What is the difference between a variable rate mortgage and an adjustable rate mortgage?
A variable rate mortgage allows you to continually benefit from changes in market interest rates, as the rates are linked to the bank of Jamaica’s 30-day Treasury bill rate (T Bill) or the 90-day T-Bill rate. As a result, the interest rate may change either monthly or quarterly.
How long is the life of the JN Bank Variable Rate Mortgage?
Beneficiaries may receive a mortgage for up to 40 years.
Is 100% mortgage financing available?
Yes it is! We will finance up to 100% of the lower end of the purchase price or market value of the property.
Are there any other great benefits that come with my JN Bank Variable 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 Variable Rate Mortgage application?
Yes there are fees that will be applied to processing your mortgage, however, the fees to process the JN Bank Variable Rate Mortgage are low and can be added to the loan.
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 or visit jnbank.com.