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can be a challenging task. We can to provide you with the
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You are in good hands with a big team of highly experienced mortgage brokers who are happy to help you with everything you need to know when you are looking to purchase your first home or investment property. Knowing the local banking system from the inside allows us to present each customer application to the interested UAE's bank in the most favorable light and with a complete package of supporting documents.
- We work under official agreements with major United Arab Emirates banks such as Emirates NBD, First Abu Dhabi Bank, RAK Bank, Commercial Bank of Dubai, Dubai Islamic Bank, and many others government and private financial institutions of the UAE
The Popularity of Mortgages in Dubai
According to the latest data revealed by Mortgage Finder, the mortgage market in Dubai has grown by 68% in the first 3 quarters of 2021 and 71% more than in 2019. One of the driving forces behind this boost in demand is low mortgage rates, which, in fact were reduced to 3.7% compared to 5.2% in 2019.
As well as that, LTV was reduced by the Central Bank for first-time buyers by 5% just last year. In order to attract more investors, the DLD announced in September that the minimum amount required to apply for a 3-year residence visa through investment was reduced to AED 750,000 ($204,100) from AED 1,000,000 ($272,000).
So, in order to help you find the most suitable mortgage offer regarding your budget and preferences, we have decided to guide you through all aspects of mortgages in Dubai.
Using the services of our mortgage brokers team you can buy off-plan or ready property in Dubai and other UAE emirates or get construction or land finance at the lowest rates.
How to Obtain A Mortgage in Dubai
In order to meet the eligibility criteria of obtaining a mortgage in Dubai, you have to be a UAE national/resident and be above the age restriction as set by the lenders. In terms of the required monthly income amount, it is recommended that you contact the chosen bank beforehand, as this is most likely subject to the bank lending policy.
For non-residents, the mortgage options are quite limited, since the banks prefer to deal with applicants who have a residence in the emirate. After collecting all the required documents and applying to bank, the process is pretty straight-forward:
- First, you are supposed to receive a pre-approval letter from the bank. Its issuance takes an average of 3-5 working days
- Upon obtaining a mortgage pre-approval, you will be mailed a list of the best options which will be based on your maximum borrowing limit
- Next, the loan agreement needs to be finalized, and then you will need to make the down payment. You will also obtain the repayment schedule for servicing the loan
- On the final day of the transfer, the bank will release your loan amount to the seller
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FAQ & Glossary
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FAQ and Glossary of Mortgage & Lending Terms
FAQ
Glossary
Can I Obtain A Mortgage in Dubai
for An Off-Plan Development?
Yes, there are 2 options in this case:
1) If you take a loan while the development is still under construction, then your bank will cover 50% of the property value.
2) The LTV is even higher after the handover since it provides an opportunity of an 80% ratio.
Note: instead of applying for a mortgage, consider using the option of a payment plan. Developers provide some very attractive offers, and you can also resell the property after you pay only 30-40% of its value.
What Are The Most Important
Aspects to Consider When
Applying for A Mortgage?
It is recommended to take into account the initial interest rates, any upfront expenses, and look into if there are options of partial prepayment available.
What Mortgage Types Can
UAE Residents Benefit From?
UAE residents can avail many mortgage types including refinancing, paying off a mortgage early, buying out a mortgage and commercial financing.
How Long Does It Take to Obtain
A Mortgage in The UAE?
If you consider background checks, an approval and other paperwork, then it takes about 9-10 days in total.
What Is The Amount
of The Down Payment?
For UAE residents, the down payment amounts to 20% without further expenses, however, expats have to pay 25% plus about 6-7% of the full property value for the ownership transfer as well as other accompanying fees.
What Is The Recommended Ratio
Between The Sum of The Mortgage
and The Salary?
As mentioned earlier, the amount of loan payments cannot exceed 50% of the borrower’s income. You also have to take into account any other existing loans you have, including your monthly rental and so on.
What Will Happen If I Miss
A Mortgage Payment?
