Borrowing without having a personal contribution is not always easy, the broker can make it easier to find an offer of financing, without having to advance the least amount of money.
Principle of credit in real estate credit
The broker is a banking intermediary, that is to say, it intervenes between the customer wishing to buy a property and the bank that offers financing. His role is to work on behalf of his client, through a mandate and negotiate for him the best terms of repayment. When a loan applicant does not have a contribution amount, the broker must take this element into account in his study and be responsible for finding offers that can be obtained without contribution.
The real estate broker firstly provides advice to his client, he will also propose a feasibility study and provide him with explanations on the operation of the mortgage, including the steps and fees related to this financing. Finally, he will also take into account the peculiarities of his client’s situation, such as the lack of input to negotiate with the partner banks.
Can the broker make it easy to get a credit without a contribution?
The real estate broker knows very well the housing loan market but also the current conditions of the banks and especially the rates. Every month, banks review their rates, their criteria, information at the hand of the broker. But the broker also has a very good knowledge of the market and actors, he usually knows where to turn when no input is available, he also knows the processing time in each agency.
The broker therefore has a global vision of the mortgage market on its sector, most are limited to the city in which they are located, which allows to have a choice of several banks to obtain a loan. Brokers can also work at the national level, for more specific products or for specific needs.
How to choose a broker?
The broker is above all a human being, so there is a relationship of trust to put in place between him and his client. For the loan candidate, it is important to have a good feeling and to feel accompanied in his project, without being taken of high or badly informed. It is also important to measure the popularity or the opinions of customers who have used the local real estate broker, this allows to get a better idea of the quality of services offered. Finally, a first appointment is important, you have to take the time to explain your project and your financial situation.