What role do mortgage brokers play in securing a mortgage?

Mortgage brokers are vital in helping homebuyers in acquiring a mortgage in Dubai and they stand in the middle of the home buyer and the lending institution. It is also due to their connections in the real estate and banking industries to make the whole process of getting a mortgage less of a hassle. Here’s how mortgage brokers assist in securing a mortgage:

Expert Financial Assessment

Mortgage brokers first of all analyze the client and his/ her financial status. They use income, expenditure and credit standing to assess the viability of the client in borrowing. This first analysis allows determining the best possible mortgage products offered by different creditors.

Access to Multiple Lenders

This paper has also highlighted some of the benefits that are associated with the use of a mortgage broker including the following. Brokers deal with many banks and financial institutions and therefore offer the clients with several mortgage solutions. This not only saves time but also enable the clients to make the right choice on the best deal that is available.

Documentation and Application Assistance

They help the clients in the arranging of documents which are required to be submitted such as; income proof, bank statements and identification details. They make sure that all the paperwork is according to the requirements of the certain lender and this brings high chances of approval.

Negotiation for Better Rates

It is for this reason that brokers use their contacts to ensure that their clients get the best deals and interests rates among other things. Brokers have on-going relationships with lenders and therefore can often get better deals and rates that may not be available to the general public.

Streamlined Process

In this regard, brokers perform most of the tasks involved in the mortgage application process to ease the process. They liaise with the lenders, prepare the applications and monitor the progress until there are notable advancements in the process. This is especially helpful to the clients who are not conversant with the laws of the Dubai real estate and banking services.

Impartial Advice

It is through the services of mortgage brokers that the client gets a non-biased opinion that is in line with the individual’s financial standing and objectives. Unlike the employees of banks who will try to offer the products of their organization, brokers are more versatile and can provide the clients with more choices and guidance.

Post-Approval Support

Brokers do not abandon their clients once they have got a mortgage; they assist the client in managing the mortgage and if there is any change in the market then the broker can assist the client in identifying his/her chances of refinancing. This ongoing relationship makes sure that the clients are assisted at all the time they have the mortgage till the time they pay it off.

Hiring a mortgage broker can therefore be a smart decision of anyone in need of a mortgage in Dubai. Brokers not only facilitate the application process but also give the applicants a chance to get better rates, professional recommendations, and constant support, which makes the way to homeownership less complicated and stressful.


Role of Mortgage Brokers in Securing a Mortgage Quiz

Test your knowledge on the role of mortgage brokers in securing a mortgage. Once you complete the quiz, click the button to see your score and the correct answers.

  1. What is one of the main advantages of using a mortgage broker?




  2. How do mortgage brokers help in improving the chances of mortgage approval?




  3. What kind of advice do mortgage brokers offer?




  4. Which regulatory body certifies mortgage brokers in Dubai?




  5. What ongoing support do mortgage brokers provide after securing a mortgage?




Quiz content credit to 95dubai.com