Moving from the U.S. to Jamaica? Here’s What You Need to Know About Getting a Mortgage

So, you’ve made the big decision to leave the U.S. behind and move to Jamaica. Whether you’re moving for the sun, the lifestyle, or just to be closer to family, one thing is for sure: buying property here is different from what you’re used to in the States. If you’re looking to get a mortgage in Jamaica, there are a few things you need to know:

1. Authorized Users on Credit Cards Count as Your Debt

One of the first things that trips people up when applying for a mortgage in Jamaica is how banks treat authorized users on credit cards. In the U.S., being an authorized user is pretty straightforward—you’re allowed to use the card, but you’re not responsible for the debt. U.S. lenders generally don’t count that debt against you.

But in Jamaica? Completely different story. Jamaican banks will look at your credit card and treat the debt as if it’s your own, even if you’re just an authorized user. This means if the primary cardholder doesn’t pay the bill, they assume you might have to step in. So, they factor the full or partial payment into their calculations, which could affect how much you qualify for—or whether you qualify at all.

2. Your Credit Card Limits Are More Important Than Your Balance

Another big difference? When Jamaican banks look at your credit card, they don’t focus on your balance like U.S. lenders might. Instead, they look at the credit card’s limit. For example, if you have a card with a $100 balance but a $5,000 limit, they’ll calculate your monthly payment based on 5% of that $5,000 limit—not the $100 you actually owe.

This can really throw off your debt-to-income ratio, making it harder for you to qualify for a mortgage. Some people even have to close credit cards to meet the requirements. So, it’s a good idea to check your credit card limits and make sure they won’t count against you when applying.

3. Be Ready for Lots of Paperwork, Especially if You’re Self-Employed

In the U.S., applying for a mortgage can already feel like a mountain of paperwork—but in Jamaica, that mountain gets a little higher. If you’re self-employed, the bank will need a lot of documentation to verify your income and financial stability. Be ready to provide tax returns, financial statements, bank statements, and proof of assets. The process can feel slow, but don’t get discouraged—it’s just part of how things work here.

4. Persistence is Key—You Have to Follow Up

One thing that’s important to know about Jamaican banks is that they don’t always follow up with you as quickly as you might be used to. In the U.S., you might expect your banker to chase you down for documents, signatures, and updates. In Jamaica? Not so much.

You’ll need to be persistent. If you don’t hear back after a few days, follow up. Then follow up again. And again. It’s crucial to stay on top of things because if you’re not pushing the process forward, it might just sit there.

5. Get an Attorney—It’s Essential

One of the biggest differences between the U.S. and Jamaica when it comes to buying property is the legal process. In the U.S., you have a formal “closing” with everyone at the table signing papers. In Jamaica, the process is less straightforward, and it’s not required by law to have an attorney.

However, I highly recommend getting one. The system here is unique, and an experienced Jamaican attorney will help you navigate the process. They’ll ensure that the title is clear, protect your interests, and handle the paperwork properly. Trust me, it’ll save you a lot of headaches in the long run.

Final Thoughts: Prepare Yourself for a Different Process

Moving to Jamaica and buying property is an exciting journey, but the mortgage process is going to look a lot different from what you’re used to in the U.S. From how they view authorized users to the extra paperwork and the need for persistence, it’s important to prepare yourself for these differences.

And most importantly, don’t try to go it alone. Having the right attorney by your side can make all the difference in navigating Jamaica’s unique property-buying system. If you’re ready to make the move, start planning now so you’re fully prepared when the time comes to apply for that mortgage. As an attorney in Jamaica, you can contact us to assist with the legal aspects of purchasing a home in Jamaica.