While Dubai remains a focus for many real estate developers, there has been an expansion in the...
Frequently Asked Questions
A mortgage consultant saves you time by searching and recommending mortgage products from various lenders, saving you both time and money with access to exclusive mortgage products. They understand lender criteria, guide you through the whole process, and support you through to completion, streamlining communication between you and the lender for a better experience.
A lender will assess your finances as part of the mortgage pre-approval process in order to determine how much you can borrow for purchasing a property. When you make an offer on a property, it gives you a conditional commitment, which increases your credibility as a serious buyer to the seller. It is typically valid for 60 days, however, It’s not a final approval and the terms can change depending on the selected property.
It’s a letter issued by the bank after reviewing your loan application, and approving your requested amount.
This pre-approval is valid, in most cases, for 60 days, thus offering you the confidence that you will get your loan on time once you decide which property you are buying.
Comparing mortgage products from several lenders is always preferable than opting for the first lender you come across. Mortgage consultants typically work alongside a broad range of lenders. They have good working relationships with banks, so they are able to evaluate your circumstances and quickly determine which criterion will be most appropriate. First-time homebuyers may find mortgage consultants’ more thorough guidance to be quite beneficial as they typically receive more guidance from them than from lenders directly. Mortgage specialists offer a more comprehensive service, handling communications and finishing the application on your behalf.While a reducing interest rate is accrued daily on the outstanding balance and paid monthly.
