Ghana Home Loans focuses exclusively on home finance thereby making it possible for us to offer our clients competitive pricing, innovative products, good professional advice and first-class customer service.
Our mortgage facilities typically have the following features: a repayment period – up to 20 year and the currency should be in Ghana cedis or US dollars.
Fees and charges
Applicants have the option of paying these upfront or capitalizing a greater proportion of the total amount. Both options are provided in the initial Letter of Intent which the applicant should receive from Ghana Home Loans within 48 hours of submitting their request.
Ghana Home Loans currently offers the following type of mortgage products:
First Time Buyer – Applicants looking to buy their very first home. These are typically individuals or young couples (joint applicants) looking to establish a home. Applicants will be required to contribute at least 25% of the property value towards the purchase.
Buy to Let - Applicants who already own a home but wish to buy another property for the sole purpose of renting it out to tenants.
Applicants will be required to make a down payment as their contribution to the purchase.
Equity Release – Applicants, who own their homes outright but wish to borrow on a long term basis using their home as collateral to expand their business, undertake home improvements/expansion, pay overseas school fees etc. No down payment is required for this type of mortgage. Furthermore, all fees and charges can be capitalized (added to the loan) to make it easier for the borrower.
Refinance - Applicants may have an existing mortgage with another provider but wish to switch to Ghana Home Loans to benefit from our competitive rates and quality customer service.
The Refinance mortgage provides an opportunity to transfer the loan to Ghana Home Loans; Home Completion/Home Construction in order to build or complete the construction of their future home. An applicant should consider the Home Completion / Home Construction mortgage. This is a two part loan which comprises an initial 1 year construction loan followed by a mortgage loan of up to 20 years.
Again, all upfront fees and charges can be capitalized to ease the financial burden on the applicant.
How Much I Can Afford?
A key consideration for mortgage financing is affordability. In order to qualify for a mortgage, the prospective borrower must, among other things, be able to afford his or her monthly mortgage payments.
Three factors determine what borrowers’ monthly payment amount is: – mortgage amount; repayment period and interest rate charged.
Borrower’s mortgage amount will be based on the amount of equity or down payment that they can provide after they have decided on the price of the property they want to buy.
The repayment period and interest rate charged are variable factors and can affect their mortgage installment depending on how long they have to pay the mortgage and how high or low the prevailing interest rate is.
The longer the period in which they have to pay their mortgage, the lower their monthly installment will be. Also the lower the interest rate charged to them, the lower the monthly installment they pay.
Where should I start looking for a home? Should I buy or should I build?
This is the most difficult decision that one must make when acquiring a new home. The process of locating or building a suitable home is not usually a decision that is taken quickly. The first thing they need to know is how much money they can afford to pay for a house.
Some useful tips on buying a home:
· You must decide beforehand in which area you want to live and concentrate your efforts on that area
· Contact real estate agents and advise them on the amount you can spend on a property and the area in which you would like to live
· Refer to newspaper advertisements
. Visit Ghana Home Loans’ links
· Let people know that you are in the market for a home.
You should take into consideration:
the size of the land you desire, number of bedrooms for your family, additional amenities required – family/T.V. room/gallery, etc, desirable neighborhood, close proximity to transportation, schools, shopping and other services, availability and reliability of utilities and security.
Tips on viewing a prospective home:
Borrowers must examine the house carefully for leaking roofs – i.e. water stained ceilings; visible cracks/repaired cracks, especially wall joints; moisture damage on walls/floors; shifting foundations – exterior cracks should be carefully examined by a construction professional, leaning walls and termite eaten woodwork/droppings.
You can also look out for deteriorating floors, dilapidated cupboards, damaged plumbing, e.g. flush all toilets, turn on/off all faucets, etc; worn or exposed electrical wiring – turn on all electrical outlets and motors and land slippage.
All of the above will provide buyers with an idea of the condition of the house and therefore enable you to contact repair specialists with a view to determining the costs you will incur to rectify those problems. That of course, will determine the price you pay for the house.