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  • Newton Estate
4 bedroom fully detached duplexes on Allen avenue, Ikeja, Lagos

Fixed Rate vs. Adjustable Rate Mortgages

Conventional loans include fixed rate and adjustable rate mortgages. A fixed rate mortgage has a predetermined interest rate throughout the life of the loan; the most common are for 30 years. An adjustable rate mortgage has a variable interest rate; the most common are for 5, 7, or 10 years.

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Appraisal

When you put in an offer on a home, you can specify certain conditions that must be met before the deal goes through, these are called contingencies. You have to make sure you can actually get the loan (a financing contingency), that the inspection doesn’t show anything too crazy (inspection contingency) and that the appraised value is close to what you’re offering to pay (appraisal contingency).

Off-plan luxury 4 Bedroom Detached Duplex with bq in Ikate, Lekki Lagos

Title Insurance

After all the negotiations are done and the seller has accepted your offer, you should receive a home title report within a week. Most mortgage lenders require you to pay title insurance as part of the closing costs; title insurers search the public records to make sure the home seller actually had rights to the…

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