Mortgage Services

Partial Redemption: A Payment that is made directly to the Principal thereby reducing the principal sum borrowed. This payment can be made twice per year. The mortgage account has to be current. The mortgagor has the option to request a reduction in the monthly payment or the term of the loan.

Statement to Close: This presents to the mortgagor a detail listing of the sum outstanding to close a mortgage account.

Insurance: The JNBS presently offers two types of insurance on mortgages.

Peril Insurance: Coverage of the dwelling in case of disasters. They include fire,
earthquake, floods, burglary etc.

Life Insurance: Coverage of the mortgagor(s) in case of death. Policy in force
until age 65 for males and females.

Status Letters: A letter that details the relevant information on the account requested. These letters offering proof of ownership, servicing of the account, outstanding balance etc.

Instant Qualification: if existing mortgagor(s) are not classified as qualified savers, they may deposit 5%of the current principal into a savings account for 12 months and reap the benefits of a saver. For example accessing reduced interest rates. The security has to be residential and owner-occupied. Whilst new mortgagors may access similar benefits by depositing 10% of their principal balance under similar conditions.

Due date Change: Refers to the possibility of changing the date that a mortgage payment was originally due to a more convenient time requested by the customer.

Mortgage Schemes: The JNBS currently hosts special arrangements with companies to provide mortgage loans to their employees at special concessionary rates in addition to other benefits.

Capitalization of Arrears: In case of delinquent mortgages, the mortgagor may add the existing sum of arrears to the principal balance of the mortgage account and recalculate a new monthly payment.

Reduction of Term Policy: A special request made by the mortgagor to reduce the term/life of the mortgage whilst increasing the monthly payments. Proof of ability to service a higher monthly payment must be given.

Standing Order Arrangements: An agreement between the Society and the mortgagor to deduct a fixed sum at fixed time from an existing savings account to service a mortgage.

Payroll Deduction: An agreement between the Society and the mortgagor to have the sum of his/her monthly payment directly deducted from their salary.

Mortgage Deeds: The Legal document that is prepared by the attorney stating the terms and consideration of the mortgage.

Amendments to Mortgage Deeds: A formal request made by the customer to either reduce the term of the mortgage or to reduce the monthly payment to be adjusted. This document is prepared as an addendum to the mortgage deed.