Mortgage brokers can be helpful
There is no doubt about it; the credit crunch-fuelled recession has hit bank lending for properties in Spain hard. Then add to this tough lending environment a highly esoteric system. Even if your circumstances are pretty straightforward there may well advantages to approaching a mortgage broker to assist you with your application.
So what are these advantages and exactly how can Quantum Mortgages Spain help you through the process of finding the ideal mortgage?
A good broker will take into account all relevant property, personal and financial circumstances that the banks themselves consider when reviewing an application, many of which you may not even be aware. This should cover factors such as your age, residency situation, level and nature of your income; some banks, for example, do not consider lending to clients whose income derives from property sales, existing borrowing, fixed and current assets or ownership structures.
If done properly the broker will exclude certain banks and, out of the remaining candidates, select the one that best meets your needs and requirements. For instance, you may prefer an interest only period at the start of the term to reduce initial payments or it could be more important to select a lender that offers the lowest spread on the interest rate. Standing on the Avenida looking in bewilderment at the profusion of banks and cajas and then experiencing the subsequent interminable wait once inside the randomly chosen branch – while the manager hangs out in the local cafe – may not be the best way to shop around for the ideal loan.
There are other reasons too. The broker should be well known to the bank and be able to speed up what can often seem like an interminable process. Once the deal is approved, the main job is practically done, but a good broker will still be heavily involved to ensure all parties do what they are supposed to. This might cover ensuring the valuation is executed promptly and smoothly, liaising with the banks and clients’ lawyers to solve glitches that inevitably seem to occur, or cracking the whip to get all the parties to the notary in time. At Quantum Mortgages Spain we also work with private and offshore lenders, providing familiar high street names or a highly discreet service for those seeking a private banking relationship.
The downside is that the broker needs to eat and will, of course, charge for his services. And of course you may feel you are so high over the bar that you will sail through with ease and, indeed, that may be the case. It is also very important to beware of any broker trying to charge up front fees, as do many here in Spain. At the very least, the broker will not be nearly as committed if his interests do not coincide with those of the client’s and at worst… well we’ve all heard the stories.
We at Quantum Mortgages Spain are totally committed to providing the highest level of service that encompasses all of the above points and even more. For instance, as part of our all-inclusive service we will conduct a legal inquiry in conjunction with our lawyers; and through exclusive arrangements with our partner banks we can arrange free pre-valuations so you can proceed with the application confident in the knowledge of the final valuation level. And we never charge up front fees, only a success fee when the loan is completed.
Want to find out more? Then please visit us at www.quantum-
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