Frequently Asked Questions
Questions About Niacasa
Where are your properties located?
Currently, we focus on properties in Lagos, on the mainland and on the island.
What type of properties are listed on the site?
These properties are completed or near completed. We focus on properties with a visible presence.
How are you sure these properties are genuine?
The properties are owned by reputable, try-and-tested developers, both government and private. These developers have been vetted and onboarded by banks, so the banks are comfortable issuing mortgages for these properties.
Questions About Mortgages
What is a mortgage ?
A loan given to a borrower for the purchase of a home or investable property. The borrower is required to transfer the title of the property to the lender until all payments on the mortgage is completed
How much can I secure on a mortgage ?
There are multiple factors that determine if you can receive a mortgage:
Credit worthiness, stable income & employment, manageable debt (low DTI), sufficient down payment, and the property’s value & condition are the key factors determining mortgage approval.
How important is my credit score?
Very important. A good credit score demonstrates responsible borrowing and increases your chances of approval with better interest rates. Negative marks on your credit report can hinder your application
What kind of income do I need to get a mortgage?
You need a stable and verifiable income that is sufficient to cover your mortgage payments, property taxes, insurance, and other debts. Lenders will want to see proof of your income and employment history.
What is Debt-to-Income Ratio (DTI)? Why does it matter?
DTI is the percentage of your monthly income that goes towards debt payments. Lenders use it to assess your ability to manage your monthly payments. A lower DTI is preferred.
How much of a down payment do I need?
The required down payment varies depending on the loan type and lender. While 20% was traditional, lower down payment options exist, but they may require private mortgage insurance (PMI). A larger down payment can lead to better terms
What else do lenders consider?
Other factors include your employment history, the type and terms of the loan you’re applying for, the appraised value and condition of the property, and your overall financial stability, including savings and assets.
Can I get a mortgage with bad credit?
It is not impossible. The bank would have to look at your specific case; for example, if you have a guarantor or collateral, this will help.
How does my employment history affect my chances?
Lenders prefer a stable employment history, but banks will look at individuals on a case-by-case basis
What if I'm self-employed?
Self-employed individuals will typically need to provide more documentation, such as several years of tax returns and business financial statements, to demonstrate stable income.