Last updated on June 4th, 2021 at 11:09 am
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.
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 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.
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.
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 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 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.
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.
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.
Follow the step below to successfully obtain a mortgage loan:
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.
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.