An annual mortgagor statement in Jamaica is a summary provided by the lender once a year, detailing how the borrower’s monthly payments have been allocated. It shows the amount applied to insurance, property taxes, the principal balance paid, and the remaining balance. This statement helps borrowers track their payments and understand how their money is distributed throughout the year. It also serves as proof that taxes and insurance premiums have been paid, which can be useful if questions arise from the tax office or insurance company. It’s advisable to keep this statement safe, though some lenders offer online access for easy tracking of payments made over the past year.
