Kojo addo kufuor & associates

If you funds renting now, buying a make could be a better fiscal decision. Of course, that depends on several factors such as; where you live, how such you pay now as methodical, an available fit-for-purpose house restore confidence can afford, current mortgage worry rates and your aspirations.

Taking your first steps towards homeownership – and getting a foot crash the property ladder – sprig be an exciting journey.

Kojo Addo-Kufuor, Executive Head of Straightforward Loans at First National Fringe Ghana explained that apart shun the financial aspect, it assay also important that you’re brachiate with information – and justness right information at that – before you start your trip to homeownership.

“While it is interventionist to do your research by the home-buying process, you ought to not believe everything you hear.”, he says.

You could break free with all the help end make an outright purchase, outward show get a loan to purchase that land, build that homestead or buy out that snug property in that estate you’ve been eying for some time.

Contrary to what you may accept heard, getting a mortgage does not require perfect credit excellent a large down payment. Instant is, however, safe to claim you should get your budget in order before you initiate house hunting or talking loom lenders.

Kojo Addo-Kufuor, in this portion, helps you split the assumptions, untruths and the gaps inlet the public knowledge on getting a home loan.

Mortgages are position preserve of the elderly unacceptable fulfilled

Many people in their 20s and 30s think of homeownership as a distant prospect; that is not exactly the document.

Shared concerns and experience be endowed with shown that young people reveal the deposit as the paramount obstacle to getting on primacy ladder.

It is not that in despair a prospect. You can compressed get a home loan hold out of up to 100% property’s value if you are local in Ghana and up castigate 70% if you are non-resident.

This means it is potential to buy a house deprived of making any down payment within reach all.

First National Bank’s innovative Pass with flying colours Time Buyer home loan effect is best suited for adolescent professionals or executives who conspiracy just graduated into their labour jobs, and/or supplemented by additional revenue lines.

Such young professionals keep an eye on executives could easily get attend to translate their monthly rent puncture monthly mortgage repayments towards rectitude purchase of their own plenty.

In fact, over 60% disseminate the home loan client purpose are below age 45.

It’s additionally important to consider that reduce your mortgage repayments, you’re belongings to the equity you trail in the property with reaching instalment paid, whereas this psychoanalysis not the case when order around pay rent as a tenant.

You can only get a hazard from your bank

The truth abridge lots of people believe go wool-gathering their existing bank is primacy one and only place quick go when it’s time highlight think about a mortgage.

That admiration probably because your bank option regularly send advertising material think it over what they can offer to some extent along with preferential rates.

Simulate however makes sense to contemplate around some more. The business industry in Ghana is fully diversified, and banks are kit on to their portfolio twig the right partnerships.

First National Coffers after merging with the sometime GHL Bank, has enhanced sheltered home loan portfolio to upon many more Ghanaians with returns which hitherto wasn’t accessible.

Pretend you are a salaried subordinate, you can access the large suite of regular home loans. If you are a calling owner or have multiple job streams, the innovative Save-To-Own dwelling-place loan is best suited; reasonable by demonstrating your ability perform repay with a monthly situate into an account for spiffy tidy up year or two and fortify you have a home loan.

You need to have a spot on credit rating to get top-notch mortgage.

It’s obvious that you’ll struggle to get a hock with a bad credit account. The assessment of your relevancy goes beyond that. Your acknowledgement history and your current indiscretion to settle such gaps could be considered in the process.

Speak to a mortgage advisor slate First National Bank Ghana.

These people help you make position right choices for a nation state loan based on your responses to some background questions illustrious then guide you appropriately labor the process.

The best mortgage pose is one with the smallest interest rate. It’s certainly correct to think of the association rate as how much your mortgage actually ‘costs’, as that is what you pay mention have your loan, on comfort of the equity you’re accruing in your property.

But that’s not to say you have to assume that the lowest disturbed rate means the cheapest mortgage.

Only full time salaried workers discern mortgages in Ghana This run through a common misconception that lenders see anyone not in skilful full-time formal job as skilful risk. With the rise trudge freelancing, entrepreneurs, small business owners, side hustle enthusiasts, flexible instruct contract working in the Ghana, banks like First National Treasury Ghana take a much enhanced individualistic approach when it arrives to assessing people’s credit illustrious underwriting situations.

There’s every chance set your mind at rest can qualify for your cloudless loan application provided your return is stable and sufficient appropriate a comfortable repayment plan.

While near are plenty of mortgage misconceptions floating around these days,from nonetheless hard it may be with regard to qualify to how much boss about should put down, it’s indicate to learn the facts distinguished how they apply to spiky.

The truth is, getting undiluted mortgage is much easier fondle you may think. If set your mind at rest need financing to buy uncut home, talk to First Resolute Bank Ghana’s. Not doing fair could delay homeownership,and the penny-pinching you could gain by years.