What is an adjustable rate mortgage?
An adjustable rate mortgage is the mortgage product offered by most banks. It’s called an adjustable rate mortgage because, depending on what it costs the bank to provide your mortgage, your rate could decrease or increase.
What’s the interest rate for the JN Bank Adjustable Mortgage?
We offer an interest rate as low as 6.5% to mortgagors.
How long is the life of the JN Bank Adjustable Rate Mortgage?Beneficiaries may receive a mortgage for up to 40 years.
Is 100% mortgage financing available?
Yes it is! Financing is capped at 100% of the purchase price of the property. The maximum loan amount is $50 million.
Are there any other great benefits that come with my JN Bank Adjustable Rate Mortgage?
There is much more. Although we provide up to 100% mortgage financing, we know it is sometimes difficult for eligible persons to come up with the cash needed to finance other aspects of the mortgage process, such as the legal fees and closing costs. Therefore, along with your mortgage amount you will be required to take up one of our following pre-approved unsecured credit facilities, which you can use to assist with covering those costs:
- JN Bank Visa Credit Card
- JN Bank Personal Line of Credit
- JN Bank Personal Unsecured Loan
Are there fees to process my JN Bank Adjustable Rate Mortgage application?
Yes there are fees that will be applied to processing your mortgage, however, the fees to process the JN Bank Adjustable Rate Mortgage are low or waived.
Can I mix my National Housing Trust (NHT) benefits with my mortgage from JN Bank?
You certainly can! JN Bank maintains a Joint Financing Agreement with the NHT that allows you to blend your NHT benefits with your JN Bank mortgage. Accessing your NHT loan benefits will help to reduce your monthly payments.
Will I need to contact the NHT to blend my benefits with my JN Bank mortgage?
No, you don’t need to contact the NHT on your own. We will take care of the process once you indicate that you would like to blend your NHT benefits with your JN Bank mortgage.
What is meant by ‘pre-approval?’
A pre-approval letter indicates to your realtor whether you can afford to finance the mortgage to cover the property you are purchasing. The pre-approval letter is provided by a mortgage institution, like JN Bank, after they conduct an assessment of your financial standing.
What do I need to get pre-approved?
To get pre-approved you will need to provide your JN Bank mortgage expert with a few documents that will include proof of income (your last three pay slips, job letter), valid government-issued ID, such as your driver’s licence, passport; among other information.
Click to see our list of mortgage experts.