Kingston, Jamaica, 2 August 2026
Would-be homeowners who wait for ideal conditions before preparing to buy may be putting their plans on hold for good, a mortgage specialist has warned, urging Jamaicans to start getting ready now.
Karon Lewis, acting business relationship and sales manager at JN Bank, said there will never be a perfect moment to buy because something is always happening, whether in the economy or in a family’s own circumstances. The earlier people begin, the more choice they will have when they are finally ready to purchase.
Eligibility Is More Than a Deposit
A central point in Lewis’s advice is that saving a down payment is only part of the picture. Lenders also weigh the stability of a borrower’s income, existing debts, savings habits and credit history when deciding how much they will lend.
Lewis gave the example of someone hoping to buy a $36 million home while still carrying a car loan or student loan. Those commitments could mean the buyer does not qualify for the mortgage amount needed. A conversation with a lender much earlier could have shown the limits on borrowing and given time to reduce debts first.
Start Where You Are
Rather than holding out for a dream property, Lewis suggested buyers consider a first home as a stepping stone. As the property rises in value and the loan is paid down, the owner builds equity. That equity can later be used towards the deposit on a larger home, or the first property can be sold to help fund the next purchase.
The practical steps are straightforward: build good financial habits, grow savings steadily and seek pre-approval so there is a clear idea of what is affordable. Understanding the mortgage process ahead of time also helps buyers avoid common mistakes.
What It Means for Buyers
The advice points to a reality for many first-time buyers: the gap between wanting a home and qualifying for one can be as much about existing debt and credit history as about savings.
Anyone hoping to buy in the next few years can take some simple steps now. Pull together payslips and bank statements, check for any outstanding loans or credit problems, and speak to a lender or the NHT early to find out what is realistic. Paying down a car loan or credit card before applying could make a meaningful difference to the size of mortgage available.
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