After the tireless search for your new home in Dubai, you have some options narrowed down and now in the process of securing your new place. A quick way to go through it is to find a mortgage broker and in this age of the internet all you have to do is input a search using the phrases ‘mortgage broker jobs Dubai’ or if you are a student of grammar then ‘mortgage broker jobs in Dubai’.
Scroll through the numerous results and select the one that you find will suit you the best. Some may be asking ‘What is a mortgage broker?’ well, it is more of a ‘who’ question rather than that of a ‘what’. So, who is a mortgage broker?
A mortgage broker is a finance expert who takes the role of a middleman between the buyer of a house and the lenders, such as the mortgage bank. There are mortgage broker jobs in Dubai and a preferred mortgage broker will represent you when negotiating with lenders.
The mortgage brokers go through several banks and try to get the most suitable mortgage lender for the buyer. Since the mortgage brokers represent a lot of buyers when looking for lenders, they get to meet the banks and lenders several times hence creating a virtuous relationship with the banks. When the next client comes, the mortgage brokers have an easy time in finding the lenders and providing service to their clients hence saving valuable time.
The mortgage brokers usually have a license of practice and are also professionals in financial regulations. When going to the banks for the mortgage approval, the buyer is required to carry along all their financial documents.
The mortgage broker does all this for the buyer. They gather all the documents including the credit history as well as all the credit card statements and apply for the mortgage loans o the behalf of the buyer.
After agreeing to the loan, the mortgage broker then works together with the banks and the real estate agents to oversee the whole process goes according to the preference of the buyer. To provide employment through mortgage broker jobs Dubai could put measures to place that promotes them.
Payment in mortgage broker jobs in Dubai
Just as all the other sales professionals, mortgage brokers receive commissions at the end of their services. This comes in form of ‘loan origination fee’ which is about 1% of the total amount of the loan paid at the end of the transaction by the buyer of a house. If this seems to be a good career path then you should try it; there are plenty of mortgage broker jobs in Dubai. Just google mortgage broker jobs Dubai!
At other times, a no-cost loans payment method is of preference by some of the mortgage brokers. This means that the mortgage broker will get paid by the banks after the closing of the house deals hence the buyer would not have to pay an extra up-front amount. So, what is the difference between a mortgage broker and a loan officer?
The loan officers work as employees for lenders such as banks and they get paid a net salary and some other bonuses for writing the loans agreements. In the other hand, the mortgage brokers either work independently or within brokerage firms making them able to work with a lot of lenders hence they usually earn more money through commissions.
A high amount of loans means a higher commission for the mortgage brokers. No wonder mortgage broker jobs in Dubai are a luxurious choice
Pros of having a mortgage broker
A mortgage broker works as a buyer’s representative meaning they get to do all the work that a buyer would when approaching a lender or a bank. They apply for the mortgage loans on behalf of the buyer, they find the best mortgage loan option and participate in the negotiation of terms with the lender. For mortgage broker jobs Dubai has allowed and promoted the functioning of the brokers as independents.
Due to the large network of contacts that the mortgage brokers have amassed, they could tap into some of those connections and some of the loan amounts waived. They give focus to you and your transaction something you would lack when talking to a loan officer in the banks.
Another advantage would be that provided your mortgage broker has a good relationship with some of the banks, they might get their client’s exclusive offers such as certain loan products
The buyer would also be able to do other things as well since they would not have been tied down by the time sensitivity due to visiting the banks.
Cons of having a mortgage broker
Since they demand a commission of about 1% of the total loan amount, they are really costly. For any amount of a mortgage loan the buyer borrows, the commission for the mortgage broker is 1%! So, the higher the amount of loan borrowed, the higher the amount of commission paid by the borrower. This applies across the mortgage broker jobs in Dubai.
Working with mortgage brokers may very well be disadvantageous to the buyer in that due to a history of a housing collapse, some big banks have lost trust in working with the mortgage brokers.
Additionally, there is a possibility that by contacting the banks directly, the borrower would have been able to secure better deals. The metropolis could promote mortgage broker jobs Dubai by improving the relationships between the banks and the brokers.
Choosing a mortgage broker
Mortgage broker jobs in Dubai are very plenty, to say the least but how should one choose? The buyer may get referrals from friends and families advising on the best mortgage brokers but caution must be taken to ensure that they should have used such brokers before.
The buyer should research thoroughly on the mortgage broker jobs in Dubai before embarking on using them. The buyer could also use their real estate agents for advice on what to look for in a mortgage broker within the numerous mortgage broker jobs in Dubai. They could also give suggestions on the best ones to choose according to their reputations. To get choices from the internet just search for ‘mortgage broker jobs Dubai.’
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