Building Your Home/Making Home Improvements:

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Home Construction/ Home Improvement procedures:

  • Provide the land document(s) that show ownership of the property.  The land document(s) may include a) Land Certificate, b) Conveyance, c) Deed of Gift, d) Deed of Assent, e) Minister’s Fiat Lease or f) Certificate of Lease.  Leasehold land needs to seek Minister’s permission to mortgage.  Also, leasehold land is required by SJCU to be converted to Land Title.  SJCU will provide guidance through both these processes.
  • An appraisal of the property.
  • Approved Construction Plans vetted by the relevant local building authorities.
  • A Bill of Quantities that provides the Total Cost to build the house.  The estimate should separate the different stages of construction from start to finish with the respective costing for labour and materials per stage.
  • An agreement for sale between the buyer and the seller if the member is purchasing the land before construction.
  • A recent employment letter and recent pay slip.
  • Valid identification such as Social Security card.
  • Recent utility bill such as telephone, water or electricity.
  • Letter authorizing credit check with other financial institutions has been signed.

 

Note:

  • Loan Application Form must be properly completed and all the relevant documentation provided for the Mortgage Process to commence.
  • A Loan Fee will be charged to process the loan application.
  • An Inspection Fee will be charged on loans of $5,000 and above (mileage may also be levied dependent on location).
  • Legal Fees will be charged for the execution of the mortgage and for the cancellation of the mortgage.
  • Personal Life Insurance coverage will need to be set up for loans in excess of $40,000.00.
  • All properties mortgaged to St. John’s Credit Union must have Fire & Allied Perils Insurance coverage.   Members that have their own insurance coverage will need to provide a copy of the policy to SJCU.

Switching from Your Financing Institution:

Home Buy-over procedures:

  • Provide a copy of the loan documents such as a Deed of Mortgage or a Legal Charge. The type of land document(s) that show ownership of the property may include a) Land Certificate, b) Conveyance, c) Deed of Gift, d) Deed of Assent, e) Minister’s Fiat Lease or f) Certificate of Lease.  Leasehold land needs to seek Minister’s permission to mortgage.  Also, leasehold land is required by SJCU to be converted to Land Title.  SJCU will provide guidance through both these processes.
  • An appraisal of the property.
  • A recent employment letter and recent pay slip.
  • Valid identification such as Social Security card.
  • Recent utility bill such as telephone, water or electricity.
  • Letter authorizing credit check with other financial institutions has been signed.

 

Note:

    Loan Application Form must be properly completed and all the relevant documentation provided for the Mortgage Process to commence.
  • A Loan Fee will be charged to process the loan application.
  • An Inspection Fee will be charged on loans of 5,000 and above (mileage may also be levied dependent on location).
  • Legal Fees will be charged for the execution of the mortgage and for the cancellation of the mortgage.
  • Personal Life Insurance coverage will need to be set up for loans in excess of 40,000.00.
  • All properties mortgaged to St. John’s Credit Union must have Fire & Allied Perils Insurance coverage.   Members that have their own insurance coverage will need to provide a copy of the policy to SJCU.

Purchasing your Land:

Land Purchase procedures:

    Provide the land document(s) that show ownership of the property.  The land document(s) may include a) Land Certificate, b) Conveyance, c) Deed of Gift, d) Deed of Assent, e) Minister’s Fiat Lease or f) Certificate of Lease.  Leasehold land needs to seek Minister’s permission to mortgage.  Also, leasehold land is required by SJCU to be converted to Land Title.  SJCU will provide guidance through both these processes.
  • An appraisal of the property.
  • An agreement for sale between the buyer and the seller.
  • A recent employment letter and recent pay slip.
  • Valid identification such as Social Security card.
  • Recent utility bill such as telephone, water or electricity.
  • Letter authorizing credit check with other financial institutions has been signed.

 

Note:

    Loan Application Form must be properly completed and all the relevant documentation provided for the Mortgage Process to commence.
  • A Loan Fee will be charged to process the loan application.
  • An Inspection Fee will be charged on loans of 5,000 and above (mileage may also be levied dependent on location).
  • Legal Fees will be charged for the execution of the mortgage and for the cancellation of the mortgage.
  • Personal Life Insurance coverage will need to be set up for loans in excess of 40,000.00.
  • All properties mortgaged to St. John’s Credit Union must have Fire & Allied Perils Insurance coverage.   Members that have their own insurance coverage will need to provide a copy of the policy to SJCU.