In keeping with its 145-year old philosophy to make homeownership achievable for Jamaicans, JN Bank, the country’s premier private mortgage provider, has further strengthened its mortgage process to deliver financing in an even timelier manner to persons seeking to own a home.
Saniah Spencer, chief, marketing and product development, JN Bank, said potential homeowners are now approved for financing within 36 hours and will receive their financing within 30 business days, once they qualify.
“To create wealth, one needs access to credit, to invest in appreciating assets, such as real estate,” said Ms Spencer. “And, we recognise that a critical part of creating access is the timeliness in which financing is provided, especially given the higher demand for housing.”
JN Bank’s turnaround time will be dependent on the potential homeowner’s ability to provide all the necessary documentation for assessment, Ms Spencer said. These include: Proof of income and supporting documents such as a commissioned land surveyor’s identification report.
The bank’s announcement of its 30-day process, is a seamless extension of its Design Your Mortgage (DYM) campaign, which allows potential homeowners to tailor the terms of their mortgages with the bank. The menu of options include a Graduated Mortgage targeted at young professionals, seeking to acquire property early; and a Mortgage Plus, also targeted to persons purchasing, but may not have the funds to cover other mortgage-related expenses, such as the deposit, or closing costs.
“JN Bank is focused on providing value by improving access and making the process to achieve home ownership easier,” Ms Spencer underscored.
“We are about generating confidence, and we will accomplish that when people are confident that they can easily access the resources they need to achieve wealth,” she concluded.