If, for any reason, you do not provide a monthly payment on time, you will be given 30 more days to pay the required amount. If you do so, this small delay will not affect your credit history in any way. However, if you pay after a period of 30 days, then it will affect your credit score and you may be declined a home loan in the future.
What Are The Age Limits
for Getting A Mortgage in Dubai?
The minimum age limit is set at 21, while the maximum term is up to age 65 for employed expats. UAE nationals and self-employed expats can benefit from the mortgage until they are 70. However, the older the individual is, the shorter terms for loans are, meaning the payments are larger.
Which Documents Are Required
to Apply for A Mortgage in Dubai?
The requirements range from one lender to another, but in general, you will need the following documents:
1) Emirates ID, passport and visa copy
2) Proof of income for salaried individuals
3) Photocopy of trade/commercial license for self-employed individuals
4) Copy of allotment letter
5) 3-6 months bank statements
6) Buyer agreement
7) Proof of funds
8) Pre-approval from the bank
9) Life insurance
10) Property insurance
How Can I Get My Credit Report?
You can check your credit report on the AECB website or download it via the AECB application. The price for a credit report with a score stands at AED 140 (USD 38).
Debt-to-Burden Ratio
Regulated by the Central Bank, the debt-to-burden ratio (DBR) is the ratio of total monthly instalment/commitments of credit card, loans or any other committed monthly repayments to the total income of an individual. In the UAE, the maximum permissible DBR is 50% of an individual’s income, while for pensioners this is 30%. This is one of the main factors when deciding whether a particular applicant is eligible for a loan or not.
Even though all the banks have a slightly different set of rules when it comes to the eligibility criteria while sanctioning, a few things such as the credit score and the debt-to-burden ratio are some common aspects which all banks take into account. Ideally, the DBR must be zero, however, in practical cases, must be kept as low as possible. This was introduced in the UAE not just to keep banks on the safe side by giving out lesser loans but also to help people not to spend excessive amounts of money and land themselves into debts. It is worth noting that Al Etihad Credit Bureau is responsible for calculating the score of individuals, using the information it collects from financial and non-financial institutions in the UAE.
You can easily calculate your DBR by taking the ratio of your outgoings to your monthly income. For instance, your monthly salary is AED 20K (USD 5.4K) and there are several liabilities that have to be attended to every month:
Monthly rent: AED 5К (USD 1.3K)
Car loan: AED 3K (USD 816)
Personal loan instalment: AED 1.8K (USD 490)
Meaning, the total debts amount to AED 9.8K (USD 2.7K), which you will have to divide the sum of the debt by the amount of your income, which is AED 20K (USD 5.4K). And now you know that your ADR amounts to 49% which means you are eligible to obtain a mortgage. To improve the DBR, clients are advised to make payments on time, to avoid bounced cheques, to reduce unnecessary debt and to lower any outstanding balances.
Equated Monthly Instalments
Equated Monthly Instalments is a fixed payment amount made by a borrower to a lender on a specified date each month. The instalments are applied to both the interest and principal each month so that over a specified number of years, the mortgage is paid off entirely. Factors that influence EML include the amount of the loan taken, the interest rate applied on the loan, the type of rate, and the loan tenure. The concept of EMI allows a borrower to actually know well ahead of taking the mortgage, the amount he/she has to repay in monthly instalments and the interest and principal components.
Early Repayment Charge
In cases where you can pay off your mortgage ahead of schedule, you will have to pay 1% of the property value but it cannot exceed AED 10K (USD 2.7K).
Equity Release
Equity release is a term used when a person borrows against the value of their existing property. These funds can be used for any purpose and the interest payable is charged at the current mortgage rates. Most frequently, clients choose the option of equity release when they have to pay off the last instalment of an off-plan property. For instance, a unit was purchased when it was under construction and the handover date is approaching.
So, according to the payment plan, you have to pay 50% of the property value, however, you do not have the necessary amount. You could take a loan from the bank, which covers 80% of the amount because the development has already been completed. After you pay the required 50%, you have 30% left for yourself. These funds can be used for any purpose and any property type.
