At the start of 2018, Theresa Woolery had only one goal – to purchase her own home.
“As a young person, I had seen many persons in their 40s and 50s still paying rent and I just didn’t want that to be me,” the 30-something nurse said. “I know everybody’s circumstance is different, and I’m not looking down on anyone, but I just didn’t want to be 40 and still living in a rented house.”
This resolve, coupled with her belief that “owning a home is fundamental”, became the driving force behind Theresa’s search for a house.
“The first thing I did was to start taking on extra shifts at work, because I needed additional funding to build-up my deposit,” she said. I knew 2018 was going to be my year, and I wasn’t going to allow anything to stop me.”
The registered nurse, who is originally from St James, said she then started to search the classifieds online and the newspapers for a house she could afford.
“I was looking for a house in Kingston, because that’s where I have been living and working for the past five years. I also wanted to find a home that was no more than 15 minutes away from the hospital where I work, because my hours can be very irregular, and so, proximity to work was important to me,” she revealed.
While browsing the Internet one day, Theresa saw an advertisement for JN Bank’s Design Your Mortgage (DYM) promotion, which offers prospective homebuyers eight options for mortgage financing.
“The next week my sister and I were at JN Bank Catherine Hall in Montego Bay, speaking with a representative, and from there on, it was smooth sailing,” she informed. “I found a lovely four- bedroom house in a very nice area in St Andrew and quickly jumped on the opportunity.”
Theresa’s original plan was to partner with her sister to purchase the house.
“From ever since I was young that was always the understanding- that to buy a house in Jamaica, you needed to have a partner, whether a spouse or a family member,” Theresa remarked. “I don’t have a big job, I’m just a little civil servant, and so, I knew I would have to join with someone else to be able to afford a house.”
However, half way through the process, Theresa was informed by her JN mortgage officer that based on her income bracket and the DYM option she had selected, she would be able to purchase the house without the need to team up with a partner.
“I was elated. It was such a relief that I was empowered through JN to buy my first home on my own. Now my sister is in the process of buying another house through JN as well,” Theresa informed.
Through her experience, Theresa would like other young persons to know that purchasing a house is possible.
“You can do it. It doesn’t have to be just a dream. You can make it your reality and if JN can do it for me, they can do it for you too,” she said.
She advises young persons to save as much as they can. “You may have to forego the parties and the eating out for a while, but it is well worth it. Save, save and save some more,” she advised.