Why Hire A Real Estate Agent?
Purchasing a home in Dubai can be tricky, especially if you are a first-time buyer. From open houses to home inspections, the whole process can feel very stressful. This is where a mortgage broker comes in, to help you navigate the lending process and find a mortgage that fits you and your finances best.
English is the most commonly spoken language in Dubai since over 80% of its population is foreign. Therefore, it is possible to negotiate in English, however, if your level of English is not good enough, you will encounter certain difficulties throughout the process. Even professional translators who are inexperienced in the mortgage obtaining process often struggle to explain real estate jargon and transaction processes accurately to their clients.
There is a lot of communication during the real estate procedure, and it is essential for you to understand everything in order to escape any pitfalls. Furthermore, a well-versed mortgage broker will help you translate documents and communicate far more effectively than you would if you relied on online translation tools. As well as the above, a multilingual broker will assist you in exploring your offers and advise on how to leverage them to win the best deal possible. As a rule, each offer contains 20-25 pages written in English which can be a lot of information to process at once. A broker will explain all technical terms that can be easily overlooked or misunderstood if you were to do this on your own.
Knowledge of The Real Estate Market
The process of shopping around for the best loan, in particular, can consume a lot of your time. You will have to draw up a list of potential lenders, conduct a background check on each one, as well as make contact and personally interview the chosen lenders. This is quite time-consuming, and with many lenders pulling your credit, your credit rating may suffer as a result. For many borrowers, the key benefit of working with a mortgage broker is that he/she is capable of finding you a better deal on your mortgage than you would be able to find yourself.
This is due to the fact that a specialist has a broader range of contacts that are unavailable to the public on a direct basis. Additionally, the broker can often price his/her fees into the loan’s interest rate or into the final closing costs, allowing you to benefit from their services without a huge initial cash outlay. In addition, the mortgage broker will walk you through the escrow process, keeping you apprised of the state of your new mortgage as it winds its way through the application of closing.
Dealing with Paperwork
Applying for a mortgage usually means that there will be plenty of paperwork to complete, whether it is forms to fill in or your personal records to sort through. With a broker on your side, you will have someone who knows exactly what documents you will require and what forms have to be filled in. The broker gathers the required documents from you, pulls your credit history and verifies your income and employment, using the information to help you apply for loans and negotiate terms in a short time period.
Selection of Property Options
Whether you are buying a property for an investment or for residential purposes, you have to be well-guided in the local real estate market. The mortgage broker has access to home listings and sales data, so they can recommend realistic prices to the borrower. The responsibility of the broker is to guide you through the entire transaction and to find you the perfect property which suits all your preferences and requirements.