Fixed/Flat vs. Variable Rates
Before paying your down payment, you should be aware that there are 2 options for getting a mortgage: a fixed/flat rate or a variable rate. Flat interest rate, as the term implies, means an interest rate that is calculated on the full amount of the loan throughout its tenure without considering that monthly EMIs gradually reduce the principal amount. For example, you have obtained a mortgage for AED 1M (USD 272K) with a 4% interest rate for 5 years. In this case, you would pay AED 30K (USD 8.1K) every year, which includes a principal repayment of AED 20K (USD 5.4K) and interest of AED 10K (USD 2.7K). In monthly instalments, this amounts to AED 2.5K (USD 680) per month.
Over the loan tenure, the client would actually be paying a total of AED 150K (USD 41K) in principal plus interest. Thus, the monthly EMI of AED 2.5K (USD 680) converts to an effective interest rate of 17.27% per annum and a total interest payment of AED 50K (USD 13.6K) over 5 years. As you can see, with this method, the borrower has to pay interest on the entire mortgage amount throughout the tenure. Clients choose this option mostly for short-term mortgages since the interest component does not decrease, even if you gradually pay the loan off.
Meanwhile, a variable rate mortgage is when the interest you pay is linked to the 1, 3 and 6 month Emirates Interbank Offered Rate (EIBOR) with a fixed percentage added to the bank. It means that the interest you pay can decrease or increase depending on the EIBOR. As of 2021, mortgage interest rates stand at 2.99-5%. For instance, if in month 1 the EIBOR is 2.4% and the fixed margin your bank applies is 1.48%, then the variable rate you will have to pay is 3.88%. If in month 6 the EIBOR increases to 3.4%, then your variable rate will be 4.88%. Variable-rate mortgages tend to be better for medium and long-term mortgages since you can avoid the high reversion rate when your fixed period ends. It is also profitable as you will be able to benefit from any decreases in either the bank’s or the EIBOR rate.
Fixed/Flat vs. Reducing Rates
Reducing the balance rate means the interest rate is calculated monthly on the outstanding loan amount. Here the EMI includes interest payable for the outstanding loan amount for the month in addition to the principal repayment. After every EMI payment, the outstanding mortgage amount gets reduced. Meaning, the interest for the next month is calculated only on the outstanding loan amount.
For instance, you have taken a mortgage for the amount of AED 1M (USD 272К) at a 4% reducing rate for a period of 5 years. The first payment will amount to AED 100K (USD 27.2К), where AED 60K (USD 16.3K) accounts for a principal repayment and AED 40K (USD 11K) covers the mortgage interest. Now the loan balance is AED 960K (USD 261K), and you will be charged with a 6% rate on this amount, which is approximately AED 38.4K (USD 10.4K). With the payment of AED 100K per annum, the total interest amount will just keep decreasing.
When choosing between a fixed and a diminishing rate, you have to remember that flat interest rates are normally lower than the reducing interest rate, however, it is highly likely that the final paid amount at the reduced rate will be significantly lower as compared to the flat rate. As a rule, clients choose reducing rates for loans for over 5 years, since the borrower will pay a lower amount compared to fixed rate. Meanwhile, the flat rates are a great option for consumer loans and for smaller amounts of money.
Loan-to-Value
The LTV ratio is an assessment of lending risk that financial institutions and other lenders examine before approving a mortgage. For a property purchase price under AED 5M (USD 1.3M), the maximum LTV for an expat is 80% and for a UAE national this slightly increases to 85%. For properties over AED 5M (USD 1.3M), this decreases to 70% LTV for expats and to 75% for UAE nationals. If it is a subsequent property, then non-UAE nationals get an LTV ratio of 60% irrespective of the property value. For off-plan mortgages, expats get an LTV ratio of 50% irrespective of the property value.
