As more people embark on their home ownership journey and consider financing their purchases with a home loan, Dave Hanson, JN Bank’s chief product officer for mortgages, is urging prospective buyers not to make assumptions about their eligibility based on their earnings alone. 

Speaking at a workshop during the National Housing Trust’s Home It Expo 2026 at Harmony Beach Park in Montego Bay, St James, on Friday, July 3, Mr Hanson said, “Although income is important, it’s only one part of the picture.” 

He said lenders, such as JN Bank, consider an applicant’s complete financial profile, including their income, expenses, debts, other financial commitments and savings, to assess whether they can afford the long-term costs associated with homeownership.

“When we approve a mortgage, we’re making a long-term commitment,” he said. “We’re not simply asking, ‘Can this person make next month’s payment?’ We’re effectively looking at the long haul, whether or not they are able to comfortably afford the monthly payments over a period.”

Mr Hanson said many people are surprised to learn that insufficient income is not the main reason mortgage applications are typically declined. He said more often, applicants are carrying too much debt, have poor repayment histories, have recently changed jobs or have taken on new loans during their application process.

Explaining one of the key measures that lenders use, the debt service ratio, he likened a borrower’s monthly income to a pie or cake, noting that the ratio helps lenders determine how much room remains in a person’s monthly budget after existing financial commitments are met.

“Every financial commitment you have – your loan payments, your credit cards – takes a slice of that pie or cake. The more slices you take out of that pie or cake, the less you’ll have to cover your mortgage,” he said. “The debt service ratio isn’t there to make borrowing difficult. It’s there to help ensure that home ownership remains affordable and sustainable.”

Using a simple example, he noted that two people earning the same salary may not receive the same mortgage decision. 

“One person has very few debts and manages their finances carefully. The other has several loan payments and high credit card balances. The one with fewer loan repayments and lower credit card balances could be in a stronger position to qualify because they have more disposable income available to service a mortgage,” he said. 

Mr Hanson encouraged prospective homeowners to seek mortgage pre-approval before they begin house hunting, noting that it helps buyers understand how much they can realistically borrow and avoid disappointment by focusing on properties within their price range.

“The first step towards any journey in home ownership is to get pre-approved. What this information does for you is give you the confidence to go out to make an offer on a property if you see a property that you like, knowing that the bank has effectively preapproved you for a loan.

“Pre-approval also reduces lag time, prevents anxiety and keeps you focused on what your capacity really is. It makes no sense to go make an offer on a property that is, let’s say, $50 million when your true capacity is $25 million,” he stressed. He highlighted that JN Bank’s Mortgage Pre-Approval Portal makes the process even more convenient and secure, “even if you’re right on the beach.”

He also advised aspiring homeowners to strengthen their applications by paying bills on time, keeping debt manageable, saving consistently and speaking with a mortgage professional early in the home-buying process.

“Speaking to a mortgage officer early in the process allows you to understand where you stand and helps to refine your process going forward in terms of what things you need to adjust. Maybe you’ll need to adjust your expenditure or pay down some of your debt facilities,” he explained.

The NHT Home It Expo 2026 brought together prospective homeowners, developers, financial institutions and housing professionals in Montego Bay, offering information, products and services to support buyers at every stage of the homeownership journey. The expo continues in Kingston at Emancipation Park on Saturday, July 11.