KINGSTON, Jamaica – Acknowledging the difficulty some people face with financing expenses related to real estate purchases, JN Bank has reintroduced an offer that the financial institution says will offset upfront costs and “further strengthen opportunities for Jamaicans to achieve home and property ownership.”

The new JN Bank mortgage offer provides potential mortgagors with an opportunity to access up to 100 per cent mortgage financing and the option to qualify for an additional unsecured loan of up to $5 million to finance mortgage-related expenses, such as the deposit on the property, legal fees and closing costs.

The organisation, which is the largest mortgagee in the private market, also guarantees to disburse the funds in 30 days. Its 30-day disbursement guarantee is hinged on when it receives the required documents from the customer.

“We understand that one of the main challenges that people face when trying to acquire a home is coming up with upfront costs associated with the purchase, such as the deposit, legal fees, closing costs and so on, which very often they are not aware of,” Petal James, JN Group’s Sales Executive, explained in a press release. “Therefore, we have strengthened our mortgage offer to give clients more, such as up to 100 per cent financing and a personal unsecured loan of up to $5 million to assist them with offsetting these charges.”

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

“We have strengthened the capacity of the team so that the processing can take place in 30 days or less, and we have been meeting those standards, as long as we are in receipt of all the required documents,” James stressed.

Pre-approvals, which is a letter at no charge 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 the 30-day financing and unsecured loan, accessing a mortgage under the offer also provides potential mortgagors with additional benefits from the JN Group. For example, peril insurance from JN General Insurance (JNGI) is rolled into the mortgage and mortgagors can get up to get 20 per cent off contents and motor vehicle insurance, which are also offered by JNGI, and a pre-approved JN Bank VISA credit card; free Jamaica Automobile Association membership, as well as $5,000 towards 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 and hassle-free mortgage process, as well as affordable rates and value-added benefits. As a result, we have implemented fixed and variable rates so that customers can customise their mortgage pricing according to their financial situation and what they can afford,” James explained.

The bank recently hosted a first-of-its-kind mortgage open house to promote the offer. Hundreds of patrons attended the event which featured a host of well-known and established realtors, developers, who displayed information on various upcoming properties across the country and real estate services. Its JN Bank mortgage and loans team, were also on hand to pre-approve persons and provide information on financing.

Mortgage rates at JN Bank now range from 6.85 per cent to 8.5 per cent.