Why are they and when am I interested in hiring one?

Euribor has gone from -0.5% in a year to close to 3%. The mortgage application is becoming more and more expensive because banks, in view of this indicator, are raising their loan prices more and more. In this panorama, mortgage brokers are re-emerging, a booming number that more and more consumers are turning to.

When applying for a mortgage, everyone can make a round of banks looking for the best financing. But there is a more comfortable and sometimes easier option to get access to credit, although the commission is always paid. These are mortgage brokers, they are experts in this market and they are looking for the best loan for the client. The fact is that companies dedicated to this activity do not stop appearing, especially now with the rise in mortgage rates.

“Function Real Estate Broker It consists of properly analyzing the client’s financial profile and needs and negotiating a mortgage that best suits his needs; And it does so under conditions that are more advantageous than those that the individual could achieve on his own,” notes Luis Javaluez, CEO of Agencia Negociadora. In this sense, this type of financial agent handles all consumer mortgage formalities, being able to “acquire conditions Better than one that one might reach alone.”

The latter emphasizes that “the key to its contribution to value is knowing in detail the risk criteria of each of the market entities as well as their product offerings and prices. This ensures that the customer gets exactly what they need, as complex as it may seem.” In other words, it is about knowing in detail what the customer wants, what he can access with his personal circumstances and what each financial institution offers to this consumer.

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David Espiago, Director of Banking at Housfy, confirms that mortgage brokers are most beneficial when they work with a wide range of banks. In other words, the company has agreements with many entities to be able to offer the consumer more choices. “There are some who work with very few entities, two or three, and that limits them a lot,” he says.

This is the process

What are the procedures for signing a mortgage through a broker? You first go to that financial agent or the company that specializes in it; At that moment, what the medium does is design Economic profile To the client: what are the purchase prices that he can afford, to know the activity he is carrying out, the type of contract, the income, if there is marriage and in what system … With all these questions, as Espiago points out, the profile is attracted to knowing that the client is in Which bank will have more chances of getting a home loan.

In this sense, the customer’s strengths and weaknesses are removed in order to focus the shot on the banks that best fit his needs. A weak point, for example, would have no possibility of endorsement; The strong point, on his part, could simply be a civil servant, because of the stability he has.

«The role of the broker is to negotiate the mortgage that suits the client»

Louis Javalois

CEO of the negotiating agency

Once the profile is set up, the customer is told what options they will have and in some cases the consumer is actually given a range of interest rates that they think they can access. If the customer agrees, it goes ahead and the broker starts talking to the different banks; At the same time, a contract is signed between the customer and the financial agent in it

The cost of that tip is listed. The cost of the broker varies greatly from one to another. On the one hand, there are some that charge a percentage of the total loan; On the other hand, there are agents who receive a pre-agreed fixed amount.

Who benefits?

Although they from Housfy always recommend going to a mortgage broker in search of information, the truth is that there are profiles of people to whom it would be more convenient to go. Basically people who have it More difficult to obtain credit through normal channels. A broker can make a customer sign a loan with a particular entity if on his own he wouldn’t allow it.

Likewise, they indicate from this company that the value of their service lies in the ease with which they provide it. Often the consumer only cares about the interest rate and not the associated products they have to contract for, and these have a cost. In this sense, the brokers make the customer a study of the cost of credit taking into account the interest and linked products, because it may be the case that the user benefits from a lower rate than the other but the cost ends up being higher because he has to deal with the tied products every year.

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