Securing a mortgage is a crucial step for most potential homeowners, enabling them to get the house of their dreams. Securing a mortgage can be very daunting, but don’t stress! Our easy guide to mortgages will tell you how to get a mortgage for your home.
Getting a mortgage loan in Ghana can be summarised in 4 main steps;
Step 1: Decide what type of mortgage you need
There are four overarching types of mortgages available in Ghana, from a Home Purchase Mortgage (HPM), Home Equity Mortgage (HEM), Home Completion Mortgage (HCM), to a Home Improvement Mortgage (HIM). The different types of mortgages offer different solutions. It’s best to do some research and speak to your banker before deciding on a mortgage type.
Step 2: Check the requirements
Before you apply, take a look at the pre-qualification requirements. These may vary from institution to institution, so it’s worthwhile to contact your chosen institution and request a full list of requirements. To qualify for a mortgage;
- You need to be creditworthy with no history of bad debts
- You will need life insurance or protection for your property.
- You will need to be between 18-65.
You will also need the following documents:
- Proof of identification
- Proof of employment
- Proof of income
- Proof of address
- Credit history
- Letter of intent
Step 3: Apply
After making sure that you have your documents in order and you know what type of mortgage loan you need, you can submit a completed application form. This can be done online, via email or in-person, depending on the bank. The application can be filed individually, or jointly by two or more people.
Your bank will then guide you through all the steps required before signing the final documents.
Step 4: Read the terms and conditions
Before you sign the mortgage loan agreement, make sure that you have read through the entire document and that you are familiar with the terms and conditions. Note the loan amount, required down payment amount, loan term, repayment schedule, what constitutes a shortfall or default, insurance requirements and the transaction fees.
Easier than you thought, right? Follow these steps to get everything on track for your dream home!
Looking for the perfect home? Mobus Properties can help you find the place for you.
Mobus Properties Ltd. is a privately-held Ghanaian property investment, development and management company focusing on commercial and residential property development. The company has property portfolios in Ghana and Nigeria.