Mortgages: What Are They And Where Can I Get One In Nigeria?

[Oyeleke Toye]

Very often I encounter the term "mortgage" when real estate is being discussed.
Truth is I don't quite know what it means but I know it makes acquiring a property a lot easier.

Please can anyone just explain exactly what mortgage means?? And then where can one get mortgage facilities here in Nigeria?

[uzomaeze]

Most banks ask for C of O  for mortgage loans. You can try Union homes and FBN Mortgages.

other mortgage institutions can help

Abbey Building Society Limited
Address: 19, Warehouse Road, Apapa, Lagos
Phone: +234 1 5873740, 5875607, 5871493, 5873740

ABS Building Society Limited
Address: 45 Apongbon Street, Lagos, Lagos State
Phone: +234

Acclaim Home Savings & Loans Ltd
Address: 11B Karimu Kotun Street, Victoria Island, Lagos
Phone: +234 1 2618942, 2610112, 2616967; Fax: +234 1 2623098.

Accord Savings & Loans Ltd
Address: 2 Aromire Avenue, Off Adeniyi Jones Avenue, Ikeja, Lagos
Phone: +234 1 4936913, 5557507; Fax: +234 1 4972076.
Website: http://www.accordsavings.com

AG Homes Savings & Loans Ltd
Address: 96, Opebi Road, Ikeja Lagos

Home Foundation Savings & Loans Limited
Address: 3 Oba Akran Avenue, Ikeja, Lagos, Lagos State

i would say you talk to FBN and Union homes first

just my 2 cents

[cybergalaxy]

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[Edenitis]

Uzoameke raised a very important point about intway world corporation. This should give leverage to those of us interested in making breakthroughs in Real Estate. Unfortunately, no lead was given. How can one get to join the corporation?

[IDEAS2000]

let him give a lead or show us the contact to visit.

[IDEAS2000]

oga toye ,keep up the good work on this forum!









www.instantcash4you.blog.com

[bianworld]

Try Refuge Homes located at 66 Opebi road, Ikeja Lagos. You`ll be glad you did 

[kaz]

Mortgage is a term that is used by institutions that are involved in the buying and selling of properties,landed properties.The term however, is meant for lending or betterstill to give long term loans on housing usually for someone with paid employment or high networth individuals.

[MagicOPromotion]

I was asked this recently and its a good question. Each situation is different but from the standpoint of a First time buyer looking for a primary residence this was my response....

For a primary residence right now the FHA loans are the most popular. They only require a 3 down payment.  normally would recommend 10. Most regular banks these days because of tighter lending require 20.
If I were in the market for a new primary residenceand I might be later this year, I would try to take advantage of the FHA loans. They do include MI Mortgage Insurance but 2 years ago the IRS started allowing this to be a tax deductible item. Before 2 years ago it was not so a lot of people shied away from these. Depending on how much cash you have available and what the price tag of the place your looking at is, I would go for maybe a 5 down and keep more of your money in the bank as reserves. If you can get a good deal on a property right now and only put 5-10 down, hopefully in the next 4-5 years the RE market will come back around and you could refinance at a later time with your property being worth more. And if things really work out you could be in a situation where all the sudden because your home would be worth more in a better market you might be refinancing at less then 80 LTVLoan to value. And MI would go away. In other words your payment would go down, 10 maybe better??
Hope that helps answer your question. Let me know if you need anything else.
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[babariches]

thanks for all the info here.