A pre-approval letter is an official document from a bank or mortgage lender in Jamaica stating how much money they are willing to lend you to buy a house. It’s based on your income, job status, credit history, debt, and savings.
Think of it as proof that you’re financially ready to make a serious offer on a property.
Why a Pre-Approval Letter Matters in Jamaica
1. Sellers take you seriously
In Jamaica’s competitive market—especially Kingston, Portmore, Montego Bay, and fast-growing towns—sellers prefer buyers who already have a pre-approval letter because it shows you can actually afford the property.
2. It speeds up the buying process
Once you find the right house or apartment, the lender already has your basic information. This makes the final mortgage approval much faster.
3. It tells you your real budget
Many Jamaicans think they can borrow more than they actually qualify for.
A pre-approval letter stops guesswork by showing a clear price range.
What Banks Usually Need for Pre-Approval
Although each bank is slightly different, most Jamaican lenders request:
- TRN
- Valid ID (passport or driver’s licence)
- Job letter (recent—usually within 1 month)
- Last 3 months’ pay slips
- Last 6 months’ bank statements
- Credit report (local or international if you lived abroad)
- Proof of savings for deposit and closing costs
If you’re self-employed:
- Business registration
- Financial statements or income summary
- Tax returns
Pre-Approval vs. Pre-Qualification (Important in Jamaica)
A lot of Jamaicans confuse these:
| Term | Meaning | Strength |
|---|---|---|
| Pre-Qualification | A quick estimate based on what you say about your income | Weak |
| Pre-Approval | A written lender decision based on documents and checks | Very strong |
Real estate agents in Jamaica prefer pre-approval because it’s more reliable.
How Long a Pre-Approval Letter Lasts
Most Jamaican banks issue pre-approval letters for 90 days, but some allow extensions.