Mortgages play a pivotal role in the real estate sector, allowing individuals and families to own homes without the need for substantial upfront payments. In Nigeria, as in many countries, mortgages are a common means of financing homeownership. This article aims to provide a comprehensive overview of how mortgages work in Nigeria, covering the key aspects, processes, and considerations.
In Nigeria, there are various types of mortgages available to suit different needs and financial situations. The most common types include:
a. Home Purchase Mortgage: This is the traditional form of mortgage used for buying a new home or property.
