Buying property in the UAE and getting a mortgage to fund it can be complicated. You have to think about different things like how much interest you’ll pay, how long you’ll take to pay it back, and eligibility. However, mortgage in Dubai for expats is also an opportunity to open various doors.
But there’s a solution to this problem. A professional mortgage broker UAE can help you with all of those things. A mortgage broker is someone who can provide priceless assistance.
1. Find a Mortgage Broker
Before you do anything else, find yourself a good mortgage broker. It’s important to find someone who knows what they’re doing, so make sure you research different brokers. Look for people who have experience working with clients in UAE and a strong reputation in the industry. One way to find someone is through recommendations, you can ask friends or family members for any suggestions that they might have. You can also check out previous client’s online reviews.
2. Verifying Credentials
After you’ve found a list of potential brokers, it’s important to check their credentials. In the UAE, mortgage brokers have to be licensed by the Central Bank and registered with the Emirates Institute for Banking and Financial Studies (EIBFS). Before moving forward, make sure your broker satisfies these requirements.
3. Meet in Person
It is good if you meet the selected brokers in person. Meeting them in person will give you a good sense of understanding of how experienced and knowledgeable those brokers are. When you eventually meet with them, ask about their experience working with clients in the UAE. Also, ask what types of mortgage products they offer and how their fee structure is set up. With these answers, you can better determine which broker is best for your specific needs.
It is good if you meet the selected brokers in person. Meeting them in person will give you a good sense of understanding of how experienced and knowledgeable those brokers are.
- There are many benefits to using a mortgage broker. But the two most important ones are time and effort. They save you both. Instead of you searching for the right mortgage loan, they do it for you. And unlike a bank, they have access to multiple lenders and mortgage products. This means that they are more likely to find one that suits you.
- Not only do they find ones that suit your needs, but also your pockets. These brokers are experts in finding deals with the best terms and rates based on your financial situation. You won’t be able to do it like them.
- The whole process can be really confusing, so having someone navigate it for you helps a lot. They even handle all the paperwork.
- Finally, you want to spend as little money as possible, right? Well, these brokers can negotiate better deals with lenders to save you money in the long run.
Conclusion
Finding a mortgage broker in the UAE can be as challenging as solving a Rubix cube, but by following these 3 steps, you will really narrow down your search and find someone who can help you make the best financial decision when it comes to buying property. Remember to do your research because one messy piece can make everything go wrong. Verify their credentials and meet them in person before making a final decision.
