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The Two Main Documents in a Mortgage
Also, The loan Transaction consists of two main Documents namely: The Mortgage (or Deed of Trust) and a Promissory Note. The Mortgage or Deed of Trust is the document that pledges the property as security for the debt and permits a lender to Dispose if you fail to make the monthly payments While A Promissory Note is a written promise to pay at a fixed or determinable future time.
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Types of Mortgage Loans
They are various types of Mortgage and they are;
- Conventional Mortgages.
- Fixed-Rate Mortgages.
- Adjustable-Rate Mortgages.
- FHA Loans.
- USDA Loans.
- VA Loans.
- Jumbo Loans
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The Mortgage Loans Requirements
Below are the Mortgage Loans Requirements;
- You have to open a savings account with a licensed Primary Mortgage Institution (PMI) if you do not have one
- Then Contribute to the NHF fund for a minimum of 6 months
- Provide valid document titles for the collateral
- And also Provide an approved building plans
- The evidence of a satisfactory regular flow of income to guarantee the loan is needed also
- Detailed bill of quantities where necessary
- Finally An Approved site/ survey plans is required
List of Licensed Mortgage Lenders in Nigeria
The Central Bank of Nigeria has licensed Only These 35 primary mortgage lenders in Nigeria. And They include:
- Abbey Building Society Limited Mortgage Lenders
- AG Homes Savings and Loans Limited
- Akwa Savings and Loans Limited
- Aso Savings and Loans PLC
- Brent Mortgage Bank
- Centage Savings and Loans Limited
- City Code Savings and Loans Limited Mortgage Lenders
- Coop Savings and Loans Limited
- Delta Building Society Limited
- FBN Mortgages
- FHA Homes Savings and Loans Limited Mortgage Lenders
- First Generation Homes [Savings and Loans] Limited
- Gateway Savings and Loans Limited
- Global Trust Savings and Loans Limited
- Haggai Savings and Loans Limited
- Homebase Savings and Loans Limited
- Imperial Homes Mortgage Bank Limited
- Infinity Trust Mortgage Bank Limited Mortgage Lenders
- Jigawa Savings and Loans Limited
- Jubilee-Life Savings and Loans Limited
- Kebbi State Home Savings and Loans Limited
- Lagos Building and Investment Company Limited
- MayFresh Savings and Loans Limited
- MGSL Mortgage Bank
- Mutual Alliance Savings and Loans Limited
- New Prudential Building Society Limited
- Nigeria Police Mortgage Bank
- Omoluabi savings and Loans Mortgage Lenders
- Platinum Savings and Loans Limited
- Refuge Home Savings and Loans Limited
- Resort Savings and Loans PLC
- Safe Trust Savings and Loans Limited
- STB Building Society Limited Mortgage Lenders
- TrustBond Mortgage Bank PLC
- United Mortgage Limited
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