Top 5 Mortgage Banks to Watch Out in 2025

As we are in 2025, change will definitely be fast, as evidenced in the mortgage banking industry with new interest rates and improving technology that emboldens the lenders. So, what will be changing for you as a homeowner?

The following article will delve into the top 5 best mortgage banks at the helm. From digital applications of mortgages to a greener lending culture, a deep look is taken into what makes these top mortgage banks stand out.

Be it buying your first home or refinancing the existing one, this article will get you the inside scoop on the best mortgage banks to work with in 2025.

Here is an overview of what one can expect:

  • Knowledge of what mortgage banks are
  • The top 5 most innovative leading mortgage banks
  • Things These Banks Look For When Applying For a Mortgage

Now, let us dive into the details and look at the top 5 mortgage banks to watch out for in 2025.

Understanding What Mortgage Banks Are

If you have a very specific idea of what type of house you want – how many bedrooms, what kind of compound, and in what neighborhood. But, there’s one major hurdle: financing. Well, this is where mortgage banks come in.

Mortgage banks are financial institutions that mainly focus on helping individuals such as yourself to own homes. They offer mortgage financing to those who wish to purchase a home or require a cash out refinance.” Well, let’s think about them as intermediaries between borrowers, which are you and me, and investors.

Mortgage banks help you finance the purchase of homes by offering to lend you the money; in return you agree to pay back the money plus an agreed interest over a certain duration. It provides many categories of mortgage loans: conventional, fixed rate, adjustable rate, and government insured.

Also Read – How to Apply for & Get Building Loans in South Africa

Top 5 Mortgage Banks to Watch Out For 

Now that you know what mortgage banks do, the next thing you want to know is who will best help you reach your dream home. Presently, there are about 32 primary mortgage banks, PMBs, and other institutions operating in this country, giving mortgage loans to borrowers.

Among these, there are only a few that are the most preferred destinations for home loans by reason of their size, friendly loan terms, capitalization, operation models, amongst others.

These are Abbey Mortgage Bank Plc; Infinity Mortgage Bank Plc; FirstTrust Mortgage Bank Plc, Platinum Mortgage Bank Limited and Federal Mortgage Bank of Nigeria – FMBN.

1. Abbey Mortgage Bank Plc

Mortgage Banks

Equity contribution: This is an amount of money that you, being the borrower, have to pay at the beginning of taking out the loan. It is also referred to as a down payment of 30% of property value. 

Repayment period: Up to 10 years.

How about a reliable mortgage bank to help you own your dream house? Look no further than Abbey Mortgage Bank Plc

With experience of over three decades, Abbey is one of the leading primary mortgage banks in Nigeria, actually interested in offering affordable housing solutions.

Why Abbey?

  • FMBN and CBN licensed
  • NHF on-lending facilities
  • Variety of saving and investment products

Other Interesting Products and Services

  • Popular Savings, Fixed Savings Account, EasySave, Home Account, KidSave, EasySave Plus, Children Savings, and more
  • KidzSave: A savings product with up to 5% returns, designed to help parents secure their children’s future
  • Minimum monthly savings of N1000 for KidzSave, until the child turns 18

How to Apply for a Mortgage with Abbey

1. Visit the Abbey Mortgage Bank Plc website or branch near you

2. Fill out the mortgage application form

3. Provide necessary documents

4. Await Abbey’s response and follow up on the application process

Also Read – Can I Get a Business Loan Without Collateral in Nigeria?

2. Infinity Trust Mortgage Bank (ITMB) Plc

Mortgage Banks

Equity contribution: 20% of property value.

Repayment period: Up to 20 years.

Infinity Trust Mortgage Bank Plc was one of the leading mortgage operators in the Nigerian mortgage market and began operation in 2002. All along, over the time the bank has stayed at the helm towards the quest for making a multitude of Nigerians reach their goal of homeownership through excellent services relating to mortgaging.

