Mortgage
A mortgage is a loan that is used to purchase a property if you do not have the entire funds available, or you do not wish to pay for your new home in cash. For lots of home buyers, mortgage is a vital piece of puzzle. It is also one of the most complex yet seemingly endless choice of mortgage companies, mortgage types and interest rates to choose from.
Choosing a mortgage is very much dependent on your personal circumstances and financial standing. There is a good chance that you can qualify for your mortgage loan application, provided your income is sufficient and stable for an easy and controlled repayment term.
It is important to get a pre-approval for a mortgage before you start the process of house hunting. It will help you know whether or not you are qualified for a mortgage loan and the amount you are qualified to receive. This is dependent on your financial status and a determinant in the price range you are searching for.
To qualify for a mortgage in Ghana you must;
– Be between the ages of 18 to 55 years.
– Be able to provide adequate security for the loan.
– Have no history of bad debts.
– Be able to make a down payment.
– Be financially capable of repaying the loan.
It is ideal that the repayment amount be about 40% of your earnings.
There are several misconceptions about mortgages flying around recently, from how hard it is to qualify to how much down payment you need to make; however, it is always important to learn the facts and how they apply to you whether you are young or old, achieved or achieving.
You can easily translate your monthly rent into monthly mortgage repayments towards the purchase of your own property as a young professional or executive. It’s also important to note that whilst paying your mortgage, you’re adding to the equity you own in the property with each instalment paid, whereas this is not the case when you pay rent as a tenant.
The truth is, getting a mortgage could be much easier than you may think.
If you want a one-on-one help to decide on the right mortgage company or mortgage type, please feel
free to send us a dm or contact us.
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