How To Find The Right Property Mortgage Broker In Dubai

It is a temptation!

The luxurious lifestyle that can be had in Dubai tempts many people to move there. But before they can settle down in their nice villa, they need to get a good mortgage loan.

This objective is not always easy for foreigners as they are not sure which mortgage broker is the best to work with. While there are many good brokers to work with finding them is another story.

There are many good lists of mortgage brokers in Dubai but you still need to do your own research to make sure you are not being led into a mortgage scam. But with the right amount of research, you should be able to find a good mortgage broker that will meet your financial needs.

Mortgage Brokers In Dubai

There are a lot of mortgage broker companies in Dubai. You won’t have to worry about finding a good one because they will all tell you they are the best, the most trusted, and superior to their competition.

The trick is to do your research and make a choice. There are a lot of good mortgage brokers you can trust but you have to be careful as there are still some con men in this industry and they disguise themselves very well.

One of the ways to find a good one is to look at the financial products they offer. If you do not see a product that matches your needs, then move on to your second or third choice. You will want to work with a broker that knows how to handle the challenges you are facing.

One reason you go to a mortgage broker is that many of the banks in the city view foreigners as a giant risk to their loan portfolio and their bank. Working with a broker allows you to find the right lender without having to face a lot of rejection.

To speed up the process you should have all your documents in order so that you can get your loan in a matter of weeks after application. Here are the documents you will need:

  • Copies of your personal identification documents (passport)
  • Proof of legal residence in Dubai, and evidence of your current residential address
  • Documents to prove you’re creditworthy (usually bank statements, proof of your wages, tax returns, or a letter from your employer)
  • Documents to prove the affordability of the mortgage

Property Mortgage Dubai

Like anywhere else in the world, Dubai has specific property mortgage rules. For example, the amount of your deposit will vary depending on your plans for the property.

If you are buying the home to live in, then you may only be required to pay a 25% deposit and the loan will cover the rest. However, if you are going to use the property as a rental investment, you may be required to pay anywhere between a 40 and 50% deposit.

Then you need to be careful as while mortgage brokers offer a wide selection of mortgage loan products, you may not be qualified for all of them or allowed to access all of them.

There are other decisions to make like do you want a fixed rate or a variable rate loan? You need to ask some tough questions as these rates may change in 5 years. This is why you cannot go into the real estate market in Dubai cold. You will need to be aware of the lending practices of the city.

Also, you may need to hire a lawyer to help you navigate the local financial lending laws. Those include the mortgage registration fee, bank fees, as well as mortgage insurance.

You will need to do your homework before you make that purchase decision. Things are not the same in Dubai as they are n different parts of the world.

How To Find The Right Mortgage Broker

There are a lot of good and bad brokers in Dubai right now. That is because there is a lot of money to be made in this industry. You have to be careful which mortgage broker you deal with as not all have the expertise, the knowledge, or the ability to get a loan for a foreigner.

Here are some tips to guide your search for a top mortgage broker:

1. A High Level Of Expertise– You do not want a novice handling your mortgage affairs. You want a lender that is comfortable with discussing all the ins and outs of each financial product. Make sure to ask the tough questions so you know the broker is experienced in these matters.

2. They Have A Lot Of Contacts– You want a broker who can get you the best rate possible and save you money over the life of the loan. They can approach different lenders on your behalf and save you time as well as money.

3. They Need To Be Qualified And Registered– Everything real estate, including mortgages, is regulated by RERA. Your mortgage broker needs to be registered with RERA and have up-to-date certification This is the only way you will be protected.

4. They Provide Honest And Objective Advice– The mortgage broker should not be influenced by a 3rd party and they should provide you with all the facts on each mortgage product. The broker should not be steering you to a mortgage that does not fit your needs.

Finally, they should have great customer service. Make sure they communicate well and answer all your questions.

Some Final Words

When you are ready to buy in Dubai, call our agency. We have over 10 years of experience with real estate loans and transactions in both London & Dubai. We can help you find the right property to buy as well as the right mortgage broker to contact.

With our expertise, your real estate transaction should go smoothly from start to finish. When you want a smooth transaction, you come to us. We know how to make international real estate transactions work for you.

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