Tips When Applying for a Dubai Mortgage

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More than 70% of properties in Dubai are funded by bank mortgages. As a buyer, you must know how the process works. While you can get in touch with the best mortgage brokers Dubai for help, we are here to offer you some quick tips to ensure that your mortgage application is a success.

Having the Down Payment Ready

If you’re an expat, you’ll get to secure at least 20% of the down payment. Unlike other countries, you’ll be able to get a residential mortgage of around 80% as an expat, so you must have the additional money to make the purchase.

Checking the Credit Score

You won’t be able to transfer your credit score between countries, so you must maintain a good record in the UAE. You’ll need a long track record of credit use with timely repayments to ensure a good rating.

Contacting a Mortgage Broker

If you’re worried about contacting the banks yourself, you can get in touch with the best mortgage companies in Dubai for assistance. Not only will you benefit from their experience, but you also get to use their positive working relationships with banks to your advantage.

A mortgage broker can help you find the best deal in the market while keeping your personal circumstances in mind. They can also assist you with the paperwork to ensure that everything goes accordingly. In addition, it is a mandatory step for expats and non-residents because there are bound to be differences in mortgages in your home country and the UAE. As experts, mortgage consultants can offer you the necessary advice and guidance to ensure a seamless home buying experience.

Getting the Documents Ready

The final decision of whether you get a mortgage will partly depend on how you choose to present yourself in your application. You need to show that you’re a low-risk candidate and a reliable investment prospect, which will increase your chances of getting an approved mortgage.

When you approach one of the home loan mortgage companies, they will give you a list of documentation and paperwork that you need to show to build a clearer picture of your financial situation. Hence, you should start organizing your documents in advance. From correcting errors to translating the documents, you couldn’t be too careful.

Deciding Your Budget

It can be pretty tempting to choose a bank that offers the largest mortgage, but you should be awry of stretching yourself too thin. You need to take a long, hard look at your finances to set a mortgage budget that you can afford. You must also keep the tenure and fees in mind when thinking of your budget.

Reading the Terms

Because mortgages are long financial commitments, you need to be thorough with the clauses right from the beginning. From the missed payments to adjusting mortgage terms, you should read about everything before signing a contract.

Closing Thoughts

Things may seem a little overwhelming if you’re new to buying property, but don’t let it scare you. Get in touch with a reliable mortgage broker in UAE, and they will be able to guide you through the process.

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