Are you interested in mortgage companies? If yes, then read this article to know more about them. An institution that focuses on originating house loans is a mortgage company. Some mortgage lenders provide unique and creative lending options, like loans with no origination costs or loans to borrowers with less-than-perfect credit.
A mortgage business is a financial organization that uses its own resources to offer loans to homebuyers and underwrites and issues its own mortgages to those borrowers. A mortgage firm also referred to as a direct lender, normally primarily focuses on mortgage products and does not provide other banking services, such as checking, investments, or loans for different purposes. Furthermore, they often do not offer loans or goods from other businesses, only their own offerings.
Now you know what mortgage companies are, let’s get to know some mortgage companies in Ghana. let us see the types of mortgages in Ghana before we get to the companies.
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Types of mortgages in Ghana
- Adjustable-Rate Mortgage
Mortgages with adjustable rates typically have variable or shifting interest rates over the loan’s term. Most frequently, changes in market rates can lead to changes in interest rates. This alters the total monthly payment owed as well as the interest the borrower is required to pay. The lender regularly evaluates and modifies the interest rate as needed. They might change the rate, for example, once per year or once every six months.
- Fixed Rate Mortgage
The borrowers benefit from this kind of mortgage loan because the interest rate is already fixed. The term duration will be shorter but the amount of the monthly payment will be larger after the interest rate is fixed. The monthly payments amount will, however, decrease the longer the borrower takes to repay. As a result, the borrower will end up paying more in interest fees.
Mortgages companies in Ghana
The mortgage companies in Ghana, can be classified into two, bank and non-banking institutions.
Bank institutions that give mortgage loans
- Calbank
- Ghana Home loan bank
- Absa bank Ghana
- First national Bank
- Republic Bank
- All-time Capital limited
- Fidelity Bank
- GTB Bank
- Omni Bank
- DCI Microfinance limited
- Odotobri rural bank
- Stanbic Bank
- Societe Generale Ghana
- Zenith Bank Ghana
Non-banking institutions that give mortgage loans
- Dalex finance leasing company
- Bond financial services
- Leasafric Ghana
- Bolkan capital
- Izwe savings and loan Ghana
- Omicron Estate services
These are the mortgage companies available in Ghana. Try to find more info about any of the above companies that you wish to go for your mortgage loan from. This article has given you a clearer view about mortgage companies in Ghana, but don’t fall into it when you are not ready to repay them back.