I'm planning my expat from USA in 3 years but I'm going to look into investing in the National Housing Trust, now. Thanks for the information 👍🏽
Great idea to start now while you still have time to purchase. Good luck on your journey and thank you for checking out the video.
Great video. Thanks for sharing your experience
Thank you for watching!
Thank you for the information
No problem. 🙏🏾
Just found this channel.
The topics are amazing and provide detailed information; moreover, your delivery is professional.
It’s highly appreciated.
I would love to see a video on deciding which parish or location to live in JA. Do you currently like your location, what made you choose that location, do you plan on moving in the near future etc?
Thank you for checking out my channel and sharing your feedback.
I do have another video on the agenda in regard to Real Estate, prices for properties, parishes etc. I will be sure to address the items you mentioned above.
Thank you this was great information I reach out to Miss Latoya and she got back to me right away
That’s awesome, she is amazing. Thank you for watching!!
Very informative thank you. I’m currently in that process right now and they do require so much documentation. 😅
Yes they do!! Good luck with your process. Hope it’s a smooth one
18:37 has been a thought for anyone who has gone through this process in Jamaica! This video is very very accurate. I can confirm VMBS pre approval turn around of 10 days, don't include rental property and much more I can share more if anyone has questions on them...
So many gems in this video: resending of documents, confirming employment, land survey and valuation, life insurance and God forbid your signature not a carbon copy every time!
One difference, I did not cancel any credit cards used or unused and all have zero or near balance. Using the USA thinking clearing it out would be beneficial. Maybe there are other variables so for anyone out there maybe you can keep old cards.
LOAN OFFICER...cannot understate this. This is almost as important as your lawyer! I'll leave it there but I have experience with first with JN then VMBS...
Great video! Looking forward to the next because who locally can afford 30 million!
Yes sounds like we have similar experiences. Thank you for all the positive feedback. It is much appreciated.
Yes of course! I edited my response. lol
I guess I am fortunate because I am local and I am qualified for 40 million and in the processing of owning my home. However I know this is not the case for many around the world, have to save your deposit before even starting the process.
I do think this applies more to a majority of us who live here and is not making wages that would allow the path to homeownership by way of Mortgages. We are fortunate to have the ability to do this without too many obstacles.
I would think closing cards would affect your credit score.
Thank you for the information.
No problem. Thanks for watching
Thanks for the information.
No problem. Thanks for watching 💙
Great information...good morning
Thank you 🙏🏾
@@jetsettingwithjackie you're welcome
thank you for the info
Anytime 🙏🏾
Hello, lovely and informative video. Is it required to have a TRN and NIS numbers in Jamaica to apply for a Jamaican Mortgage?
Hello..thank you for the feedback 🙏🏾. You will need to get a TRN. NIS is not required.
It best to develop a relationship with a officer from before.
Yes if possible that is beneficial and will make the process easier
Thank you for this information. Do you know how Jamaica banks take student loans into consideration? In terms of it showing in the credit report?
You will have to provide something to show what the payment amount is for the loan. It will be factored in as a part of your expenses.
Hi Jackie love your content
Could you also share your attorney experience if it was a Jamaican attorney you used and what were the fees are
What should your attorney need to know
Should they ask you how much you are planning on spending
Do you send them the funds to pay on your behalf
Hello… thank you for watching. Yes my attorney is a Jamaica based attorney. Only the attorneys here will be able to conduct the transactions here for you. The fees will depend on the sale amounts and other things like fees from the agreement…etc. Yes they will need to know the amount you are spending. They will be the ones conducting the transaction on your behalf. It is good to work with someone that you trust will be working for You. My attorney is Hugh Brown. I can share his information with you if you are interested.
Well said, it not easy getting a mortgage in Jamaica but i am thinking about it put the process of getting it ever ending it along process and up hill battle thank you for this video , it a eyes opening and mine challenging thanks alot
It is not. But once you are through the process it’s work it. Happy you enjoyed the video.
Thank you for this video, would it be the same steps when buying land cash?
No problem… thanks for watching. The process will definitely be a bit different it you are paying for the land in cash. You would not have to deal with the bank or the mortgage process. You will still need to have the land surveyed to make sure there are no issues. You will need an attorney to take care of the sale and transfer process as well.
God bless you honey thanks!
No problem 💜
You said you apply for the mortgage while in Jamaica, my question is were you working in the USA or jamaica when you applied for the mortgage?
I am a digital nomad, with my employer being in the US.
Jamaica Bank needs too much paperwork to purchase a house 🏠 there, although I am interest to purchase a airbnb property.the bank wants too much repetitive information😮
Yea it is not the easiest process at all. However it’s worth it in the end.
It's to protect the depositors and prevent money launderers using the island to hide illegal funds..
