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About
What is a Mortgage?
A mortgage is a loan from a lender used to purchase property, typically for homeownership. It is repaid in installments over an agreed period, known as the tenor.
The mortgage consists of:
- Capital – the original loan amount
- Interest – the cost of borrowing the money
The property serves as security for the loan. If repayments are not made, the lender may repossess and sell the property to recover the outstanding balance.
How to Choose a Mortgage
Key factors to consider before committing to a mortgage plan.
💳Card 1: Interest Rate
Pick a rate that works best for your financial plan.
- 🌀Variable Rate: Changes with CBN interest rate.
- 🔒Fixed Rate: Stays the same for a set number of years.
- 🗣️Capped Rate: Changes, but won’t go beyond a fixed limit.
- 💡Discounted Rate: Starts low for a limited time, then reverts to lender’s standard rate.
📰Card 2: Mortgage Fees
Don’t ignore the hidden charges.
- Covers legal, valuation, and administrative costs.
- Fees vary — from thousands to millions of naira.
- Always calculate total cost before deciding.
✅Card 3: Pro Tips
What to remember when choosing a mortgage:
- Always compare multiple lenders.
- Ask about all fees upfront.
- Don’t focus only on the rate — check terms too.
Need a Mortgage?
Get started by contacting any of our licensed Mortgage Banks or explore options through a broker.
Tip: You can also access low-interest loans via the NHF Scheme.
