How do you choose a mortgage provider?

So you’ve decided to buy a property, amazing! But now what? You’ll most likely need a mortgage to finance it. There are so many different mortgage providers & mortgages to choose from it can be overwhelming at first. We’ve put together five tips to help you navigate the process of deciding which mortgage provider to choose so you end up with the best mortgage with the least hassle.

Read reviews

Check testimonials and reviews. Buying a house will likely be the biggest purchase of your life, so you want to make sure the provider you choose has a history of happy customers, sticks to their promised timelines, and is easy to work with. This is a great way to spot red flags before you get into the nitty-gritty of financials.

While online reviews are great, it’s sometimes hard to know which ones to trust. That’s why it’s always a good idea to also check in with your real estate agent. They should be able to give you honest opinions and recommendations on the mortgage providers they’ve worked with.

Short-list

Narrow down your options based on your research. You should be looking for the most attractive interest rates and the lowest mortgage fees (which can be anywhere from 0%-1%). It’s also important to check which providers have restrictions on mortgage overpayments, penalties for late fees, and other regulations that might impact you in the long run. Once you have your options narrowed down to two or three providers, you can do an even deeper dive and start to compare offers.

Ask questions

Don’t be afraid to ask questions. You want to be as informed as possible on all your options and have any doubts cleared up early on. The more you ask and understand, the better informed you’ll be to make a good decision. You should be clear on the whole process from beginning to end, timelines, and costs. Don’t know who to ask? Contact our in-house mortgage experts on +971 58 106 8459 or send us an email at hi@huspy.com.

Read the small print

Don’t just skim the offers. Make sure you thoroughly understand all the details, ask even more questions, and know all the costs involved. You don’t want to be surprised with a higher mortgage fee than you expected at the end of the process, or end up paying more interest in the long run.

Know how mortgages work

This may sound obvious, but the better you understand mortgages as a whole, the more informed you’ll be to ask questions, understand reviews, compare deals, and avoid being surprised by any hidden fees!

A few key areas you should have some understanding of before you begin your mortgage search are the type of mortgage you are looking for, which type of broker you are going to use, how mortgage interest rates work, and the length of time you are planning to have your mortgage for.