Mortgage Life Insurance
Mortgage life insurance is compulsory in the UAE and can also be used to help your dependents pay off your mortgage in the unfortunate case if you die. For most banks, mortgage life insurance is charged monthly, and is separate to the loan amount. Some financial institutions increase their interest rate to cover the monthly insurance premium, while some banks will make you pay the policy in advance. Your age, occupation, medical history and country of origin can affect the cost of your life insurance. On a AED 1M (USD 272K) mortgage, life insurance can cost just AED 108 (USD 274) per month.
Pre-Approval
When applying for a mortgage, a pre-approval is the first step in the mortgage process. This is when the bank reviews your financial situation (including income, assets and debts) and issues an email or a letter, which will state that they have pre-approved your application and will lend you the requested sum. The pre-approval is usually valid for 60 days. Important! Besides the above-mentioned payment methods, there are also capital and interest mortgages and interest-only loans, but it is better to consult with a real estate broker to find out more about them.
Remortgaging
Remortgaging is when you replace an existing loan with a new one, either with a current lender or with a new one who will buy out your existing debt. There are 3 main factors which will help you to decide if it is worth remortgaging your home. The costs of remortgaging your home could incur any exit penalties, the headline interest rate of your existing and new mortgage and any exit penalties you will have to pay.
FAQ
Glossary
Can I Obtain A Mortgage in Dubai for An Off-Plan Development?
Yes, there are 2 options in this case:
1) If you take a loan while the development is still under construction, then your bank will cover 50% of the property value.
2) The LTV is even higher after the handover since it provides an opportunity of an 80% ratio.
Note: instead of applying for a mortgage, consider using the option of a payment plan. Developers provide some very attractive offers, and you can also resell the property after you pay only 30-40% of its value.
What Are The Most Important Aspects to Consider When Applying for A Mortgage?
It is recommended to take into account the initial interest rates, any upfront expenses, and look into if there are options of partial prepayment available.
What Mortgage Types Can UAE Residents Benefit From?
UAE residents can avail many mortgage types including refinancing, paying off a mortgage early, buying out a mortgage and commercial financing.
How Long Does It Take to Obtain A Mortgage in The UAE?
If you consider background checks, an approval and other paperwork, then it takes about 9-10 days in total.
What Is The Amount of The Down Payment?
For UAE residents, the down payment amounts to 20% without further expenses, however, expats have to pay 25% plus about 6-7% of the full property value for the ownership transfer as well as other accompanying fees.
What Is The Recommended Ratio Between The Sum of The Mortgage and The Salary?
As mentioned earlier, the amount of loan payments cannot exceed 50% of the borrower’s income. You also have to take into account any other existing loans you have, including your monthly rental and so on.
What Will Happen If I Miss A Mortgage Payment?
If, for any reason, you do not provide a monthly payment on time, you will be given 30 more days to pay the required amount. If you do so, this small delay will not affect your credit history in any way. However, if you pay after a period of 30 days, then it will affect your credit score and you may be declined a home loan in the future.
What Are The Age Limits for Getting A Mortgage in Dubai?
The minimum age limit is set at 21, while the maximum term is up to age 65 for employed expats. UAE nationals and self-employed expats can benefit from the mortgage until they are 70. However, the older the individual is, the shorter terms for loans are, meaning the payments are larger.
Which Documents Are Required to Apply for A Mortgage in Dubai?
The requirements range from one lender to another, but in general, you will need the following documents:
1) Emirates ID, passport and visa copy
2) Proof of income for salaried individuals
3) Photocopy of trade/commercial license for self-employed individuals
4) Copy of allotment letter
5) 3-6 months bank statements
6) Buyer agreement
7) Proof of funds
8) Pre-approval from the bank
9) Life insurance
10) Property insurance
How Can I Get My Credit Report?
You can check your credit report on the AECB website or download it via the AECB application. The price for a credit report with a score stands at AED 140 (USD 38).
