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

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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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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What is a Common Law Title (PT37)

Cherine Anderson here from mypowerliving.com and here is another Power Tip.

So… the big question is What is a Common Law Title?

A Common Law Title, simply put is for unregistered lands that is not under the Registration of Titles Act. So let’s say you are living on land and that land does not have an official registered title, But someone wants to buy it. You’ll need to prove ownership through documentation such as a Common Law Title otherwise called a ‘Deed of Conveyance’

Each time a common law title is transferred a new deed of conveyance has to be recorded at the Registrar General Department within 3 months. However, before you record it you’ll have to pay Transfer Tax and Stamp Duty

Once this is paid, this is noted on this Deed and then this Deed is recorded at the Registrar General Department. So this is your notice to the world Hey I Own It”

Need more information call our office at 876-513-9222 or email cherine@mypowerliving.com

 

 

 

 

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Major Reduction in Stamp Duty in 2019 (PT36)

It s all about stamp duty!

Now there seems to be an effort to simplify our Jamaican tax system. There is also a big buzz around the proposed rate of $5000 to replace all ad valorem stamp duty rates that are currently levied by the Stamp Duty Act.

Now let me break it down for you:

Ad valorem means ‘according to value’. So for real estate purposes, your stamp duty is currently calculated at 4% of the value of the property which is equally shared between the buyer and the seller.  So currently as a seller, you pay 2% while the  buyer pays 2%

Now, this is exciting for both buyers and sellers because of this flat fee of $5000 JMD. Both buyers and sellers get to keep more money in their pockets and now is the best time to get into the market no matter what side of the transaction you are on.

Need more information call our office at 876-513-9222 or email cherine@mypowerliving.com

 

BEFORE YOU GO

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