Below are the process of how to buy a house with a mortgage in Nigeria

1. Save an initial deposit: Initial deposit of the house you want to buy varies and this depends on the real estate company or developer you are approaching. Also, you need to be aware of the requirement of the mortgage institutions you are approaching.

2. Ensure you can afford it: Making more research on mortgage terms and conditions will also go a long way as it tends to make you more knowledgeable. Usually, repayment of mortgages is required for a certain number of years. You need to be sure if your income can afford to pay back the mortgage. In addition, some mortgage institutions especially banks have mortgage calculators on their websites which will go a long way in allowing you to understand how much you can pay as regards mortgage each month.

3. Identify house buying schemes: House buying schemes are aimed at helping home buyers get access to mortgage loans at a subsidized interest rate. E.g Federal Housing Authority (FHA) mortgage bank, a primary mortgage institution that aims to mortgage facilities to individuals and corporate bodies towards financing, acquisition, renovation, and development of dwelling houses, and commercial and industrial properties.
4. Start sourcing for properties: When looking for properties, ensure you looked for properties that can be financed through a mortgage. Usually, off-plan projects or properties have mortgage plans in place.

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