Nowadays, most people opt for a mortgage to buy a property in the UAE, for a very unpretentious reason- mortgage products offered are in the buyer’s interest. But will this endure in 2017? We need to be observant.
When we actually plan to step on the property ladder, one need not only to shop for a home, but also needs to shop for a preeminent mortgage product, since the market is full of viable offers. Subsequently, right from consolidating your finances to save money, to finding a real estate agent and a mortgage lender, there are a plethora of undertakings to keep you busy! Consequently, if you’re ready to take the plunge into homeownership in 2017, here are some fundamental opinions to keep in the mind before you commence the mortgage process.
Make your Credit Assessment- Home buyer needs to boost their credit score before starting the process, as poor credit management may delay the course. It’s an upright notion to check out your credits and ensure there are no unseen issues which need immediate attention. Clearing up credit card payment and closing unused credit facilities will enhance your chance to qualify.
Don’t apply for credit- Home buying needs some disciplinary approach, getting into another line of credit just before applying for a mortgage may hamper your qualification. Therefore, you need to be cautious in managing your finances during the course of the mortgage approval cycle.
Watch on Rate- Interest rate is anticipated to high one more time in 2017 but it would not be an obstacle to home affordability. Besides, not every borrower grabs the same interest rate on a mortgage loan. It depends on your credit history and financial depiction and eventually, on the lender. So shop around for lower interest rate and carry out some reckoning to comprehend the cost.
Pre-Approval- Indeed, being pre-approved for a mortgage loan has its own paybacks, as it gives the buyers added bargaining force when contending with other prospective buyers. Furthermore, it gives a rational indication about your investment figure, so the buyer can navigate around within that approved amount.
Mortgage Closing Cost- For potential buyers, the market is full of competitive products. Henceforth, it’s more important to be vigilant while shopping and review mortgage decisive cost tactically. Don’t just study at the interest rate. Watch the rate and other associated costs, early payment fee, pre-closure fee that is charged by the lender. The prudent calculation can help you save money in your pocket.

So if you are planning to invest in 2017, then it’s not too early to start organizing for it. And follow these steps to make the mortgage application process less agonizing and intrusive. It’s always a worthy idea to start refining your credit, paying debt and beefing up your down payment to prepare yourself to take a loan. Moreover, extremely important note- never overextends your appetite in finance.

So, let our certified mortgage consultant help you to plan your investment in Dubai. 4C Mortgage Consultants provide best mortgage consultancy for a resale property, new purchase property, off plan purchase, construction mortgage, project finance, commercial mortgage, buyout, equity release, Non-UAE Resident mortgage in Dubai. Follow us on Twitter, Facebook, and LinkedIn and keep yourself update.

Article Published in GN Focus