Why Infinity Trust?

  • Listed at the Nigerian Stock Exchange
  • Granted a license as a National Mortgage Bank in 2014
  • Holds equity shares of the Nigeria Mortgage Refinance Company, NMRC
  • Well-capitalized primary mortgage bank

Expertise and Achievements

  • Granted several home loans to many Nigerian families
  • Given several people the opportunity to own their homes
  • Dedicated to ensuring that people have access to affordable housing

How to Apply for a Mortgage with Infinity Trust

1. Log on to the website or visit any nearest branch of Infinity Trust Mortgage Bank Plc.

2. Fill out the mortgage application form

3. Submit required documents

4. Wait for a response from Infinity Trust and follow up on the application process

3. FirstTrust Mortgage Bank Plc

Mortgage Banks

Equity Contribution: 20% for salary earners and 30% for the self-employed. 

Repayment period: Up to 15 years. 

FirstTrust Mortgage Bank Plc was born following the merger between First Mortgages Limited and TrustBond Mortgage Bank in 2019. Together, with an accumulative experience since 2003, the bank rapidly gained recognition among the most capitalized mortgage banks in Nigeria.

Why FirstTrust?

  • Strong capital base with assets over N20billion
  • Committed to the mortgage loan needs of Nigerians
  • Leverages disrupting technology in providing innovating services
  • Will go all out to exceed the expectations for mortgage services beyond the ordinary

Mission-Driven

FirstTrust looks forward to contributing to Nigeria’s development through assisting individuals in achieving stability in life via homeownership. With guaranteed mortgage services, the bank provides an avenue for people and families to secure their lives.

How to Apply for a Mortgage with FirstTrust

1. Please visit FirstTrust website or the branch closest to you for further details on our mortgage services.

2. Fill the mortgage application form, attaching all the required documents.

3. FirstTrust will then go through your application and put you through the process.

4. If approved, we will work with you to complete the mortgage and make your dream of homeownership a reality.

Also Read – How to Apply for and Get Hope Bank Loan

4. Platinum Mortgage Bank Limited

Mortgage Banks

Equity Contribution: 20% – 30% for properties in liaison with the bank; 40-50% for properties not in liaison with the bank. 

Repayment:: Up to 25 years (depending on the product).

Established in 1992, Platinum Mortgage Bank has grown into one of the leading primary mortgage institutions in Nigeria.

From a small base under the name Platinum Home Investment and Mortgage Limited, it has grown, through twists and turns, into the giant it is today.

Why PMB?

  • Rich history, dating back to 1992
  • Recapitalized to offer better services
  • State-of-the-art technology and best management
  • Innovative products and services

The successful recapitalization saw PMB emerge with a new mandate for service excellence, which, combined with operational efficiency, expertise, and modern technology, has positioned the bank to gain entrance into the league of top-rated mortgage institutions in Nigeria.

This essentially means that PMB is there to help people fulfill the dreams of their families. The bank, through innovative kinds of products and services, has helped innumerable people transform themselves from being mere home seekers to proud landlords.

How to Apply for a Mortgage with PMB

1. Please visit our website or branch near you for more details regarding our mortgage services.

2. Fill out the mortgage application form, attaching the required documents.

3. PMB will review your application and guide you through the process.

4. Upon approval, we shall help finalize your mortgage to fulfill your dream of home ownership.

5. Federal Mortgage Bank of Nigeria

Mortgage Banks

Federal Mortgage Bank of Nigeria is the only government-backed on this list of banks that give mortgage loans in Nigeria. Since 1956, the bank had the same goal as every other mortgage bank in Nigeria: making mortgages more accessible. Probably one of few with solid and specific mortgage servicing options, they include:

  • National Housing Fund.
  • Estate Development Loan.
  • Home Renovation Loan.
  • Rent-to-Own Scheme.
  • Construction Loan
  • Diaspora NHF Mortgage Loan.

