Jamaica
News - Real Estate - Finance
Source: The Jamaica Observer, March 14, 2007)
VMBS
offers 100% financing
Victoria Mutual Building Society (VMBS) customers can now secure up to 100 per
cent mortgage financing for a limited period, the company announced yesterday.
The revised mortgage offering, which runs
until June 30 this year, has an interest rate of 12.99 per cent per annum, with
no commitment fee, the company said.
"At VMBS, our concern is not only for
first-time homeowners; indeed, this offer is extended to those who wish to
purchase a second or third home," said Michelle Wilson-Reynolds, senior
vice-president, group marketing.
The company said one of the factors
influencing its decision was that many persons can afford the monthly mortgage
payments but cannot find the downpayment.
"Therefore, with the approval of 100 per
cent mortgage financing in place, buyers can arrange bridge financing for the
required downpayment, pending disbursement of the mortgage loan," VMBS said
in a news release.
"Another feature of VMBS' approach to
home financing allows homebuyers to pre-qualify for their mortgages via e-mail
or fax," the company said. "This allows them to shop for a suitably
priced house with the assurance that their loan commitment will be available
from VMBS within 24 hours of submitting the required documents. Also, to make it
easier and faster for homebuyers, VMBS will access their NHT mortgage benefit
under its VMBS/NHT Joint Financing Mortgage Programme."
The company said that as a bonus, homebuyers
applying for mortgage loans up to June 30, 2007 will be offered free insurance
on their household furniture and appliances of up to 5 per cent of their peril
insurance through its subsidiary, Victoria Mutual Insurance Company Ltd, and a
50 per cent discount on valuations done by Victoria Mutual (Property Services)
Ltd, another VMBS subsidiary.
In addition, eligible borrowers applying will
get one year's life insurance coverage of up to $1 million absolutely free to
them, up to April 2008, the company added.
"We have put in all these measures to ensure
that the mortgage process is a hassle-free, quick and easy experience for our
customers, and that they also enjoy very competitive closing costs," said
Richard K Powell, VMBS president & CEO. "In so doing, VMBS continues to
do its part in assisting Jamaicans to own their homes."
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