Spanish Mortgage Brokers
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Spanish Mortgage Brokers

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Thursday, 23 Oct 2008

Mortgage Brokers in Spain

Mortgage providers in Spain, as everywhere else, fall into two distinct groups. Spanish Mortgage Lenders who are financial institutions such as banks that actually provide the finance and Mortgage Brokers, who are ostensibly middlemen, but whose expertise can source you a cheaper or better mortgage.

The decision to use a mortgage broker may initially seem like poor financial sense, after all they are simply another link in the chain, demanding their commission. Why not go direct to the actual lender?

Whilst many brokers may merely act as an introducer, conatacting the right mortgage broker in Spain can make the difference between obtaining the best mortgage product for you, and being completely rejected.

Reasons to use a mortgage broker include:

Thorough knowledge of available products - means they can advise which of the increasing number of products will be the best fit for your particular circumstance.
Experience - having dealt with the major Spanish lenders will mean that your broker is very familiar with the approvals process, and can advise you best on what information you ought to present in order to stand the best chance of approval (particularly in the current credit climate).
Your broker may even have personal relationships with various managers which can only positively influence your application.
He or she can quickly evaluate your situation and save you time and money by telling you whether you should even begin the application process.
Although they charge a commission, this is nearly always paid by the bank, who split their usual commission upon approval, so it should cost you no more than if you approached the lender directly.
Your broker, if they have spent any time in business in Spain should have a good grasp of the Spanish language as well as the finer points of its financial system. This can prove invaluable if you need help at any part of the process. Remember, your broker has a vested interest in helping your application, so they will be only too happy to expedite the process.

List of Spanish Mortgage Brokers

The following is a list of brokers, but the best referral always comes via word of mouth, so make sure to enquire with people who have been through the process and heed their recommendations.