Each has its benefits and requirements, so it is best to check them out before you make your choice. This is a great place to get started.

Why FMBN?

  • Regulator of primary mortgage institutions
  • Supervisor of the National Housing Fund, NHF scheme
  • Providing single-digit interest loans to NHF contributors
  • Providing Rent-To-Own housing scheme for tenants
  • Recently signed a strategic partnership with Family Homes Funds, FHF for affordable housing

How to Apply for FMBN Mortgage

1. You have to be a contributor to NHF and shall be qualified in line with the bank’s lending criteria.

2. Prepare your passport photograph, identification, proof of income, letter of employment, and evidence of NHF contribution.

3. Make your application with supporting documents to the nearest branch.

4. FMBN will process the application and perform a credit check with verification of employment and income.

5. If approved, the FMBN will make a loan offer, showing the term of offer.

6. Accept the offer and sign your loan agreement for disbursement in writing.

Read Also – Edu Loan: How to Apply and Get it

What Do These Banks Look For When Applying For a Mortgage

Knowing the process of application for mortgages and the requirements involved will help in locating the best mortgage banks. Following are the key factors the mortgage banks consider:

While considering an application for a mortgage, mortgage banks consider a few important factors that determine your eligibility. These include:

  • Your credit history with regard to payment regularity, outstanding debts, and defaults
  • Your income and employment status, which will be verified by your salary slips, bank statements, and employment letter
  • Savings and assets: bank accounts, investments, other collateral, etc.
  • Loan-to-value ratio: the size of the per cent of your valued property you take for debt.
  • Debt-to-income: a percentage telling the amount you pay to debt out of your regular monthly income.

These factors help mortgage banks get a glimpse of your financial dependability and whether you can repay the mortgage. By understanding these requirements, you can better prepare yourself for the mortgage application process and increase your chances of approval.

Frequently Asked Questions

Will I qualify for a mortgage loan with a low credit score?

If a person has low credit, obtaining a mortgage will probably be more difficult than if he has a good rating, but again, it does not mean impossible. Some mortgage banks may grant home loans to bad credit scorers; however, at rates somewhat higher.

How long does it take for the processing of application forms to take place?

The time taken to process a mortgage loan application depends on the intricacy of the application and the particular mortgage bank. It takes anything from within some few days to several weeks on average.

Can I repay my mortgage loan early?

Yes, most mortgage banks give their borrowers an opportunity to repay their mortgage loans in advance, but there might be penalties or fees for early repayment.

Do any of the mortgage banks have some kind of affordable housing scheme?

Yes, some few mortgage banks in Nigeria have an affordable housing scheme in place. They include the Federal Mortgage Bank of Nigeria and the Family Homes Funds.

Conclusion

Owning a house is many people’s dream. However, this becomes much easier with the top 5 mortgage banks to watch out for in 2025: FirstTrust, Infinity Trust, Federal Mortgage Bank of Nigeria, Platinum Mortgage Bank, and Abbey Mortgage Bank.

Your dream of living in a beautiful home is about to become true, so by choosing any of these five great mortgage banks, you’ll just be a step ahead of having those lifelong memories of yours.

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References

  • propertypro.ng – Top 5 Mortgage Institutions in Nigeria [2024]
  • businessday.ng – Find out why these 5 mortgage banks are preferred destinations for home loans

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Onyinyechi Ikemefuna
Onyinyechi Ikemefuna

Ikemefuna Onyinyechi Patience, a skilled Content Writer hailing from Anambra State Nigeria, holds a Higher National Degree in microbiology from Federal Polytechnic Oko, Anambra. Armed with robust research and SEO expertise, she excels in crafting articles spanning technology, finance, healthcare, education, and lifestyle. Her work stands out for its ability to authentically inspire and engage while inciting action. Beyond her writing prowess, Ikemefuna finds joy in reading, exploring movies, and delving into continuous research, contributing to her growth as a proficient writer.

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