10, Ohaeto Street, behind EcoBank, D-line, Port Harcourt, Rivers State
call us: +234 909 323 6856
The first step in buying a home is deciding on a budget. How much house can you afford? Within what price range will you shop?

A down payment is, unfortunately, only one part of that budget. To correctly determine the affordability of a home, it’s essential that prospective buyers consider the costs that arise at the time of closing.

house clim

Closing costs vary from state to state. There are different kinds of closing costs, too: lender costs, including origination and document preparation fees, and non-lender costs, including appraisal and survey fees. Some of these costs are required in certain states, while others are not. It’s also important to note how the market can impact closing costs. In Victoria Island, for example, home prices are higher, which can result in higher lender fees.

In today’s market, buyers seeking a conventional loan typically need a 20% down payment to receive optimal rates. As buyers plan their purchase, it’s important to factor in closing costs on top of this 20%.

The final total is dependent on the location of the property. Here’s a look at how approximated closing costs add up in a handful of cities across the country, assuming a loan amount of ₦80,000,000. Consult with Dominic, your real estate agent, about closing costs in your area; he knows the local market best.

  • Lokogoma,  Abuja: ₦23,000,000
  • Sangotedo, Lagos: ₦28,000,000
  • Ikorodu, Lagos: ₦8,940,000
  • Ikeja, Lagos: ₦60,000,000
  • Banana Island, Ikoyi: $1,000,000
  • Abijo GRA, Lagos: ₦16,000,000
  • Port Harcourt, Rivers: ₦70,000,000

If you need housing loan kindly send us a message to assist you with necessary information on what to do to access our mortgage loans

Show Us Love and Give Us a Follow on Socials

Add Comment

Please kindly drop a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

error: Content is protected !!