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The Offer Letter For Mortgage is a crucial document in Nigerian property financing transactions, serving as the initial formal commitment from a lender to a potential borrower. It is typically issued after the lender has completed preliminary assessment of the borrower's creditworthiness and the property's value. The document must comply with Central Bank of Nigeria regulations, the Federal Mortgage Bank of Nigeria guidelines, and relevant consumer protection laws. It precedes the full mortgage agreement and outlines key terms including loan amount, interest rates, repayment schedule, and conditions that must be met before the mortgage can be executed. This document is particularly important in Nigeria's growing housing finance sector, where clear documentation and regulatory compliance are essential for both lenders and borrowers.

1. Lender Information: Full details of the lending institution, including license numbers and contact information

2. Borrower Details: Complete information about the borrower(s), including full name, address, and contact details

3. Property Details: Specific information about the property being mortgaged, including address and title information

4. Loan Terms: Key financial terms including loan amount, interest rate, term length, and monthly payment amount

5. Interest Rate Information: Detailed explanation of interest rate, whether fixed or variable, and any conditions for rate changes

6. Payment Schedule: Breakdown of payment structure, including frequency and due dates

7. Fees and Charges: Comprehensive list of all applicable fees, charges, and closing costs

8. Conditions Precedent: Prerequisites that must be met before the mortgage can be executed

9. Security Requirements: Details of required security, including property insurance and any additional collateral

10. Offer Validity: Period for which the offer remains valid and conditions for acceptance