- Home loans, popularly known as mortgages, are becoming popular in Ghana because they give more people the opportunity to own houses
- People are now warming up to the idea of acquiring home loans for properties that they are interested in buying
- However, many people do not have enough knowledge about the pros and cons of getting a home loan or what they can and cannot do after getting one
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Securing a home loan is one's ticket to acquiring their dream property. While it's thrilling to start imagining how your dream home will be decorated, it is vital to know what to avoid after receiving approval for the loan. YEN.com.gh mentions some things to take note of below.
Don't Spend Cash On Big Things
Lenders may raise eyebrows about any huge purchases that people make, which can disqualify them for a home loan. This is because lenders give out loans depending on people's debt-to-income ratios. That is, how much people owe compared to their monthly income.
Don't Co-Sign Loans for Anyone
When you co-sign for a loan, you take on responsibility for the loan's success and repayment. With that obligation comes higher debt-to-income ratios as well. Your lender will have to count the payments against you even if you pledge that you won't be the one making them.
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Don't Switch Bank Accounts
Mortgage loan providers must be able to locate and keep track of your assets. When all of your accounts are consistent, that work is significantly simpler. Speak with your loan officer before switching bank accounts.
4 Mortgage Providers in Ghana for Real Estate Financing
In an earlier story, YEN.com.gh wrote about 4 mortgage providers in Ghana. Mortgages are simple loans that property seekers accept to finance a home they intend to purchase. Many individuals want to be homeowners, but relatively few have the funds to buy a home with outright cash.
Some banks and other financial institutions provide loans stretched out over a lengthy period to allow borrowers to make monthly mortgage payments
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