|Role of the Mortgage Broker|
Since the 1st of May 2010, the title of mortgage broker is officially recognized under the new Law on Real Estate Brokerage. This law establishes the rules that apply to mortgage brokers, and this, to ensure public protection. Thus, the mortgage broker must have a personal liability insurance and comply with various ethical obligations.
Its role is to advise you, as buyer or current owner, on choosing the best product among the many offers of mortgage products presented on the housing market. He can also create competition between various financial institutions and negotiate in your favor the most interesting borrowing conditions.
As for remuneration, it is generally supported by the financial institution, which means his services will not be charged.
WARNING ! It is common to find out that insurance premiums for loans are more expensive than a specific insurance policy independent of the loan.
GOOD TO KNOW ! Often the loan terms offered by a mortgage broker are more competitive than those that you can negotiate directly with your own financial institution. The brokerage firm employing brokers take advantage of frequent grid rates below those offered by financial institutions to their own customers.
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