How to Get Mortgage Loans in Nigeria

Jan 22nd, 2021

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Getting a mortgage loan is one of the fastest ways to becoming a property owner. We can simplify a mortgage as; give me the property now, I’d make a down payment and complete it over time. However, for you to benefit, you have to know how to get mortgage loans, especially in Nigeria, where the practice is not so common. Although the average citizen might be ignorant about how to obtain a mortgage, the opportunity still exists. In this article, we would show you just how to get mortgage loans, you also learn the origin of mortgage in Nigeria here.

Where can I get mortgage loans?

The first thing to do in getting a mortgage loan is to know where to obtain it. In reality, the sources you can get a mortgage loan from are:

Mortgage brokers: 

mortgage brokers are the most prominent supplies of mortgage loans; that’s literally their job. Although they are rapidly reducing in number, they still exist, and their job is to act as a middleman. Therefore, mortgage brokers bring together the borrower and lender. Also, many times, the mortgage broker is also a banker, although not all bankers are mortgage brokers.

Commercial mortgage bankers: 

there are established commercial bankers that specialized in providing mortgages. Most times, they work for mortgage banks and are different from mortgage brokers. Also, mortgage bankers provide loans that are funded by the banks they work for.  

Commercial banks: 

although not all, most commercial banks offer mortgage loans to their customers to help fund property acquisition. However, there are limits to the amount and nature of the property that these banks fund.  

Savings and loans associations: 

savings and loan associations are not commercial banks, neither can they be called a full-blown financial institution. Rather, there exist somewhere in-between. In addition, these associations offer loans to their members for mortgage purposes. Also, most of them do not make business or commercial loans.  

Credit unions: 

credit unions are a special organization that doesn’t operate under the regulations governing a regular financial institution. In addition, a group of people can form a credit union, as long as they have a common interest. You also have to be a member and meet certain qualifications before being able to obtain a mortgage loan from a credit union.   

Private individuals: 

of course, there’s always the option of going directly to private individuals for mortgage loans. However, their loans usually come with strict conditions and have really high-interest rates. Also, anybody can offer mortgage loans as long as you abide by the loan regulations guiding your state and meet the legal disclosures.

Stock brokerages and online lenders: 

lastly, stockbrokers and online traders pretty much trade in everything. This includes offering mortgage loans, as they gladly offer borrowers with good credit history loans.

How to get mortgage loans

Follow the step below to successfully obtain a mortgage loan:

  1. Firstly, start by deciding with the institution you intend to obtain a loan from.
  2. After deciding, visit any of their official outlet or website to discover their loan details. This is because application process, loan, and repayment conditions, differ from one organization to another.
  3. Follow the due process as instructed by the agent of the institution
  4. If successful, they would disburse the loan into your account or the account of the property dealer depending on your agreement.

Also, note that it is important you study and fully understand a loan document before committing. In addition, you should even run it through professional eyes for a double-check.

Conclusion

There are several mortgage loans available today, which you can benefit from. You can read about Omoluwabi Mortgage Bank and others. Therefore, with the right mortgage, you can become an instant property owner and pay up over time. Always do well to establish a repayment plan before opting for a mortgage loan. 

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