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.
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.
EIBOR, or Emirates Interbank Offered Rate, is the benchmark interest rate for lending between banks in the United Arab Emirates, expressed in UAE Dirhams.
Costs can vary by each Emirate. Additional payments include the real estate agent fee, land department fee, bank processing fee, trustee fee, mortgage registration fee, and valuation fee.
A fixed-rate remains constant for a specific period (1-5 years), after which it becomes variable. Variable rates depend on EIBOR, offering flexibility but with potential fluctuations.
Banks often offer preferential rates if you transfer your salary to them, as it indicates a committed relationship.
You can purchase a property with a spouse as long as you both demonstrate the ability to repay the mortgage loan. A joint application can enhance your borrowing capacity and can be especially advantageous when looking at luxury properties.
NOC is a certificate from the developer confirming payment of utilities and service charges, providing a clear title, and expressing no objection to another person buying the property.
Unlike conventional mortgages, Islamic mortgages comply with Shariah law where you don’t pay interest, with the bank buying the property on your behalf and leasing it back to you for profit.
Contact Elite Mortgages for guidance from our consultants to secure the best and lowest available rate for you.