In order to be able to buy a house, one of the most common routes both for many Portuguese and expats is a mortgage loan. Banks are increasingly willing to finance the purchase of homes, interest rates are falling, and savings are on the rise. But taking out a mortgage loan is obviously expensive, so what is the best way to get the ideal mortgage loan without spending too much money? We're here to explain everything about the topic with the help of experts.
When looking for a loan to buy a house, it's a safe bet that every bank will tell you that the best proposal is theirs. However, it is obviously impossible for every entity to have the best offer. Each bank wants to sell its product and focuses on its strengths, not giving much importance to the weakness it has. So, how can you know which is the best mortgage loan for you? When it comes to this, the role of the credit intermediary is of special importance, as explained from idealista/créditohabitação.
How to get the best mortgage loan
So it's time to get the best mortgage loan; first you have to remember that the “best mortgage loan” will depend on your personal conditions. In other words, the best mortgage loan for one person may not be the best for another. Elements such as your economic and professional situation, family expenses, available savings, etc. must be taken into account. Furthermore, the fact that a bank grants a loan to one person does not mean that it will grant it to another person who requests it under the same conditions, as it depends on the characteristics of each applicant.
Thus, it is necessary to compare mortgage loans in a more personalized way to really know which house you can buy and which mortgage product best fits your profile.
This can be a complex job and, without the necessary knowledge, you may not come up with a clearly best option that allows you to have a complete picture of the conditions.
This is the point when many people prefer to resort to the services of a credit intermediary.
What is a credit intermediary?
A credit intermediary is a professional who knows the ins and outs of the mortgage industry due to their studies, and compares and keeps up to date permanently and continuously with changes in the industry. They are a person who is able to look for the mortgage loan that best suits the profile of each applicant and consequently find the product that offers the most advantages for the customer (both in terms of price and the conditions of the loan itself).
Advantages of using a credit intermediary
Some of the main advantages of using a credit intermediary are as follows:
- An individual and personalized study of the customer: this is how they get to know the customer and their specific circumstances, which is in turn how they find each type of mortgage loan that may interest them the most;
- They offer easy-to-understand information on mortgage loans: another of the services provided by credit intermediaries is that they “translate” the information provided by banks into a clear and easy-to-understand language;
- Searching for various mortgage loans that suit the customer's profile: one of the most important services offered by credit intermediaries is that they take care of finding the mortgage loan (or mortgage loans) that best suits the customer's profile.
How to choose the best mortgage loan
As can be seen, the figure of the credit intermediary is very useful when you are looking for a mortgage loan and you are not personally familiar with the sector. However, it must be clear that this is a professional who provides his service entirely free of charge.
If you are looking for the best mortgage loan that suits you without spending more money, we also recommend that you use a mortgage loan comparer. With this type of tool, you'll be able to compare several mortgage loans quickly and easily. All you have to do is enter the requested data to find out your profile as a customer and then you will have access to the mortgage loans that best suit your characteristics.