So, you’ve finally decided to stop renting and make owning a home in Lagos a reality. It’s a big step, we know. Please don’t worry, we’re here to help you through the process.
The first hurdle you need to cross is getting pre-approved for a mortgage.
Why Pre-Approval? Think of it like having a pocket full of cash before heading to the market. It shows sellers that you’re serious and ready to do business. Plus, it helps you avoid falling in love with houses that are way out of your range. Pre-approval gives you a clear picture of what you can afford/provide.
Here’s a quick breakdown of the process:
Know Your Finances:
Take a look at your income, debts, and savings. This will give you an idea of how much you can borrow.
Income: How much are you bringing in monthly? Don’t forget your side hustles too!
Debts: Credit cards, loans, everything! The less you owe, the better. Your debt ratio cannot be more than 35% of your net monthly salary.
Savings: How much can you put down as a down payment?
Check Your Credit Score:
A good credit score is like having a golden ticket. Check your credit report and work on fixing any issues. Maintain a clean credit record from at least 2 credit bureau.
Gather Your Documents:
Proof of income: Pay stubs, tax returns, etc.
Bank statements: To solidify your claim
ID: Driver’s license and NIN.
Employment verification: A letter from your boss.
For people in diaspora, things like Green Card, Permanent Residence card, Work permit, and other relevant documents.
Calculate And Backtrack Your Age:
To apply for a mortgage with NimbleCasa, you must not be more than 58 years old in the last year of loan repayment. Calculate how well your age works with your mortgage repayment option.
Find A Property Company That Works With A Good Mortgage Institution:
At NimbleCasa, we have collaborated with credible financial institutions that are willing to offer loan services.
Get Mortgage Terms:
Read the fine print of the mortgage terms and make sure you understand them. Different institutions have different terms and options so you can select the one that works best for you.
Start House Hunting:
You’re ready! Start looking for your dream home with your preferred mortgage option.
Remember, pre-approval is not a guarantee of a loan, but it’s a big step in the right direction. It is like taking a big step towards homeownership. It’s a way to say, “I’m ready to make this happen.” With a little planning and patience, you’ll be sipping tea on your own balcony in no time.
At NimbleCasa, we have a diverse portfolio of properties with mortgage options for you to choose from.
Visit our website- www.nimblecasa.com to discover more.
You can also give us a call so we can explain our mortgage options even better.
📱 Send a DM or call +2349168584819.
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