JN Bank to ‘offset initial costs’ with new mortgage offer and more Latest News Here


JN Bank at Half-Way-Tree, Kingston

KINGSTON, Jamaica – Recognizing the difficulty some people have with financing expenses related to real estate purchases, JN Bank has reintroduced an offer that the financial institution says will offset initial costs and “further enhance opportunities for Jamaicans to access the property.

JN Bank’s New Mortgage Offering Offers Potential Mortgages the Opportunity to Access Up to 100% Mortgage Financing and the Opportunity to Qualify for an Additional Unsecured Loan of Up to $5 Million to Fund Expenses related to the mortgage loan, such as the deposit on the property. , legal fees and closing costs.

The organization, which is the largest mortgage lender in the private market, also guarantees the disbursement of funds within 30 days. Its 30-day payout guarantee is dependent upon receipt of the required documents from the client.

“We understand that one of the main challenges people face when trying to acquire a home is dealing with the initial costs associated with the purchase, such as the deposit, legal fees, closing costs , etc., which they are very often unaware of,” JN Group Sales Director Petal James explained in a press release. “As a result, we have strengthened our mortgage offering to offer more to customers, such as up to 100% financing and an unsecured personal loan of up to $5 million to help offset these costs.”

The offer, the bank said, is a reinforcement of a similar offer a few years ago.

“We have built the capacity of the team so that the processing can take place in 30 days or less, and we meet these standards, as long as we receive all the required documents,” underlined James.

Pre-approvals, which are a no-cost letter confirming that the potential mortgagor can afford a mortgage of a certain amount, are also provided within 24 hours, she said.

She noted that in addition to 30-day financing and the unsecured loan, access to a mortgage under the offer also provides potential mortgagors with additional benefits from the JN Group. For example, JN General Insurance (JNGI) peril insurance is integrated with the mortgage, and mortgagors can get up to 20% off contents and auto insurance, which is also offered by JNGI, and a pre-approved JN Bank VISA loan. map; Free Jamaica Automobile Association membership, plus $5,000 for a JN Fund Managers Mutual Fund investment account, $5,000 off a JN Life Critical Illness plan and more.

“JN Bank is committed to providing homeowners with a seamless, hassle-free mortgage process, along with affordable rates and value-added benefits. As a result, we have implemented fixed and variable rates so clients can customize their mortgage pricing based on their financial situation and what they can afford,” explained James.

The bank recently held a mortgage open house, the first of its kind, to promote the offer. Hundreds of customers attended the event which included a host of well-known and established real estate agents, developers, who posted information on various upcoming properties across the country and real estate services. Its JN Bank mortgage and lending team was also on hand to pre-approve people and provide funding information.

JN Bank mortgage rates now range from 6.85% to 8.5%.

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