Purchasing a Property in Dubai through a Mortgage Broker – Is it still viable?
Dubai is one of the most progressive emirates in the Middle East and most expats are willing to move to this location and call it their new home. However, owning a property here is not that easy and you need to consider a lot of things, even if you have the money to buy it. Assistance from a qualified mortgage broker has prior importance while you buy a new home in Dubai.
Statistics have shown that majority of property purchases in the UAE are in cash, but taking a mortgage is still a viable option for most expats and foreign investors. In fact, middle class expats who are working here are the best candidate to take out a mortgage.
Purchasing your first home in Dubai.
Buying your first home can be both exciting and bewildering. That’s why you need to know the home buying process and this will entail several tasks like:
- Finding a suitable home.
- Seeking the help of a mortgage broker.
- Securing a mortgage from a lender.
What is a mortgage?
It’s very unlikely for first time buyers to buy a property outright. Usually, people will rely on a mortgage to aid them in buying a home and it’s commonly known as a loan secured against a property. This means that you will borrow money in order to purchase a property, and you will repay that particular mortgage over a period of time based on your circumstances.
Although you need to understand that your home may be repossessed if you’re not updated with the repayments on your mortgage. That’s why it’s essential to pick a manageable repayment schedule.
How to find the best mortgage deal?
Looking for a mortgage can sometimes be daunting, but there are factors that you should consider before taking out a mortgage.
- The amount you can easily afford in monthly repayments.
- The total amount of money you want to borrow.
- The current money you have on the bank.
To know the mortgages available on the market, you can use several live mortgage calculators from credible price comparison sites. But you need to check if the mortgage calculator you are using is fair and transparent. It needs to show the accurate mortgage rates and it should simulate the amount you can borrow according to your current circumstance.
Contacting an independent mortgage broker in Dubai
You can go to the banks and file your mortgage loan or you can seek the services of a commercial mortgage broker in Dubai. Keep in mind that you won’t pay for their services up front, however, they’ll get a commission from the lender depending on the type of mortgage you bought through them.
Usually, brokers can provide you with several mortgage products and they can even offer you deals that were not placed by lenders on the Internet. I would suggest that you consider a mortgage broker if you’re buying a property, because they can do all the leg work. All you need to do is to choose a mortgage product that is suitable to your needs and financial situation.