Getting your personal property generally is one of the largest purchases you'll make in your life. For this reason it's important that you're well-informed about the home-buying process.
You must have a good credit history if you want to buy a house. Among the first steps you need to take is getting your credit score. You need to assess it and correct any errors. Keep in mind that the lower your debt reaches the time of buying a home, the better. So ensure your credit is needed before you apply.
Assess your money thoroughly. Getting a mortgage loan is a big commitment, which means you must make sure that you can make repayments prior to signing any agreements. Remember that buying a home includes various other costs, for example transfer fees and comprehensive home insurance.
It's also important to compare rates of interest of mortgage loans in Nigeria. One of your most important considerations ought to be securing the cheapest rate of interest possible.
Various financial institutions offer mortgage loans at different rates. This rates are in line with the prime rate of interest and the mortgage rate homeowners pay is affected by factors such as their creditworthiness and also the deposit. The larger your deposit, the better your chance of having a lower rate of interest and reducing the total interest charged on your home loan.
Some banking institutions let you fix the eye rate on your mortgage loan for any specified period.
It's important to remember that extending the word of your house loan may decrease your repayments, however your interest will increase because it is charged over a longer term.
Interest rates of mortgage loans in South Africa:
Nedbank 10.5%
FNB 10.5%
Standard Bank 10.5%
Lendico 7.87%
