Sonia Mitchell, Staff Reporter

Purkiss

Applying for a mortgage is one of the first steps to owning a home, rather than making onerous rent or lease payments on property that isn't yours.

Wanica Purkiss, mortgage and operation executive at Jamaica National Building Society, advises house hunters to do thorough research on locations, taking into consideration, among other things, accessibility and vulnerability to natural disasters.

"Home purchase is one of the largest financial transactions most people make in their lifetime," Purkiss said.

Explore your options

Individuals should explore options and pricing before making a final decision.

A mortgage professional can provide good advice about the most suitable mortgage options for individuals.

Additionally, be sure to confirm that you can, indeed, get a mortgage to cover the purchase. Often, deposits are non-refundable and, if you do not access the remaining funds in a timely manner, you could lose your deposit.

Basic mortgage requirements

1. Applicant must be at least 18 years of age.

2. There must be a registered certificate of title for the property being purchased or being offered as security.

3. Applicant must demonstrate an ability to service the mortgage payments.

The mortgage process

a. If possible, identify the property you wish to purchase.

b. Consult with a mortgage professional to ascertain the mortgage amount for which you qualify.

c. Pay the deposit on the property.

d. Complete the mortgage application and submit to the mortgage professional.

e. Stay in touch with the loan officer about the disbursement of the loan.

The following documents will be required to process the mortgage application.

1. Completed sales agreement (if purchasing a home)

2. Certificate of title or title insurance policy

3. Valuation report, including a photo of the property

4. Income verification letter

5. Two most-recent pay slips

6. Taxpayer Registration Number (local applicants)

7. If self-employed, statement of income from a chartered accountant

8. Proof of age (valid passport, driver's licence or national ID)

9. Commissioned land surveyor's report

10. Up to date property tax certificate

11. Approved building plan (if borrowing for construction purposes)

12. Detailed builder's estimate (if borrowing for construction purposes)

13. National Housing Trust referral letter (if accessing the joint finance mortgage facility)

sonia.mitchell@gleanerjm.com