Consolidate and Reduce Debt with JN Home Equity Loans
If you already own a home, chances are, you are now looking to realise your other dreams or do the next big item on your family’s things-to-do list. Having worked so hard to acquire such a major asset, it makes sense that you allow the equity vested in your home to do the work for you!
Home equity loans are a good means of debt consolidation because you can secure the loan at a lower interest rate than the rate on your other debts. Then, use the funds to refinance or pay off your secured and unsecured debts such as car loans, tuition fees, or credit card bills. You can also use home equity loans to pay for expensive medical costs.
A JN Home Equity Loan is the difference between the current market value of the property and the unpaid balance on the mortgage or other debts registered to the property.
With a JN Home Equity Loan, you can borrow up to 70% of the property value for education/medical, line of credit and other purposes with 10 -15 years to repay, respectively. This does not apply to Home Equity Loans taken for commercial purposes.
Plus, because it is disbursed as a lump-sum, it offers a high level of flexibility in how you use the money.
JN Home Equity loans are available at very competitive interest rates and applications are processed quickly, most being approved within 48-hours of receipt of complete documentation.
Whether your personal goals are home ownership or improvement, education, investing in a business, purchasing a car, or just making ends meet, many of us will need financing options at some point in time.
With a home equity loan, you can use your residence as collateral to borrow money for whatever purpose you desire and enjoy a comfortable period of time to repay.
JN Home Equity Loans are available across the island. You may also contact one of four JNBS Mortgage Centres in Kingston, Catherine Hall, Mandeville and Ocho Rios to speak with a Mobile Loans Officers about the loan application process.
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- Up to $200,000 free content insurance from JNGI
- Free ATM use at JNBS ATM and POS terminals
- 20% Discount on membership fees from JAA
- 20% Discount on Motor Insurance from JNGI
- Discounts from local and international hotels, spas, stores and other merchants
- Photocopy of Certificate of Title
- Valuation Report on property done by JN approved Valuer
- Income Verification Letter(s) from employer(s) and last two pay slips.
- If Self-employed, Statement of Income is required (for Guarantor)
- Proof of Age (Passport, Driver's Licence, Birth Certificate or National ID)
- Commissioned Land Surveyor's Identification Report
- Up-to-date Property Tax Certificate
- Closing costs for the mortgage is to be lodged to savings account - approximately 5-6% of loan amount
- Application Cost (where applicable)
- Written confirmation of existing loan(s)
- Tax Registration Numbers (TRN)