Debt-to-Burden Ratio
Regulated by the Central Bank, the debt-to-burden ratio (DBR) is the ratio of total monthly instalment/commitments of credit card, loans or any other committed monthly repayments to the total income of an individual. In the UAE, the maximum permissible DBR is 50% of an individual’s income, while for pensioners this is 30%. This is one of the main factors when deciding whether a particular applicant is eligible for a loan or not.
Even though all the banks have a slightly different set of rules when it comes to the eligibility criteria while sanctioning, a few things such as the credit score and the debt-to-burden ratio are some common aspects which all banks take into account. Ideally, the DBR must be zero, however, in practical cases, must be kept as low as possible. This was introduced in the UAE not just to keep banks on the safe side by giving out lesser loans but also to help people not to spend excessive amounts of money and land themselves into debts. It is worth noting that Al Etihad Credit Bureau is responsible for calculating the score of individuals, using the information it collects from financial and non-financial institutions in the UAE.
You can easily calculate your DBR by taking the ratio of your outgoings to your monthly income. For instance, your monthly salary is AED 20K (USD 5.4K) and there are several liabilities that have to be attended to every month:
Monthly rent: AED 5К (USD 1.3K)
Car loan: AED 3K (USD 816)
Personal loan instalment: AED 1.8K (USD 490)
Meaning, the total debts amount to AED 9.8K (USD 2.7K), which you will have to divide the sum of the debt by the amount of your income, which is AED 20K (USD 5.4K). And now you know that your ADR amounts to 49% which means you are eligible to obtain a mortgage. To improve the DBR, clients are advised to make payments on time, to avoid bounced cheques, to reduce unnecessary debt and to lower any outstanding balances.
Equated Monthly Instalments
Equated Monthly Instalments is a fixed payment amount made by a borrower to a lender on a specified date each month. The instalments are applied to both the interest and principal each month so that over a specified number of years, the mortgage is paid off entirely. Factors that influence EML include the amount of the loan taken, the interest rate applied on the loan, the type of rate, and the loan tenure. The concept of EMI allows a borrower to actually know well ahead of taking the mortgage, the amount he/she has to repay in monthly instalments and the interest and principal components.
Early Repayment Charge
In cases where you can pay off your mortgage ahead of schedule, you will have to pay 1% of the property value but it cannot exceed AED 10K (USD 2.7K).
Equity Release
Equity release is a term used when a person borrows against the value of their existing property. These funds can be used for any purpose and the interest payable is charged at the current mortgage rates. Most frequently, clients choose the option of equity release when they have to pay off the last instalment of an off-plan property. For instance, a unit was purchased when it was under construction and the handover date is approaching.
So, according to the payment plan, you have to pay 50% of the property value, however, you do not have the necessary amount. You could take a loan from the bank, which covers 80% of the amount because the development has already been completed. After you pay the required 50%, you have 30% left for yourself. These funds can be used for any purpose and any property type.
Fixed/Flat vs. Variable Rates
Before paying your down payment, you should be aware that there are 2 options for getting a mortgage: a fixed/flat rate or a variable rate. Flat interest rate, as the term implies, means an interest rate that is calculated on the full amount of the loan throughout its tenure without considering that monthly EMIs gradually reduce the principal amount. For example, you have obtained a mortgage for AED 1M (USD 272K) with a 4% interest rate for 5 years. In this case, you would pay AED 30K (USD 8.1K) every year, which includes a principal repayment of AED 20K (USD 5.4K) and interest of AED 10K (USD 2.7K). In monthly instalments, this amounts to AED 2.5K (USD 680) per month.
Over the loan tenure, the client would actually be paying a total of AED 150K (USD 41K) in principal plus interest. Thus, the monthly EMI of AED 2.5K (USD 680) converts to an effective interest rate of 17.27% per annum and a total interest payment of AED 50K (USD 13.6K) over 5 years. As you can see, with this method, the borrower has to pay interest on the entire mortgage amount throughout the tenure. Clients choose this option mostly for short-term mortgages since the interest component does not decrease, even if you gradually pay the loan off.
