Mortgage Loans from the MCCU
How To Qualify
- You must be a member of MONTEGO CO-OPERATIVE CREDIT UNION.
- Provide an amount of at least 5% of your loan request in your shares account. (+ at least 10% to the vendor in the case of purchase)
- Be gainfully employed; earning enough to comfortably carry the loan repayment.
- Be able to offer to us a mortgage and be able to pay closing cost.
Purposes for which this can be used
It could be the need to add a garage, a kitchen that needs to be remodeled or an additional room or just any improvement that you so badly want to make to your house.
1. Registered Title for the relevant property (photocopy will suffice for the initial processing)
2. Proper authorization from parties to the Title (if jointly owned)
3. Estimate of work to be done
4. Salary verification letter along with the last three pay slips
5. Final Accounts for self-employed applicant
6. Certificate of payment of taxes
7. Valuation report from our pool of valuators
8. Surveyor's report
9. Verification of insurance coverage
10. An approved building plan
12. A recent photograph
You may access any amount needed for acquisition of property. (Equity should be 15%)
1. Agreement for sale
2. Copy of Registered Certificate of Title
3. Valuation Report*.
4. Surveyor's Report*.
5. Quotation from Insurance Company for property coverage.
6. Income Verification
* Job letter plus 3 most recent pay slips
* Final accounts for self-employed business people.
7. Certificate of Payments of Taxes by previous owner
9. Recent Photograph.
LIST OF VALUATORS AND SURVEYORS
Please CLICK HERE to download acceptable list of valuators and surveyors.
DID YOU KNOW THAT ...
* On becoming a member there is no longer a stipulated waiting period to access a loan.
* Loans amount of up to $2,500,000.00 can be approved by our in-office committee within 3 working days, provided all required documents are submitted.
* We can lend you up to five million dollars ($5m) for house/land acquisition or home construction/home improvement (in keeping with out Credit Union policy).
* Only a minimum of 5% of the loan amount is required in your share account.
* We offer flexible interest rates. (Ask us about the applicable rates)
There is no penalty for early repayment
* Your loan is insured up to $1,500,000.00
* We will finance up to 85% of cost for purchasing property.