There are many types of mortgages in Nigeria, but they all have one thing in common: they’re all loans.
A mortgage is a loan for buying or building a house. It’s a type of loan that allows you to buy property with money from the bank, rather than using your own savings or credit card debt. The most common type of mortgage is an adjustable-rate mortgage (ARM), which means that the interest rate on your loan changes over time.
Another type of mortgage is called a fixed-rate mortgage (FRM). This means that the interest rate stays the same throughout its life span, so you don’t have to worry about changing it when you take out a new loan.
There are also other kinds of mortgages available in Nigeria, including:
In summary, In Nigeria, there are three types of mortgages:
- Fixed-rate mortgages (FRM) – these are fixed for a specific period of time, such as five years.
- Floating-rate mortgages (FRM) – these are variable, so that interest rates can change over time.
- Hybrid mortgages – these combine elements of both FRMs and fixed-rate loans, which gives you more flexibility in how much you borrow and when you borrow it.
