WIHCON CHECKLIST

Steps for first time

home buyers

15 Haining Road, Kingston 5 Jamaica

1(876) 754-7008 | 1(876) 754-9777 | 1(876) 906 8697

www.wihcon.com

wihcon @WestIndiesHC wihcon

Step 1 I. Before checking Real Estate listings or seeing what Developers
have on the market, do an audit of your finances. Look at your total
income from salary, any investments, savings, other sources of
Determine income etc.

Affordability/Review II. Review the amounts spent monthly on expenses and how these
Financial Health funds are distributed. For example, rent, light, water, loans, travelling,
medical expenses, car maintenance etc. Account for every
dollar. The aim of this to see how funds can be redistributed and
converted to a mortgage payment.

III. Before you start looking for a home you will need to determine how
much you can actually spend. To get prequalified, there are a variety
of institutions to shop around from. Some of these institutions are:
• NHT (National Housing Trust)
• JNBS (Jamaica National Building Society)
• VMBS (Victoria Mutual Building Society
• SJBS (Scotia Jamaica Building Society)
• FCIB (First Caribbean International Bank)
• Sagicor Bank
• NCB (National Commercial Bank)
• and Credit Unions.

Interest rates vary as they are guided by their own internal policies.
The differences in the proposed monthly payment may be
determined by additional legal fees and insurance charges. To get
prequalified the institutions will ask for documents such as a job
letter, payslips, ID and TRN just to give an idea of what you can
afford to buy.

IV. You can also decide to use a combination of institutions as well in

an effort to get the best price for a mortgage.
Documents required for
prequalification interview are
as follows:

Additional Documents (If Necessary):

Step 2
Begin Your
House-Hunt
Now that you have determined how much you can afford, it is
time to find a property. You will probably have an ideal location,
but it is important to keep an open mind. Take into consideration
your place of work, the kids’ schools, supermarkets, and
shopping centers, etc. Having to travel a long distance from
your prospective home to get to these venues may be a burden
on your finances.

West Indies Home Contractors Limited has several current and

future developments to offer. Give us a call or meet with one of
our Sales Representatives who will provide details on current
and upcoming development/projects. It is important to make
notes as you go along, especially when you visit each project
or model unit the pros should outweigh the cons based on
what your family’s needs are.
 You have now decided on a property! A deposit is required to start the

Step 3 process of securing the unit. Deposits are usually between 5-15% of the total
purchase price of the unit. However, the developer may ask for an additional
down payment depending on the type of housing development and their own
Make an Offer/ stipulations for buy in.

Pay Deposit The total general pricing of a property can be broken down as follows:

The Basic Price

+ Closing Costs (cost incurred by a purchaser on a transfer of property, ½

of the cost of Stamp duty,registration fee, cost of titles, cost of sale agreement
and other costs such as, surveyor’s report, Letter of possession, Valuation of
report, etc)

+ Escalation (if applicable)

= General Total Pricing

Once you have made your deposit and selected your unit/lot, a draft copy of
the Sale Agreement and Owners’ Agreement will be issued for your careful
review. You are given seven (7) days to complete this process just to ensure
that you understand the terms and conditions of the sale.

On the eighth day, you will return to your developer to sign agreements,
following which you will be given a package to take to your financial institution
of choice. These documents are critical to the loan process and are unique
to the Unit/Lot that you are purchasing. The property and sale agreement
process vary by developer.
Step 4 Apply for a Mortgage
Now that you have selected a unit, it is time to deal with the
mortgage process to access additional funds to close the
purchase. WIHCON provides a Mortgage Facilitator, which
eases the burden of having to make several visits to your
Lending Institution the goal is to catapult our customers directly
into loan interviews without any hassle.

The general documents required to access the loan are

standard with most with Mortgage Institutions and include all
the items listed in Step One as well as the following documents:
LOAN
Surveyor’s Report

Contributor’s Letter (for NHT customers)

assessment can be made. The Lender wants to ensure that
Valuation Report
you can survive comfortably after the mortgage payments each
Purchaser’s Statement of account for balance outstanding on property
month.
Property Tax Certificate (Proof that all property for the unit in question is

paid)
Outside of the National Housing Trust other Mortgage Institutions
Valid Sale Agreement
may apply an additional closing cost that has to be paid out of
pocket. This cost is a combination of internal fees (for example
Additional documents may be required depending on your
the 1st-month interest or mortgage indemnity insurance
mortgage institution.
depending on the loan amount) as well as external (a cost for
registration, stamp duty and other miscellaneous costs).
It is important at the loan interview to state and provide proof
of all sources of income, savings and investments. Be honest
and outline your expenses to the Loan Officer so that a fair
Step 5
Close the Sale

After your successful loan interview, you will sign your loan
documents and it will be sent for approval. Depending on
the Institution, approval may take a few days. When the
loan is approved, the Lending Institution will send a Letter of
Undertaking to the Seller.

(N.B.: A letter of commitment is proof to the purchaser that the

loan process is completed, and payment of the amount noted
in the letter will be made to the Developer upon completing
sale).

Now that the loan process is complete, your developer will

receive the letter of undertaking from your Bank/Building
Society. It is important to ensure that any shortfall in financing
is settled as soon as possible.
Step 6
Time to Move In Upon settlement of sale, your developer will prepare at its
discretion (as the funding has not yet received from the Bank/
Building Society), the relevant documents that are important for
you to move into the unit. These documents will include letters to
your utility companies for access to electricity and water supply, a
copy of your surveyor’s report among other things.

If discretion is not exercised, documents will be received once

payment is made by your Bank or Building Society and received
by the organization.

Before accepting your keys inspect your unit. Check for signs of
structural damages or anything that may need fixing. Be observant,
inspect your home and ensure to ask questions about areas which
you may be uncomfortable with. Upon completion of this process,
all being well and then you are ready to move into your new home.

N.B.: Your title will be held by the financial institution as security/

collateral until the mortgage is fully settled.
SALES OFFICE: KINGSTON MODEL UNIT & SALES OFFICE: TOLL FREE:
EMAIL:
15 Haining Road THE MEADOWS 1 (855) 852 – 3746 USA/CANADA
sales@wihcon.com
Kingston 5 , Jamaica Irwin, MontegoBay – St. James 0 (808) 234 – 5409 UK
www.wihcon.com
(876) 754 – 7008 (O) (876) 622 – 6808 (O) 1 (876) 929 – 2532
Facebook.com/Wihcon
(876) 906 – 8697 (O) (876) 622 – 6815 (O)
twitter/westindiesHC
(876) 784 – 8328 (Cell) (876) 773 – 4357 (Cell)