How to choose a mortgage broker in Dubai and the UAE

A good mortgage broker in Dubai and the UAE can determine your particular situation, give clear reasons for why they recommend a particular mortgage product, find the best possible option for you and apply for it on your behalf. This makes the process straightforward and saves a lot of time.

Here are some tips to keep in mind when choosing a mortgage broker in Dubai or Abu Dhabi:

1.     Look for a mortgage broker that covers the entire market: Some advisors will only recommend mortgages that are available from certain lenders. A broker that covers the entire market will be able to evaluate all available mortgages and recommend the cheapest or best deal for you. This can potentially save you a lot of money. Lenddoo covers all the major banks and can advise you on the best rates in the market.

2.     Look for a mortgage broker that has your interests at heart:

Some UAE mortgage brokers might advise you to take products that seem attractive but that have few hidden conditions. Ask about all the additional conditions and what they mean in your situation. Lenddoo will always be transparent and advise you on the right mortgage for your situation.

3.     Look for a broker that can help you simulate different mortgage options:
Good brokers can help you simulate different mortgage options based on your needs. For instance, Lenddoo can help you get up to 85% financing for your property and can help you finance the property acquisition costs.

4.     Understand the fee structure:

Mortgage brokers in the UAE charge a certain percentage as a fee or commission. This is an additional cost on top of the mortgage you choose. Usually all mortgage brokers will clearly outline their commissions before entering into a contract, but it is important to compare the rates that different advisors charge. Some brokers accept an upfront payment, while others charge a fee once the deal is closed.

5.     Read reviews:

You can compare different mortgage brokers by reading customer reviews. Some agencies publish reviews on their websites, but you can also read reviews on Google and social media platforms. You can also contact your friends and relatives if they have already used a mortgage broker and are satisfied with their services.

6.     Make sure they are available:

When comparing mortgage brokers, pay attention to who can start working on your case immediately and fits into your schedule. Check the broker's work hours so you can contact them for advice or help if needed. With Lenddoo, you can schedule a video call with your mortgage advisor who will support you in all the acquisition journey.

We hope you found this article helpful. Are you considering buying a property in Dubai or Abu Dhabi?  For support in getting your mortgage, start your journey and get pre-approved today with Lenddoo, the most trusted mortgage broker in the UAE !