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| At Merit Development, we do everything possible to assist with the process of purchasing your new home. We know you have other options, and so we are grateful that you have chosen us. We will assist you with the entire process- starting with the selection of your home, helping to facilitate the mortgage and legal process, right through to moving in. Our experienced Home Purchase Facilitators are here for one purpose only- to support you every step of the way. Here is our simple, seven (7) step plan to get you into your new home:
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7-Step Easy Checklist (Printer-Friendly PDF)
Docs Required to Process a Mortgage
(Printer-Friendly PDF) |
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Step 1: | Identify how you will be paying for your new home. |
| | If you plan to take out a mortgage, speak to a mortgage facilitator or your mortgage company as soon as possible. The six (6) main mortgage institutions are: National Housing Trust (NHT), Jamaica National Building Society (JNBS), Scotia Jamaica Building Society (SJBS), Victoria Mutual Building Society (VMBS), First Caribbean International Building Society and Sagicor (formerly Life of Jamaica) . They will guide you through the process and tell you what you'll need to get started to obtain your mortgage. |
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Step 2: | On completion of a successful interview, reserve your lot by making the required first payment. |
| | We recommend that you have an attorney review the Sale Agreement and advise you with the transaction.
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Step 3: | Collect and return the signed Agreement for Sale, together with the Home Owners’ contract, no later than 7 days after receipt. |
| | At Merit we require 10% of the purchase price, plus the administration costs, as your minimum first payment.
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Step 4: | If purchasing your home by cash, go straight to Step 5.
If applying for a mortgage, take the fully signed Sale Agreement, together with all your required documents to your mortgage company as soon as possible. |
| | "Required documents" is a list issued by each individual mortgage company of the items needed to process your mortgage. For a complete list click here. Click on any of the mortgage companies listed above for details on their specific requirements.
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Step 5: | Provide Merit with a Commitment Letter or a Letter Of Undertaking for the total balance, no later than fourteen (14) days from the signing of the Sale Agreement. |
| | The letter must be from a reputable financial institution or attorney, as approved by Merit Development.
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Step 6: | After the balance is paid to Merit (either by yourself or your mortgage company), make an appointment with Merit to receive your new keys. |
| | The final payment must be made on or before the due date set forth in the Sale Agreement to avoid further charges.
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Step 7: | Congratulations! You are now in possession of your new home!
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