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How to Apply for a mortgage loan in Accra Ghana

  • 2 months ago
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how to own or purchase a home in Accra – Ghana

Making the decision to buy a house requires a great amount of time, effort and of course, funds. Have you been checking out real estate listing sites? Let’s say you are a first-time home buyer who is ready to venture into the real estate market in Ghana, and you need a little help with the buying process, we can help!

Buying a home for the first time is an undeniably big commitment. In this article, we have provided some, if not all the answers to your questions.

What Are the Factors to Consider When Buying a Home?

To make your home buying process an easy and successful one, here’s a rundown of factors you need to consider to help you navigate the process :

  • Why do you want to own a home?
  • Your budget – How much can you afford to spend on your purchase
  • Saving for your down payment – Considering desired payment plan
  • Location – location – location
  • Your preferred real estate developer

Homeownership is a long-term goal and an investment. Buying a property can guarantee stability, privacy, financial security and the creation of generational wealth for your family. Homeownership, if done for investment purposes, can give you a substantial return on your investment. Should you choose to go the mortgage route you would be building equity with every repayment made  – the portion of the property you own, minus the mortgage balance from the property’s market. For example, your home is worth USD200,000 and your mortgage loan repayment is USD150,000, you have USD50,000 of equity in your home. Your equity will also increase if the value of your home increases.

  • Your Budget – how much  can you afford?

Looking at your own finances will help you figure out what you can afford to buy, how much you can repay monthly and whether you will qualify for a home loan.

Take a close look at your budget. Make sure your finances are in order. Calculate your debt-to-income ratio, savings, debts, and other financial obligations. Use a mortgage calculator to estimate what your monthly mortgage repayments would look like and explore rate options.

You would be burdening yourself unnecessarily if your monthly mortgage repayment is more than 25% of your monthly salary. Most lenders advice that you buy a house around 2.5 times your annual salary because other expenses such as maintenance, closing costs and contingencies are all part of the housing cost.

Always consider the long-term financial commitment.

  • Saving For Your Down Payment

Have you saved up your deposit? Most mortgage lenders require a minimum of 20% deposit. They need the upfront payment in order to secure the amount that is borrowed. The down payment required varies depending on the type of mortgage the lender is offering and applicant’s credit history.

The bigger your deposit, the better your mortgage interest rate, a lower monthly mortgage repayment and more equity in your home. Remember to always use your mortgage calculator to help you determine the right payment amount.

  • Location

The right location is mostly on top of the list for home buyers. Location is one of the most significant factors to affect value in the real estate market.

There are property value fluctuations based on the economic condition of the area. Buying a house in a prime area increases the value of the property. Areas in Accra like East Legon Hills, Airport Residential Area, Dzorwulu, Cantonments, East Legon and Osu are considered prime. The green areas, good schools, shopping centers, restaurants, recreational facilities and other attractions make these locations extremely desirable.

A  neighbourhood with attractive amenities and infrastructure such as  good road networks, safe streets, and future development plans will ensure your investment appreciates in value over time.

  • Your Preferred Real Estate Developer

Doing some research prior to choosing a developer is profitable, to say the least. To find a reliable developer one has to make proper enquiries and investigations. Choose a developer who covers your needs, from financing to property construction. A developer who consistently communicates with you, fulfills your requirements, and delivers your dream home within the agreed timelines.

Developers such as EarlBeam Living and EarlBeam Realty can help you navigate the real estate market and ensure you make a smart purchase.

EARLBEAM LIVING 

EarlBeam Living is a private real estate development company with specialized experience in sustainable development of quality and functional modern homes in strategic locations of Accra.

EarlBeam Living develops homes with excellent living appeal by offering their clients the best in structural designs and warranties. Together with skilled professionals, Earlbeam Living execute constructions for long-term value and good returns on investment.

Their developments comprise of studio apartments, 1-2-3- bedroom apartments and 3 and4-bedroom houses and townhouses.

EarlBeam Living offers you the opportunity to own a home with a flexible payment plan and mortgages options. Check out the latest Earlbeam Living development – Fairfax Townhouses which is located at East Legon Hills.

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