Working with a mortgage specialist in Dubai can help you navigate the sometimes confusing process of getting a mortgage. A great mortgage advisor will understand your circumstances and needs, and give you a clear overview of the application process and timeline. They should be able to give you expert and honest advice and have access to the best products in the market. Here we give you five reasons why you should consult a mortgage specialist as you embark on the home-buying journey.

1) Researching the market

Mortgage specialists will know the mortgage market better than anyone else. It's their job to understand how much you want to borrow and your availability. They'll use this information to match you to the best mortgage products.

It's a widespread myth that your bank will offer you the best rate, or that it's easier to apply for a mortgage with your bank. This isn't the case. A mortgage specialist will know which lenders have the best rates and terms across fixed and variable-rate mortgages, as well as conventional and Islamic mortgages. Use your mortgage specialist to research the market for you. It will save you valuable time.

Using a mortgage calculator in Dubai or a digital mortgage platform like Holo will search the market for you in minutes.

2) Better rates and deals

Mortgage consultants or brokers have access to more products. They'll know all types of mortgages from all the lenders, not just the ones that your bank offers. They may even have access to products or know of Dubai Mortgage interest rates that are not available to the general public. This insight will help you make an informed decision and save you money in the long run.

Use our online mortgage calculator and we'll search over 500 products from the UAE's banks for you. In less than two minutes, you'll know the mortgage products suited to you. Best of all, it won't cost you a thing.

3) Direct relationships with lenders

If you have a problem with your mortgage application you may have to call a generic call center or visit a branch. There may be waiting times, and queues or you may need to schedule an appointment with the right person. All of this will cause you unnecessary time and frustration.

Your Holo mortgage specialist is likely to have a strong and direct relationship with decision-makers at the bank. This saves you time finding the right person or taking time out of your day. We will give you accurate insight into the root of any problems, and any resolution will likely be swifter.

4) Collating your documentation

When you decide on the mortgage you want to proceed with, it's time to officially start the application process. In order to apply for your mortgage you'll need to submit documentation so that the bank can assess your affordability and eligibility.

Your status as a resident or non-resident of the UAE; an expat or UAE national, will determine what documentation you need to provide. Your documentation will also differ depending on whether you are salaried or self-employed. Your mortgage specialist will provide clear instructions on what you need to provide. They will check all your documents are present and correct and submit your full application to the bank on your behalf.

5) Coordinating with multiple parties on your behalf

If the bank needs further information to support your application, the broker will contact you and facilitate that. There can be up to nine different parties involved in the process of buying a home from the moment of application to the minute you get the keys. We aim to streamline the journey from end to end for you, so you have to speak to as few people as possible and have one point of contact.

We'll keep you updated on the progress of your application and any decisions the bank makes regarding your pre-approval status. Real Estate agents and sellers will take you seriously as a buyer once you have the all-important pre-approval. This is the stage when it's best to begin your property search.

When you've made an offer and had it accepted on a property, we instruct the valuation with the bank and coordinate paperwork between all parties; you, the bank, the seller, and their representatives.

When the valuation is complete, you'll receive your FOL (final offer letter). We can also help with the clearance of your seller's mortgage at this stage, coordinate with the seller's agent to arrange their NOC certificate from the developer, and communicate when the transfer of ownership is happening at the Trustee's Office.

Got a question we haven't answered here? Check out our FAQs to answer all your home mortgage questions.

Mortgage brokers in Dubai can cost you anywhere between AED 2000-5000. But Holo is 100% free and ten times faster.

Want to know how much you could borrow? Get started with our Mortgage Calculator.

This blog is for educational purposes, but everyone's case is unique, and local guidelines and regulations may change. Our mortgage advisors can help you with any question you may have and have the latest advice. Get in touch.