The deposit sets the terms

A bigger deposit means a smaller loan, a lower monthly payment and usually a better rate. Below a certain threshold most markets add mortgage insurance to the cost.

In Nigeria, commercial mortgage terms are typically shorter and rates far higher than in North America or the UK, which changes the arithmetic completely. The National Housing Fund route exists but has its own eligibility rules and limits.

What the lender checks

Stable, documentable income. Your existing debt as a share of that income. Credit history where credit bureaus operate. And an independent valuation of the property, because the building is their security.

Self-employed and creative-industry income is harder to document, not impossible. Clean records, filed taxes and consistent bank statements are what make it work.

Fixed or variable

Fixed keeps the payment predictable for a set period. Variable moves with the market — cheaper when rates fall, painful when they rise.

Choose based on whether you could still pay if the rate rose sharply, not on which looks cheapest today.

The costs beyond the price

Legal fees, valuation, agency commission, stamp duty or land transfer tax, insurance, and in Nigeria consent and registration fees. Budget several percent of the purchase price on top of the deposit.

Approved is not the same as affordable

Lenders approve the largest amount their model allows. Your budget should be set by the payment you could still make after a lost contract, a rate rise or a vacant month — not by the ceiling you were offered.