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Managing Your Mortgage In Tough Times – NHT Tip

Properties Jamaica Admin — Fri, 06 Nov 2009 08:24:28 +0000

These are tough times. Sometimes you may feel trapped and depressed, especially if the bills are piling up. The National Housing Trust (NHT) does not want your mortgage payment to be one of those bills that cause you great distress. The NHT can work with you to help you remain a homeowner.

Janet’s (not real name) story is one with which many persons can identify. She lost her job and had no support system to help maintain her mortgage. Janet was however determined not to throw her hands up in desperation. She was in constant dialogue with the NHT. Although her arrears were increasing, all hope was not lost. Janet finally got a contract job and worked out an affordable payment arrangement with the NHT. Janet’s mortgage was rescheduled to allow her to pay her arrears and regular mortgage. She now has to make higher monthly payments, but at a level that she can afford. Janet was happy that she was able to keep her house.

Like Janet, once you find yourself in financial difficulty, talk to the NHT. The NHT will offer you financial counseling, and try to find a solution that will help you to keep on track with your payments.

Remember, if you miss a monthly payment or your payments are late, you will be required to pay a late fee after the 15th day, and after 90 days, your mortgage will be deemed to be in serious arrears – you definitely don’t want that to happen.

The NHT is trying to help you keep your home. Loan management officers have been doing a series of mortgage management seminars in NHT schemes. Residents are able to receive updates on their accounts, and hear more about the mortgage repayment options. Listen out for the mortgage management meeting in your community soon.

A Mortgage Option That Makes Sense

Properties Jamaica Admin — Wed, 12 Aug 2009 18:44:17 +0000

For those Jamaicans (and others) who own property in the U.S., you may already know that buying a home and looking for a mortgage loan is quite a stressful event. These days, mortgage lenders are becoming more apprehensive about granting loans, and if you have bad credit, it’s almost guaranteed that you won’t be successful with a mortgage application, and even if you are successful, chances are that the interest rate will be far too high for it to make sense.

With this in mind, you may want to check out Advantage Home Rates.Com. This organization exists specifically to help individuals with bad credit to get home mortgages. Through their service, you can buy a home, gain a mortgage and start building your life (especially if it was previously almost ruined by bad credit).

Notably, they offer low down payment options – just 3% to 5% down in most cases. Additionally also, they offer a number of options for self employed individuals – more specifically, they offer good small business mortgage options. So, if you’ve got bad credit and on the hunt for a market, be sure to check ‘em out!

National Housing Trust (NHT) To Offer 40 Year Mortgages

Properties Jamaica Admin — Sat, 25 Jul 2009 06:04:40 +0000

The National Housing Trust (NHT) will reportedly lengthen the repayment period for its mortgages from 30 years to 40 years, as well as allow borrowers to carry their debt up to the age of 70. This policy shift is reportedly being rolled out now, and will increase the number of people eligible for its loans and lower the amounts that they have to pay monthly in order to service the debt.

The NHT lends a maximum of J$3.5 million to individual borrowers, but two persons can also combine for such a loan for a maximum of $7 million. It is not not immediately clear by how much the new policy will change the profile of an NHT borrower, since their online calculator has not yet been reconfigured for the new 40-year mortgage time line.

Smart Mortgage Solutions

Properties Jamaica Admin — Wed, 13 May 2009 16:59:15 +0000

Here’s something that may be of interest to those of us here in Jamaica that own property in the U.S., or even family and friends up north who own property, or want to own their own property. In these tough economic times, American mortgage lenders are becoming more apprehensive about granting loans, and if you’re unfortunate enough to have bad credit at this time, you’ll have an even rougher time trying to get a mortgage. Don’t let bad credit be a deterrent though, check out Advantage Home which offers a whole host of mortgage lending solutions.

From construction mortgage loans to foreclosure/ bailout mortgage loans to mortgage solutions for applicants with low & bad credit ratings, they can surely help. Apply directly online to complete the first simple step towards securing a mortgage at a good rate. Fixed and adjustable rate mortgages are both options that will be available to you, so check out the smart mortgage solution options from Advantage home asap.