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Who can qualifiy for a mortgage? | S2: Ep#2

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Who Can Qualify For A Mortgage | #PowerTips S2: Ep #2

Hi It’s Cherine Anderson from mypowerliving.com.

Now that we know what a Mortgage is… another question to ask is “Who can qualify for a mortgage”?

Unfortunately, not everyone can qualify for a mortgage. But the truth is most of the people you know who own a home had to borrow a loan to make this purchase.

Don’t believe me? Pause this video right now and call at least 5 persons you know who bought a house…ask them which mortgage company they used?

Now everything really comes down to the lender you choose when buying a home. And the lender who worked for your friend may or may not work for you. Remember family members and friend aren’t always transparent. Most times they won’t tell you what their true income is, or if they received support for their down payment and closing costs. Different lenders require different things but the basic idea is that they will need to ensure that you are in a position to pay it back… 

So in order to qualify for a mortgage a lender  will check these 4 main things

● Do you have a steady, predictable income ?

● Do you have your downpayment and closing cost saved?

● How is your credit history? Have you been paying your bills, student loan and car loans on time

● How much debt do you have at the end of every paycheck? 

Lenders don’t expect you to be debt free but if your debt is too high certain lenders won’t lend you.

Do you need a full list things you need to qualify for a mortgage?

We’ve got you covered – Call or whatsapp us at (876) 513-9222

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Weekly real estate updates from My Power Living

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What is a Mortgage? | S2: Ep#1

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What Is A Mortgage | #PowerTips S2: Ep #1

Hey this is Cherine Anderson with mypowerliving.com

You may have heard the word mortgage being used in relation to buying a home or land in Jamaica. Or if you live pon di rock you may have hear ‘mortgridge’  but “What exactly is a Mortgage?”

In a nutshell, a mortgage is a loan from a lender to help you purchase your home or land without paying everything upfront or out of pocket. Your lender could be a bank, a credit union or NHT. 

Now a mortgage is paid monthly and generally over a long period like 15 , 20 up to 35 years in Jamaica. So when you make your monthly payments you are actually paying a portion of several things

● The total amount you borrowed – they call this the principal

● The cost for the amount you borrowed  – this is called the interest. Now this is eally how the banks make their money. So whether low or high they are in this to make a profit.

● Insurance on the home

● Insurance on the money borrowed

● Taxes

Bonus: Savings and Life Insurance 

Now you may have seen several ads on tv, on the radio in the newspaper and social media and feel a bit overwhelmed, yuh don’t want to lose the yuh hard earned cash and savings.  We wouldn’t want that to happen to you either. But there has never been a better time to get in the market than now. 

Do you need more information on how to purchase a home using a mortgage? 

We will show you how – Call or whatsapp us at (876) 513-9222

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Weekly real estate updates from My Power Living

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Things That Can Go Wrong After A Purchase Offer Is Accepted (PT34)

Do you know that even after you Offer To Purchase has been accepted you may have to walk away from your sale?

Be prepared to walk away from your sale if you discover some major defects on the property and the seller is just unwilling to address them.

Remember most homes are sold as is!

So before you sign that Sale Agreement I strongly recommend that you do a valuation and home inspection. Once you sign that Sale Agreement the seller isn’t under any obligation to repair the home.

Do you need a professional to help you with your real estate purchase? Call Cherine Anderson at 876-513-9222 or email cherine@mypowerliving.com

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How to get property tax relief (PT31)

Give to Caesar what is dues to Caesar but you that there are sometimes when Caesar will give back to you. Do you know that the minister could grant property tax relief to people who are having a hard time paying property taxes?

Discretionary Relief: Yes, in instances where people are having a hard time paying property taxes, A special discretionary relief may be given based on decision by KSAC Special Discretionary Relief Committee

Statutory Relief: This may be granted when the potential use of the property is higher than its current use

Reduction in rate:Now if you own agricultural land you could receive a special reduction in rate

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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Who pays property taxes? (PT28)

All persons who are in possession of land pay property tax in Jamaica. This could include the owner of the property, a tenant, mortgagee or the occupier. Basically anyone in possession of the property pays property taxes.

If you hold residential or commercial properties, this will be one of your responsibilites. This is generally due on April 1 of each year. This means if you are paying in full, it can be done on April 1st. However, Tax Administration of Jamaica have different payment options. So you can pay semi annually or quarterly

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

BEFORE YOU GO

Learn How To Buy An Apartment or Condo in Jamaica

This FREE (and highly resourceful) eBook will give you several tips and strategies to help you buy an apartment or condo.

I do not want to buy an apartment