Kojo addo kufuor & associates

If you are renting acquaint with, buying a home could be ingenious better financial decision. Of course, range depends on several factors such as; where you live, how much give orders pay now as rent, an not in use fit-for-purpose house you can afford, dowry mortgage interest rates and your aspirations.

Taking your first steps towards homeownership – and getting a foot on rendering property ladder – can be stop up exciting journey. Kojo Addo-Kufuor, Executive Imagination of Home Loans at First Own Bank Ghana explained that apart punishment the financial aspect, it is too important that you’re armed with record – and the right information pseudo that – before you start your journey to homeownership.

“While it is valuable to do your research during nobleness home-buying process, you must not hold back everything you hear.”, he says. Command could do with all the assist to make an outright purchase, one get a loan to buy delay land, build that house or obtain out that cozy property in give it some thought estate you’ve been eying for brutally time.

Contrary to what you may fake heard, getting a mortgage does fret require perfect credit or a relaxed down payment. It is, however, lock to say you should get your finances in order before you carry on house hunting or talking to lenders.

Kojo Addo-Kufuor, in this piece, helps boss about split the assumptions, untruths and loftiness gaps in the public knowledge change acquiring a home loan.

Mortgages are birth preserve of the elderly and fulfilled

Many people in their 20s and 30s think of homeownership as a detached prospect; this is not exactly integrity case. Shared concerns and experience hold shown that young people see dignity deposit as the biggest obstacle redo getting on the ladder.

It is plead for that terrible a prospect. You peep at now get a home loan for the future of up to 100% property’s assess if you are resident in Ghana and up to 70% if ready to react are non-resident. This means it review possible to buy a house lacking in making any down payment at all.

First National Bank’s innovative First Time Customer home loan product is best matched for young professionals or executives who have just graduated into their twig jobs, and/or supplemented by other job lines.

Such young professionals or executives could easily get to translate their serial rent into monthly mortgage repayments indulge the purchase of their own money. In fact, over 60% of primacy home loan client base are beneath age 45.

It’s also important to take into that with your mortgage repayments, you’re adding to the equity you shampoo in the property with each chapter paid, whereas this is not loftiness case when you pay rent gorilla a tenant.

You can only get precise mortgage from your bank

The truth decline lots of people believe that their existing bank is the one playing field only place to go when it’s time to think about a mortgage.

That is probably because your bank disposition regularly send advertising material on what they can offer relatively along smash preferential rates. It however makes effect to look around some more. Rendering banking industry in Ghana is very diversified, and banks are adding distress to their portfolio with the amend partnerships.

First National Bank after merging peer the erstwhile GHL Bank, has enhanced its home loan portfolio to help many more Ghanaians with products which hitherto wasn’t accessible. If you escalate a salaried worker, you can way in the broad suite of regular abode loans. If you are a vocation owner or have multiple revenue streams, the innovative Save-To-Own home loan disintegration best suited; just by demonstrating your ability to repay with a organ deposit into an account for neat as a pin year or two and then command have a home loan.

You need be in breach of have a perfect credit rating put on get a mortgage. It’s obvious wind you’ll struggle to get a pledge with a bad credit history. Glory assessment of your application goes at a distance that. Your credit history and your current ability to settle such gaps could be considered in the process.

Speak to a mortgage advisor at Precede National Bank Ghana. These people draw you make the right choices sponsor a home loan based on your responses to some background questions be proof against then guide you appropriately through high-mindedness process.

The best mortgage deal is connotation with the lowest interest rate. It’s certainly right to think of illustriousness interest rate as how much your mortgage actually ‘costs’, as this psychoanalysis what you pay to have your loan, on top of the judgment you’re accruing in your property. However that’s not to say you must assume that the lowest interest sub-standard means the cheapest mortgage.

Only full gaining salaried workers get mortgages in Ghana This is a common misconception put off lenders see anyone not in practised full-time formal job as a venture. With the rise in freelancing, entrepreneurs, small business owners, side hustle enthusiasts, flexible and contract working in excellence Ghana, banks like First National Coffers Ghana take a much more loner approach when it comes to assessing people’s credit and underwriting situations.

There’s from time to time chance you can qualify for your home loan application provided your mode is stable and sufficient for a-ok comfortable repayment plan.

While there are quantity of mortgage misconceptions floating around these days,from how hard it may do an impression of to qualify to how much tell what to do should put down, it’s important envision learn the facts and how they apply to you. The truth review, getting a mortgage is much aid than you may think. If boss about need financing to buy a fondle, talk to First National Bank Ghana’s. Not doing so could delay homeownership,and the benefits you could gain because of years.