Steps to home ownership
Keisha Hill, Gleaner Writer
Buying a house means a lot of paperwork, procedures and different people getting involved. Understanding roughly who does what and when before you start can make it less stressful. Buying a house is a massive investment and getting it just slightly wrong can be costly. Unless you have big savings, chances are you are going to have to get a mortgage.
A mortgage is a loan for buying a house and is secured against the property, which means if you cannot meet the repayments the lender may repossess and sell it to get their money back. It is important to think about more than just whether you can afford the monthly repayments. You need to factor in all of your other monthly expenses and be sure that you can still meet your payments if interest rates increase or your circumstances change.
Hassle Free Application Process
According to Duwayne McGibbon, mortgage facilitator at West Indies Home Contractors Limited (WIHCON), they make the mortgage application process much easier for home buyers.
"We take the hassle out of moving from institution to institution and assist prospective clients with their mortgage financing applications. Once the buyer has found the house they want to purchase from us, they can come into our sales office and start the process," McGibbon said.
McGibbon said the application process varies according to the different lending agencies, however, general requirements include a valid identification, taxpayer registration number and birth certificate. With regard to the documents required by the National Housing Trust, McGibbon said persons will need a national insurance card, a job letter, contributions letter, passport-sized photograph and at least two recent pay slips.
Prospective home owners can visit the sales office and make the opening deposit using preferably a manager's cheque, with the relevant documents to process the sale. After an interview to determine if the applicant qualifies for the loan application, the unit is then selected. After the unit is selected, the applicant will receive a draft sales agreement to review and return to the office within seven working days. They will also be supplied with checklist of items that are required for the interview at the institutions.
"As per the checklist, the client's information is submitted to the institution of choice. After a successful interview, the loan is created and the applicant signs the mortgage document. The institution will then issue a letter of commitment and a letter of undertaking which is a promise from the institution to pay on the amount the person was approved for," McGibbon said.
"After the relevant documents are filed and the closing costs received, the unit is prepared for handing over to the client," he added.
Wihcon's next project is The Meadows of Irwin, located in Fairfield, Montego Bay. This offers the experience of being in a lush country setting and easy access to the city centre of Montego Bay. It is a short drive to the world-famous Doctor's Cave Beach, and within easy reach of Montego Bay proper.
For more information visit www.wihcon.com/themeadows.