A Survey on Mortgages in Jamaica
What is the Mortgage Process Like in Jamaica?
A survey was conducted via Survey Monkey and issued to Jamaican mortgagors from Dec 13th to Dec 17th to assess their views on various aspects of the mortgage process. There were fifty (50) responses, summaries of which are as follows:
What was the most difficult part of the mortgage process?
A majority of respondents (38%) indicated that the wait time and the length of the whole process is the most difficult part of getting a mortgage. Gathering all the documents is the second most difficult part of the process as seen in the diagram below:
How long after you submitted the initial document requirements did it take for your mortgage to be approved?
A majority of respondents (33%) indicated that time from submission to approval was 1 – 2 months, and only 14% indicated that the process took less than a month.
What would make the biggest difference in making mortgage process easier?
A majority of respondents (33%) indicated that less back and forth during the process would make the biggest difference in simplifying it as seen in the graph below:
Satisfaction/Dissatisfaction with Aspects of the Mortgage Process
Again, the most dissatisfaction was seen with the length of approval time, number of documents and almost ½ were dissatisfied with the communication. The mortgagors were most satisfied with their sales representative and the customer service they received*.
*remaining percentages were neutral
Which you would prefer to do in person vs online?
For the mortgage process at least 1/3 of respondents indicated that they would prefer to do the entire process online. For starting the process, a majority indicated that online would be preferred and for finalizing the process a majority indicated they preferred it to be done in person as seen in the figure below.
During the mortgage process, which of the following would describe your emotional experience with your mortgage officer?
A majority had positive experiences with their mortgage officers, but less than 1 in 5 indicated that their mortgage officer had negative traits as seen in the graph below.
Find out more about the mortgage process in my article The First Time Home Owners Guide http://financialcentsibility.com/the-first-time-home-owners-guide-jamaica/ .
Take the mortgage survey here to give your feedback: https://www.surveymonkey.com/r/WPLKKW8 .