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ABUJA – The Chief , Nigeria Mortgage Refinance , Mr Sonnie Ayere, has said that the organisation would introduce counseling services  for the on how negotiate mortgages.

Ayere stated this Abuja on Sunday an interview with the News Agency Nigeria (NAN).

He said that enlightenment was an essential component mortgage refinancing but regretted that it was considered the new Federal ’s mortgage refinancing scheme launched on Thursday.

The scheme, its phase, according the , would provide 10,000 affordable homes for ,

“One the things we have not added in this programme, which we be adding the programme, is actually Mortgage counseling.

‘’This means teaching people what they should ask for mortgages,’’ he said.

According to Ayere, people should know the relevant questions to ask before signing into mortgages.

Commenting on penalty in pre-paying mortgage, he said that it would depend on individual agreements with primary mortgage institutions.

He explained that pre-payment mortgage was ability one to pay off the mortgage before the negotiated period payment [eap_ad_1] “This depend on ; some surcharge you; some not charge, but if you it from a logical stand point, when a gives a loan, its profit on the loan is the interest.

“So, when you now come in and pay the loan, you have stopped the from getting the interest.

“Logically, the say, since you are stopping them from earning the prolonged profit, we are going to charge penalty,’’ he said.

Ayere, however, said that the amount to be charged would vary from one institution to another, adding that there might be institutions which not charge for that.

He said that pre-payment of mortgages should be top in most questions people should ask while negotiating for mortgage. (NAN)