Gore Developments, Lending Institutions to Host Open House

- Sunday 18, March 2012 -

Gore Developments will host an Open House this week aimed at helping Jamaicans take the first step towards home ownership.

The development company is collaborating with nine lending institutions — National Housing Trust (NHT), Jamaica National Building Society, Victoria Mutual Building Society, National Commercial Bank , CIBC, Scotia, RBC, Churches Credit Union and COK — in the initiative to be held Saturday at the Gore head office on Braemar Avenue in Kingston.

Joanne Padgett, Gore marketing and sales coordinator, said the Open House event is part of a continuous effort by Gore to educate potential home owners. Padgett said Gore has since 2010 held home ownership seminars for Jamaicans locally and abroad, in the USA, Canada, Cayman Islands and England. These seminars have been very successful and enlightening for those seeking to purchase homes, she said.

"Many times those coming to pre-qualify for mortgages are surprised at how close they are to making their dream of home ownership a reality," she said.

The nine lending institutions that will be present will be available to assist participants with this important first step, which is to get prequalified for a mortgage. Getting prequalified helps individuals determine the amount they are currently eligible to borrow based on current income, debt and assets.

According to Gore, attendees will also find out what the monthly payment would be on the amount they are eligible to borrow — which serves as a guide for purchasers for the price range of homes they can consider.

Padgett noted that "attendees are often surprised to find out that anyone who has worked for at least one year and has contributed to NHT is eligible to borrow money from NHT towards the purchase of a home. Although the amount will vary from person to person depending on their income and age, everyone can borrow to own something, even if it means starting with a piece of land."

Other lending institutions may have no specific requirements other than that the purchaser is employed and some may require that the customer has a savings account or membership account with the institution in order to borrow mortgage funds.

-Sunday, March 18, 2012 | Jamaica Observer online

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