Can a Mortgage Broker save you money?

17 January 2013

The proposed cap on expat mortgages has been making headlines in the UAE recently, leading many potential purchasers to rethink their property investment plans.

Wherever you live, trying to find the best mortgage for your needs and your budget can be a difficult and often frustrating task, but a Mortgage Broker can help guide you through the many pitfalls and help you make an informed decision… 

What is the Role of the Mortgage Broker?

Firstly, to conduct a thorough review of a client’s personal circumstances and fully understand these, along with their purchasing requirements. He or she will discuss the client’s present and future financial circumstances to ascertain all of the relevant information. Once they have a clear outline, the advisor will review the entire market to find the best options to meet the client’s pre-agreed requests. These will be presented to them for review to ensure each one has been met.

How can a Mortgage Broker save me time?

By reviewing every product in the market to ensure you have the best solution for your requirements. The lender will provide internal credit policy information to the mortgage brokerage too, which is not made public, so they will know whether a client will meet the bank’s credit requirements. Clients trying this directly will follow the published product information but can end up going round in circles.

Can a Mortgage Broker save me money?

A mortgage is generally the biggest financial commitment someone can make and getting it wrong can cost massively. It is vitally important to get the most competitive interest rate as only a 0.5% difference can cost you hundreds of thousands over the loan’s full term. They also look at the features of the loan, such as the penalties of moving banks in the future if you wish to – many lenders charge up to 5% for this, but a broker will try to negotiate it down to zero.

What pitfalls can a Mortgage Broker help me avoid?

They will ensure you know every aspect of the product and the lender you are entering into a contract with. A broker does not have any products of their own to sell so they are impartial.

Hidden fees, bank transfer penalties or the way the overall interest calculations are made will be completely transparent.

If you would like to learn more about International Mortgages you can download our Free eGuide here, or send a meeting request if you would like to speak to a qualified Mortgage Broker.

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