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How to buy a mortgage house in Ghana and who qualifies to buy

First of all, a mortgage is a loan taken out to buy property or land, Most run for 25 years but the term can be shorter or longer, The loan is ‘secured’ against the value of your home until it’s paid off, If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so they get their money back. Republic bank has been the premium mortgage company in Ghana, it was formally called (home finance company) HFC bank and this company has been in business for more than a decade offering mortgage to Ghanaian's and mortgage is their main core of business.

You can get a mortgage in Ghana in different ways but, the main purpose of this article is to teach you how to get a house to buy in Ghana using a mortgage, using a mortgage to buy a house in Ghana means you will get a loan from a bank in Ghana to buy your dream house then the bank where you took the loan will arrange with you on how you are going to pay the loan in a monthly installment for a long period.

A bank in Ghana might guarantee you a loan to purchase a house and later you can pay the bank on a monthly installment which is called a home purchase mortgage but to go for a loan from a Ghanaian bank to purchase a house, you need to have a good monthly salary and a good job and you must also know about home equity.

Home equity: is the market value of a homeowner's unencumbered interest in their real property, that is, the difference between the home's fair market value and the outstanding balance of all liens on the property, this simply means that If you owe $150,000 on your mortgage loan and your home is worth $200,000, you have $50,000 of equity in your home.

Content created and supplied by: Obedkrampah (via Opera News )

Ghana HFC Republic

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