After you open an account they can ask for more identification and that includes people who live there too. It's a good thing.
Thanks so much for this, I am going to reach out to Ms. Latoya to for her assistance and more detailed questions but off hand do you know if the US credit rating in US is the same as the credit rating in Jamaica? for an example I think in the US the min requirement is a 620 (I bought my home 8 years ago so I don't remember exactly), do they rate you by your US number? I have no Jamaica credit at the moment, I am looking to move there about 3 years but before moving I wanted to purchase a condo in JA for airbnb to short term rental to make additional income/business before moving.
Hello @Bimbuna no problem. Thanks for watching. Since you don’t have a history in Jamaica then they will use your credit reports from the US. Their main focus is to see what your liabilities in the US are and if you will be able to afford your payments/loan here in JA. So as long as your debt to income ratios are good you should be ok.
Good job on thinking ahead about your returning plans. Having some income here before moving will give you a head start.
Latoya will be very helpful in this process.
@@jetsettingwithjackieThanks so much!
Rental income is not income if there is a mortage on the property that the tenant lives in. If it's paid off they will deduct the cost of maintaining that house and the remainder would be income.
The price of homes in Jamaica is undervalued and home prices will not keep rising because the birth rate in Jamaica is down. It's going to be interesting to see if builders will stop building new homes because most Jamaicans pass down their homes to family members when they pass. If there is a low birth rate who will purchase new homes. Homes may become more affordable for Jamaicans living there.
When assessing finances (income vs expenses) the rental income is considered as income as it is used to offset the mortgage payment.
Currently the prices of homes here aren’t being determined by our birth rate. If that was the case we would be great trying to get to find a place that is affordable. I don’t think you are considering the amount of foreigners and returning residents such as myself that affect the cost of Real Estate here.
Builders are not thinking about local Jamaicans for the most part and that is reflected in the prices of the homes that are currently being built here.
Hi I watch your videos is it safe to give my information to a mortgage broker while abroad to purchase a home in Jamaica
Hello Arlene. Thank you for watching. Yes it is, just be sure you are communicating with that person and they do still work for the bank. I’ve shared my loan officer who was really great.
You can always call the bank first and have them give you the contact for one of their loan officers to be sure you are working with a true loan officer.
Congrats! How long did the rest of the process take after the LOU was issued?
Thank you. After the LOU, it was about a month later when I got all the closing paperwork and the title had been fully transferred.
@@jetsettingwithjackie Oh wow fast, I hope it is similar for me but the seller seems slow to me.
@@justbdsd4569who is your builder?
What if I have a bankruptcy is this still possible?
@@user-cv6dw4nl2g I am not really sure what that process would look like in Jamaica. May be best to reach out to a loan officer for more information. Mine is listed in the description if you need assistance.
Sounds like its best to get your financing outside of Jamaica.
Not necessary. It’s a process but worth it nonetheless.
That would be if you are borrowing from a house in the USA to purchase one in Jamaica. Banks don't give loans to buy residential properties out of the USA..
@@eileenwatt8283what if you just take out a personal loan or business loan?
How was the interest rate was like at the time?
They were starting to rise at that time. I think it was about 7 something when I started and was at around 8.5 when I was done with my process.
Hey did you get the mortgage then look for the property or find the property then apply for the mortgage pls reply x
Hello @Be657 I started my mortgage process first. That way I would know how much I qualified for. Then I found the property. Since things take time here it’s a good idea to get the mortgage process started a soon as you know you are going to be looking for a property so that when you find the place your mortgage is already in the works.
@@jetsettingwithjackieThankyou so much for replying and your advice, congratulations on your home x
@@be657 no problem!!! Best of luck. 🙏🏾
@@jetsettingwithjackieThankyou x
I had the same experience as you started with a 1st property and had to stop seller went MIA. I am going through the process as well, 90% financing, did you take life insurance at all? how is your interest rate so low, mine is 9.15?
Congrats on the journey; I know it can be a lot. I honestly can’t even remember if I took the life insurance or not; for some reason something is telling me I did. I started my process a while back when rates were lower so that would be the reason they are different. Rates have definitely gone up even while I was in my process it changed. Good luck with the rest of the process. 🙏🏾
Open credit cards counts against you in the US also
Yes you are correct; but not in the same way as it does in JA.
Oh yeah crazy. Jamaica as usual always make life crazy. They just cannot do something and make it easy. Same thing happen to me and I am in Canada. 😢
It’s like it’s too much to just make things straight forward. Smh 🤦🏾♀️
They can get most of the manual info from a tax return, eg. % of ownership.
Yes the is a lot of info is there.
Credit Unions are better
I wanted a load in new york takes 8 mths🎉🎉🎉 sad its america the first world
Wow it’s never taken that long there. That’s crazy.