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Learn about Mortgage

Mortgage Pre-Approval

To have a mortgage approved in Uganda, you need to have a valid form of identification i.e. passport or national IF, passport photo, LC1 letter for address verification, spouse or next of kin signature. As well as those, you also need a recently paid electrical or water bill, six months worth of bank statements - these are in order to ascertain that your credit history is clean.

Mortgage Interest Rate

Mortgage rates in Uganda have recently experienced a planned fluctuations that have affected borrowers. With the rates fluctuating in different financial institutions finding the right bank and mortgage rate has become challenging and risky. Banks like Stanbic Bank offer a competitive mortgage rate of 17.5%.

How Does Refinancing Work?

Refinancing is common in Uganda and many individuals tend to use it when they need money for their properties. In most cases refinancing is known as remortgaging and the requirements for this process are similar to those of mortgage approval. These might differ when it comes to different banks. The rates used in refinancing differ depending on the value of the property, location, your age, credit history and much more. These factors determine whether you will get 100 percent refinancing or 50 percent refinancing.

Frequently Asked Questions

What is a mortgage?

1) A mortgage is a loan that buyers can use to purchase a property, and that is secured against the property itself. If buyers cannot repay the debt, then the lender takes possession of the property.

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What is the maximum amount I can borrow?

2) The total amount you can borrow usually depends on your debt-to-income ratio or credit score, which is determined by the borrower's ability to repay their debt and their credit history. The monthly payment should generally not be more than a third of the borrower's gross income.

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Where can I get a mortgage?

Always use certified financial institutions, such as banks or credit unions, to avoid any scams.

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What are the different fees that apply?

The fees depend on the type of financial institution, but in addition to reimbursing the capital - the amount of money that was lent - borrowers usually need to pay interest every month that can be negotiated with the bank.

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What is the difference between a fixed and an adjustable interest rate?

In a fixed-rate loan, the interest rate remains the same for the whole duration of the loan. In adjustable-rate mortgages, the rate varies depending on the economics and monetary policy of the country.

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What happens if I cannot pay my debt?

The lender may foreclose and seize the property, which will become their possession.

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Do I need mortgage insurance?

Usually yes. However, if the amount of money needed is very high compared to your income or your capital, then financial institutions will ask you to take out mortgage insurance.

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What is the best time to get a mortgage?

You should wait until you have a regular source of income to take out a mortgage. A period of high inflation is also usually beneficial for debt owners, since inflation reduces the debt burden in real terms, and debts are generally not indexed to inflation.

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How much capital do I need to be granted a mortgage?

The more capital you bring, the lower your interest rate will be. Banks usually require a minimum amount of capital, often around 20 percent of the total amount of the loan.

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How does Refinancing Work?

Refinancing takes the current debt and changes its terms and conditions into an entire new different debt, with new obligations.

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