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Dubai is a modern city that has accommodated several professionals, bachelors, students, labourers, etc. Most of them have resided in the city for some time and have dreamt of owning a home or property here. But the rates of properties in Dubai are quite exorbitant, and many fail to gain their dream home. This is where mortgage loans come in. A mortgage broker in Dubai can be consulted for availing the same.
This is because arranging a mortgage in Dubai can be time-consuming and tough. Hence, one will need a broker who knows the financial aspects and the correct procedures for acquiring a mortgage and the technical jargon involved.
Following are some tips to find the right broker:
When buying a property in Dubai, it helps much to consult an expert mortgage broker. This is especially true if one is unfamiliar with local regulations and rules to buy property in Dubai. So, one must seek professional help.
Basically, a mortgage broker serves as the middleman between one and a moneylender (building society/bank etc). They combine forces with one to discuss one’s options prior to finding the best competitive interest rates for the kind of mortgage one is seeking.
The connections and networks of the mortgage broker will go a long way in Dubai. It is only possible to garner the best deals through strong relationships of working with lenders. Though Dubai banks may offer great mortgage rates to the public, seldom will they be the best ones. Mortgage brokers offer lenders a continual stream of work, and so the latter is more amenable to offering competitive rates. Most banks get more customers with broker referrals of Dubai mortgages, so they are more open to negotiating.
Fees differ on the basis of the broker being dealt with, and so it is vital to request a complete breakdown of their charges prior to committing to the deal. One must meet up with a few brokers such that one can compare costs prior to taking a decision. A mortgage Broker in UAE may charge a fixed sum or a percentage of the mortgage (like 1%).
Ensure that while seeking a mortgage broker, they have the credentials to offer advice. Dubai’s mortgage consultants need to complete at least the CMB (Certified Mortgage Broker) course issued by the Dubai Real Estate Institute.
In sum, these are some tips to hire the best mortgage broker in Dubai.