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Gore, Lending Institutions on Home Ownership Drive

Gore Developments Limited has teamed up with nine financial institutions to help educate potential home buyers on how take the first step towards ownership. This will be done through an open house event scheduled for Saturday, March 24, 2012 at 2C Braemar Avenue in Kingston starting at 10 a.m..  Participating institutions are the National Housing Trust, Jamaica National Building Society, Victoria Mutual Building Society, National Commercial Bank, CIBC, Scotia, RBC Royal Bank, Churches Credit Union and COK Credit Union.

The event, sponsored by Gore, is one of several events held across the island and internationally, designed to assist first-time home buyers and those interested in investing in real estate take the first steps towards home ownership, the developer said in a release.

Joanne Padgett, Gore marketing and sales coordinator, said the open house event is a continued effort by Gore to educate potential home owners. “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.

Representatives of the nine lending institutions will be available to assist participants 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.

They will also find out what the monthly payment would be on the amount they are eligible to borrow. This serves as a guide for purchasers for the price range of homes they can comfortably consider.

Padgett said “attendees are often surprised to find out that anyone who has worked for at least one year and has contributed to the NHT is eligible to borrow money from the 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 a savings account or membership account with them in order to get a mortgage.

According to Padgett, many young adults who are working do not think about home ownership as they feel it is out of their reach, and they are unaware of the many options available that are offered by the lending institutions.

Gore believes that by making information easily accessible through events such as the open house, more people will be empowered to make realistic goals and start saving towards purchasing the home of their dreams.

From: The Jamaica Gleaner March 22, 2012