Meanwhile, a variable rate mortgage is when the interest you pay is linked to the 1, 3 and 6 month Emirates Interbank Offered Rate (EIBOR) with a fixed percentage added to the bank. It means that the interest you pay can decrease or increase depending on the EIBOR. As of 2021, mortgage interest rates stand at 2.99-5%. For instance, if in month 1 the EIBOR is 2.4% and the fixed margin your bank applies is 1.48%, then the variable rate you will have to pay is 3.88%. If in month 6 the EIBOR increases to 3.4%, then your variable rate will be 4.88%. Variable-rate mortgages tend to be better for medium and long-term mortgages since you can avoid the high reversion rate when your fixed period ends. It is also profitable as you will be able to benefit from any decreases in either the bank’s or the EIBOR rate.
Fixed/Flat vs. Reducing Rates
Reducing the balance rate means the interest rate is calculated monthly on the outstanding loan amount. Here the EMI includes interest payable for the outstanding loan amount for the month in addition to the principal repayment. After every EMI payment, the outstanding mortgage amount gets reduced. Meaning, the interest for the next month is calculated only on the outstanding loan amount.
For instance, you have taken a mortgage for the amount of AED 1M (USD 272К) at a 4% reducing rate for a period of 5 years. The first payment will amount to AED 100K (USD 27.2К), where AED 60K (USD 16.3K) accounts for a principal repayment and AED 40K (USD 11K) covers the mortgage interest. Now the loan balance is AED 960K (USD 261K), and you will be charged with a 6% rate on this amount, which is approximately AED 38.4K (USD 10.4K). With the payment of AED 100K per annum, the total interest amount will just keep decreasing.
When choosing between a fixed and a diminishing rate, you have to remember that flat interest rates are normally lower than the reducing interest rate, however, it is highly likely that the final paid amount at the reduced rate will be significantly lower as compared to the flat rate. As a rule, clients choose reducing rates for loans for over 5 years, since the borrower will pay a lower amount compared to fixed rate. Meanwhile, the flat rates are a great option for consumer loans and for smaller amounts of money.
Loan-to-Value
The LTV ratio is an assessment of lending risk that financial institutions and other lenders examine before approving a mortgage. For a property purchase price under AED 5M (USD 1.3M), the maximum LTV for an expat is 80% and for a UAE national this slightly increases to 85%. For properties over AED 5M (USD 1.3M), this decreases to 70% LTV for expats and to 75% for UAE nationals. If it is a subsequent property, then non-UAE nationals get an LTV ratio of 60% irrespective of the property value. For off-plan mortgages, expats get an LTV ratio of 50% irrespective of the property value.
Mortgage Life Insurance
Mortgage life insurance is compulsory in the UAE and can also be used to help your dependents pay off your mortgage in the unfortunate case if you die. For most banks, mortgage life insurance is charged monthly, and is separate to the loan amount. Some financial institutions increase their interest rate to cover the monthly insurance premium, while some banks will make you pay the policy in advance. Your age, occupation, medical history and country of origin can affect the cost of your life insurance. On a AED 1M (USD 272K) mortgage, life insurance can cost just AED 108 (USD 274) per month.
Pre-Approval
When applying for a mortgage, a pre-approval is the first step in the mortgage process. This is when the bank reviews your financial situation (including income, assets and debts) and issues an email or a letter, which will state that they have pre-approved your application and will lend you the requested sum. The pre-approval is usually valid for 60 days. Important! Besides the above-mentioned payment methods, there are also capital and interest mortgages and interest-only loans, but it is better to consult with a real estate broker to find out more about them.
Remortgaging
Remortgaging is when you replace an existing loan with a new one, either with a current lender or with a new one who will buy out your existing debt. There are 3 main factors which will help you to decide if it is worth remortgaging your home. The costs of remortgaging your home could incur any exit penalties, the headline interest rate of your existing and new mortgage and any exit penalties you will have to pay.
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.
Language Skills
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.
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