The diversity and abundance of mortgage offers from individual banks makes us use services of credit experts. A special diligence must be employed when selecting a credit specialist. There are several features that help us to find a good credit expert.
It is difficult to say how many years of experience a trustful credit expert should have. The experience may be measured by the ability to answer questions bothering customer. If the specialist can share knowledge about credit products, there is a rationale to state that an expert is a person who knows his/her job and will be able to provide reliable advice.
Independence is feature required in the first order from the company employing the credit expert. The broad spectrum of its offers will demonstrate independence of the expert. The greater selection of banks, the higher the guarantee of independence. The specialist who has greater possibilities of selecting an offer within his/her company will be able to find a product more suitable to the customer’s needs. A good credit expert does not offer a specific solution but examines multiple possibilities so that the offer selection is an individual process for each customer.
The list of factors that impact professionalism includes punctuality and keeping deadlines. Such petty things may demonstrate good organisation of a credit expert and his/her approach to the customer and entrusted matters. An equally important issue is the ability to find common grounds with the customer and skilfully explain all phases of the credit process and make the customer understand the complexity of the mortgage loan agreement.
The involvement of a credit expert should be measured by an individual approach to the customer’s needs and the ability to meet customer expectations. It is difficult to define how much time and energy should an specialist dedicate to a customer, this is a subjective issue. The absolute minimum should be the customer’s feeling that the offer he/she selected is favourable and that the customer fully understands this offer.
Partnership should be reflects in the keeping of a relevant relation between the expert (as a person who reviews offers and helps with the offer selection) and the customer (as a person who makes the final selection). The credit expert should never make the decision in place of the customer or put pressure on the customer to make a decision. The specialist should only help. The final choice is always on the borrower.
Partnership should be supplemented with transparency of the expert. Transparency should be reflected in reliable discussion and explanation of all costs and mechanisms governing the offered product.
As a last resort you can also consider a mortgage loan based on declaration. In this type of products banks do not directly examine incomes of the applicant, however it secures the mortgage loan against the real property of much greater value that the mortgage loan, offered by the borrower. The credited LTV level may drop in such cases to 50% or even 30%, which significantly reduces the amount that would be obtainable. Due to the fact that we “declare” the level of income i.e. we write in the form not presenting any confirmation in bank statements or certificates issued by employers, banks charge steep price for the incurred risk related to lack of certainty that we actually receive such income. This results in the fact that only very determined people in need decide for this type of mortgage loan.
Selecting a credit expert, it is worth remembering that the expert will help us to make a decision that will influence our finances for many years. Therefore, it worth sacrificing time, to meet with several experts and compare the offers they propose.
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