As a mortgage broker, you get to know customers from all population groups. That is exactly what makes the work of a mortgage broker so interesting. Every project is different and every customer has different needs. The work of the mortgage broker is as diverse as his clients.
Some customers cannot get the loan they want from their bank. This is also due to the increasing real estate prices in Luxembourg. It is important for these customers to know the various aids from the governement and to know how to get them. However, it is just as important to orient these customer towards the banks that support their project. Not every bank is interested in the same type of customer. If your own bank does not want to support the project, it may make sense to introduce a loan request at other banks. The mortgage broker can support you with his knowledge of the market. He knows which loans individual banks accept, where their limits are and what they are not doing.
A mortgage broker also often meets very wealthy customers. These customers in particular expect the best possible conditions from their bank. They know that they can get the loan from any bank. Therefore they have high expectations, which is only understandable. For these customers, the mortgage broker's job is to find the best possible offer. The wealthy private customers often have their accounts in banks specialized in managing their portfolios. Many of these banks have only a limited offer for real estate loans or do not offer them at all. Here also, it may be necessary to Redirect the customer to other banks. The problem here is that not all credit institutions are easy to find on the Internet and the customer does often not know all credit institutions. The mortgage broker can help with his relationships and present his the customer offers from banks that the customer has not thought of or that he even doesn't know.
At the beginning of the project, the mortgage broker will arrange a meeting with his future customer. The aim of this conversation is to understand the customer and his project as well as possible and to inform the customer about the legal framework. He will also talk to the customer about the structure of his loan. The structuring of the loan is the decision whether the interest rate should be fixed and for how long, if it is necessar tosplit the loan into different tranches or if the incorporation of a home loan savings contract is desired.
After the mortgage broker and his customer have defined the structure of the loan, the mortgage broker will present the loan application to his banks. However, this requires that the broker is released from banking secrecy and data protection. The customer signs a mandate for this and instructs the mortgage broker to present his loan to the bank on his behalf. It is very important that the customer remains free in his decision by signing the mandate. He may reject any loan offer submitted and is never obliged to sign a loan contract. Even if the mortgage broker receives a commission from the bank and therefore refrains from asking the customer for a fee, the signature of the mandate is mandatory. Without this mandate, the mortgage broker may not disclose the customer's data to the banks. It is therefore necessary to sign the mandate in order to be able to present a specific and personal offer to the customer.
You have a specific project and would like an alternative offer? Contact us today and request a free, non-binding offer for your real estate financing.