Every first-time home buyer is excited about investing in their first piece of real estate.   Our parent company, Victoria Mutual Building Society (VMBS) is committed to guiding you through the mortgage application process and to making it straight forward and convenient. We combine a keen knowledge of the local market, and the desire to provide you with unmatched customer service in your journey towards home ownership.

When thinking of owning your home, there are several factors to consider in order to make the right selection. Some of these factors include:

• Affordability - can you afford the location you are considering, or do you need to widen your search
• Real estate value - seek advice on the possibility of the property value increasing or decreasing over time
• Security of the location you have in mind
• Proximity to work, school and other amenities
• Access to health care facilities
• Available area(s) for recreation
• Access to the public transportation system

Once you have given consideration to these factors, it’s time to talk to a Victoria Mutual Building Society (VMBS) Mortgage Advisor and a Victoria Mutual Property Services (VMPS) Real Estate Agent.

Assess your Financial Position

As an aspiring home owner, it is important that you assess your financial position prior to finding your house. Assessing your financial position is easy, with the correct guidance and some simple steps:

• Create a realistic budget which reflects how much money you currently earn and how much you spend. This will help you determine how much you can commit to paying on your monthly mortgage. Be sure to identify expenses you can eliminate if you need to increase the available amount. Download your budget template from vmbs.com or our facebook page and get started.
• Get your down payment ready, usually 10%-15% of the purchase price of the house is needed.
• Identify the funds to cover closing and other mortgage related costs; which is approximately 10%-15% of the purchase price.

Contact your VMBS Mortgage Advisor and discuss your potential purchase. Your Advisor will take you through a pre-qualification process and help you to determine just how much you are able to access as a mortgage.

Select the House for You

In your search for a house, there are a number of options available to you. Properties may be listed in the newspaper, housing developers may host open houses for new properties, or you may seek the guidance of a Realtor, who will search on your behalf.

As one of Jamaica’s leading real estate brokers, Victoria Mutual Property Services (VMPS) has a team of highly qualified Licensed Real Estate Agents, with a comprehensive listing of residential and commercial properties for sale and rental islandwide.

VMPS offers a wide selection of premium properties based on thorough research by our proactive, qualified consultants, and consistently provides regular updates on available properties to meet your needs.

The Sale Agreement

Once you have chosen the house or property you wish to buy, and have agreed with the seller on the purchase price and a Sale Agreement drafted, it is recommended that you appoint an attorney to review your Sale Agreement. This will ensure that the interests of both parties are adequately protected and that the prepared Sale Agreement is acceptable to all concerned.

Complete a Valuation on the Property

A valuation is a key part of your mortgage process, as it determines the value of the property and helps you to agree on a fair price as well as how much you can access as a mortgage loan. Ensure that you choose an experienced, qualified valuator that meets your needs.

Property Appraisals

VMPS provides credible valuations, post or pre-construction on residential, commercial or agricultural properties. Our appraisal services include the assessment of open market value for sale, purchase and rental at highly competitive prices. The VMPS team of licensed valuators possesses expertise in Real Estate Management and Sales and the integrity of our report is without question.

In a few instances, particularly when purchasing a house in a new development, a valuation may not be requested.

The Mortgage Application Process

Now that you understand the preliminary steps to owning your home, you can hit the high gear on your road towards home ownership. The next step is to start the mortgage application process. Here is how you can get that much needed mortgage loan.

STEP 1: Make an appointment to see your VMBS Mortgage Advisor.

STEP 2: Prepare and take the following documents to your appointment:

• Photo identification (valid drivers licence or passport)
• Taxpayer Registration Number (TRN) Card
• A job letter from your employer and pay advices for the last three (3) months

If you are self employed, put together your Audited Financial Statements, Bank Statements for the last twelve (12) months, Cash Flow Statements and Income Tax Returns for the last two (2) years.

• An itemized list of your monthly expenses.
• A status letter on outstanding loans or credit cards at other institutions
• A signed Sale Agreement
• Photocopy of the Property Title
• Valuation report done in the last six (6) months. Please discuss with your Mortgage Advisor before commissioning a valuation report.
•  NHT Contribution letter from your employer (if applicable)

STEP 3: At the interview, your VMBS Mortgage Advisor will review the options available, guide you through the process and assist you in making an application for the loan.

STEP 4: When the loan is approved, instructions will be sent to one of the Society’s attorneys-at-law for registration of the mortgage. You will also be required to visit the attorney-at-law to sign the relevant documents pertaining to registration of the mortgage.

STEP 5: The Society’s attorney will prepare the relevant documents and obtain a Surveyor’s Report, assess the legitimacy of the title, and register the mortgage.

STEP 6: VMBS will then disburse the loan to complete the payment for the property. This culminates the VMBS mortgage application process