Mortgage FAQs

Yes, your repayment could be extended beyond the age of 70 under the following circumstances:

• If the income to service your mortgage comes from a source that is reasonably expected to continue beyond the age of 70 years old (eg. property rental, self-employment etc.) or until you die (eg. pension),
• If you have additional resources which can be liquidated if your income stream dries up
• If your loan to value ratio (LTV) is relatively low (i.e., 75% or less), or your total debt service ratio is at least 10% below the prescribed ceiling
• If you have existing life insurance policies which are assignable

The balloon mortgage payment option is ideal for persons who:

• Intend to sell property to liquidate the debt
• Expect to receive a lump sum of cash, such as gratuity on retirement payments, claim settlements, etc.
• Buy and sell property
• Sell other assets to repay the debt
• Are young enough to convert the loan to a longer-term traditional mortgage at end of balloon payment period

No. If you have opted for a payment holiday, you may choose to honour your deferred loan payments in a lump-sum at the end of the moratorium, or you may choose to have the sum capitalized. If you choose to have the sum capitalized, the sum of your monthly payment could be increased, or you may choose to have the life of your loan extended. However, any extension to the life of your loan will be dependent on your age.

Yes. You have the freedom to choose your mortgage terms based on any of the seven options available to you from JN Bank. You may receive up to 95% financing and up to $5 million in unsecured funds.

You may have a conversation with our mortgage experts to determine the best option for your needs.

If you’re ready to pay off your mortgage ahead of schedule, the first step is to complete a Statement to Close request form.
You can locate this form on our website jnbank.com by clicking ‘Member forms’ under the Resources section in the footer.
Submit the form by email to loanservices@jnbank.com.

Note: If not previously done, you’ll also be required to complete, sign and return an Email Indemnity form.

Each Statement to Close request attracts a processing fee of J$1,725.00. This must be paid before your statement is processed.

• At any JN Bank branch island-wide
• Via the JN Bank LIVE online banking platform
• Or by authorising a withdrawal from your JN Bank savings account using the form

A copy of your receipt or payment confirmation should accompany your submission.

Your request will be processed within five (5) business days. You’ll then receive a Statement to Close showing the amount
required to repay the mortgage in full as of your intended closure date.

Yes, there may be a penalty depending on how long you’ve had the mortgage:

• More than a year: Three (3) months’ written notice required, otherwise three (3) months’ interest penalty applies.
• Less than a year: A penalty of six (6) months’ interest applies regardless of notice.

These premature redemption penalties will appear clearly on your Statement to Close.

If repayment is not made by the expiry date on the statement, a revised statement must be requested.
This ensures the final closure amount is accurate.

Continue making your regular monthly payments until the mortgage is officially closed.
This keeps your account in good standing and prevents arrears.
Once settled, you’ll receive confirmation that your mortgage is fully paid off.

On your closure date, you may:

• Visit any JN Bank branch with your Statement to Close and the required funds
• Or deposit the funds into your JN Bank savings account and complete a Deduction Authority form

A valid government-issued photo ID must accompany the form.
You may also submit documents electronically via email to loanservices@jnbank.com.

Options include:

• Wire transfer to your savings account (instructions here)
• Using JN Money to send funds to your savings account

Once funds are available, notify the bank to debit your account.
Note: You cannot use JN Money Services or JN Bank LIVE to deposit funds directly into mortgage accounts.

A Discharge of Mortgage document will be prepared to initiate removal of the bank’s loan from your property title.
Your Statement to Close will reflect the associated costs.

For support, contact your loan officer, visit your nearest JN Bank branch, or call:

• Jamaica: 888-991-4065/6
• USA: 1.800.462.9003
• Canada: 1.800.462.9003
• UK: 0.800.328.0387

Or email loanservices@jnbank.com.

Yes, you can request a change to your mortgage due date. Simply indicate your interest to begin the process
(in-branch or by email to loanservices@jnbank.com).

For example, if you move your due date from the 12th to the 28th, interest will accrue between the original date and the new one.
This one-time interest adjustment will be added to your first payment after the change.
This is not a service fee, but accrued interest for the extra days.

Yes, there is a processing fee of J$1,518.00. This fee is separate from the one-time interest adjustment.
You can pay:

• At any JN Bank branch island-wide
• Via JN Bank LIVE online banking
• Or authorise a debit from your JN Bank savings account using the Deduction Authority form (available on jnbank.com)

Submit a copy of the receipt or payment confirmation with your request.

After the one-time interest adjustment, your mortgage payments will return to your normal monthly amount,
now aligned with the new due date.

Note: If your new due date falls on a weekend or public holiday, payment will be due on the preceding business day.

Yes. You can make up to two lump sum payments within any 12-month period. These can:

• Shorten your loan term
• Reduce your monthly payment

Indicate your choice on the Partial Redemption Payment Form (available on jnbank.com).
Your account must be in good standing (no arrears) before making a partial payment.

Yes, conditions include:

• Penalty: If your loan is less than one year old, a penalty equal to six months’ interest on the partial payment will apply.
• Minimum/Maximum: Minimum is J$50,000 or 3x your monthly payment (whichever is higher). Maximum is 90% of your current principal balance.
• Mortgage Deed amendment: Each partial payment requires an amendment to your Mortgage Deed, which attracts a J$3,047.50 processing fee.

Options include:

• Via JN Bank savings account: Deposit funds, complete Deduction Authority form, attach Partial Redemption Payment form and valid ID.
• In-branch: Visit any JN Bank branch and inform the teller you are making a partial redemption payment.
• Wire transfer: Send funds to your JN Bank savings account using local or international wire instructions at jnbank.com.
• JN Money: Send funds to your JN Bank savings account. Notify the Bank once funds are available.

Note: You cannot use JN Money Services or JN Bank LIVE to make direct partial payments to your loan account.

Yes. Email all required forms and payment confirmations to
loanservices@jnbank.com.
Ensure documents are complete before submitting to avoid delays.

Once JN Bank receives all required documents and your payment is confirmed,
adjustments will be processed within six (6) business days.