How to Get Mortgage Loan in Nigeria (Step by Step)

When you hear mortgage loan on a foreign TV advert, or from a banker here, in Nigeria, it is assume that what usually come to your mind is either ‘impossible’ or ‘it is for the highest class of people in the society. Also check out Top 10 Best Mortgage Banks in Nigeria.

A lot of people dream of becoming property owners, but due to the lack of sufficient funds required to buy a property outright, their dream hangs in the balance.

But unknown to them, getting a mortgage loan is one of the easiest ways to becoming a property owner anywhere in the world, especially in Nigeria.

The question is, do you know that mortgage loans exist in Nigeria, and do you know how to get mortgage loans in Nigeria, where the practice is growing very fast? It doesn’t matter if the average person is unawares of this, but the fact remains that mortgage loan exists in Nigeria and people are keying into it.

In this piece, we will show you how you can access a mortgage loan and become a proud property owner like many other people. Check out How to Access NHF Loan from Federal Mortgage Bank of Nigeria .

What is Mortgage Loan?

In simple terms, mortgage loan is a loan taken by an individual to purchase or maintain a home or other form of real estate and agrees to pay back over time, typically in a series of regular payments.

Where can I get mortgage loans?

The foremost thing to do to get a mortgage loan is to know where you can access it. Now, let’s take you through sources of mortgage loan.

1. Mortgage brokers

Mortgage brokers are individuals who connects mortgage borrowers with mortgage lenders. Meanwhile, the mortgage brokers do not use their own moneys to initiate mortgages.

Mortgage brokers are the most noticeable suppliers of mortgage loans, as it is exactly the job for which they are known. While a mortgage broker could be a banker, it is instructive to note that not all bankers are mortgage brokers.

2. Commercial mortgage bankers

Commercial mortgage bankers specialized in providing mortgage services. In most cases, they are employees of mortgage banks, and are not the same as mortgage brokers. Notably, mortgage bankers provide loans that are given by the banks for which they work.

3. Commercial banks

While it is not all, a good number of commercial banks offer mortgage loans to willing customers to help fund property procurement. Nevertheless, there are bounds to the amount and flora of the property that these banks fund.

4. Savings and loans associations

These are not commercial banks. Therefore, they can’t be called a full-blown financial institution. Fairly, they exist somewhere in-between. Accordingly, these associations offer loans to their members for mortgage reasons.

5. Credit unions

Credit unions are a distinctive organization that doesn’t operate under the guidelines governing a regular financial institution. More so, a group of people can form a credit union, as long as they have a common interest. To qualify to take a loan from the union, you must be a registered member.

6. Private individuals

For a fact, there is the option of going direct to private individuals for mortgage loans. Nonetheless, their loans typically come with harsh conditions and extremely high-interest rates

7. Stock brokerages and online lenders

Stockbrokers and online traders trade in everything. This comprises offering mortgage loans, especially to borrowers with good credit history loans.

How to get mortgage loans in Nigeria

To get a mortgage loan, follow the steps beneath to obtain a mortgage loan:

1. Start by deciding which institution you intend to obtain a loan from.

2. Visit any of their official outlet or website to discover their loan details, to ensure that you meet their requirements.

3. Follow the guidelines given by the agent of the institution.

Once you are successful with your application, the loan amount you requested will be credited into your account.

Ensure that you study and fully understand a loan document before signing on. Also, it is important you seek advice of professionals in order to avoid landing yourself in trouble.

With this article, we believe that you now know about the existence of mortgage loan in Nigerian and can now attempt to obtain a loan to acquire that property that you have long dream.