A mortgage broker is an independent specialist who searches and manages mortgages. Its functions consist of studying, negotiating and analysing the different loan / mortgage offers from each bank in order to get the best conditions. To do this, the broker is in permanent training and is aware of all the update in the banking sector.
Roles and responsibilities of mortgage broker or real estate credit intermediary and mortgage advisors are regulated in Law 5/2019, of March 15. This law stipulates that these experts are required to:
- Be registered as mortgage broker and/or mortgage advisor with the Bank of Spain. This regulatory body ensures that they comply with current regulations.
- Have a professional indemnity insurance or a bank guarantee to cover any liabilities that may arise due to professional negligence.
- Be transparent with their clients. They always should provide their clients with written information about their services and fees, and if they receive payments from banks, if applicable.
- Employee training. Employees who work for a financial intermediary must have the necessary and up-to-date knowledge and skills on the products they market.
Our goal is not to replace banks, but to simplify the process of finding the best offers from different institutions that best suit you. We offer you a different way to get your mortgage so you save your time and energy, and you can forget about going from one bank to the next one going through the same process over and over again.
- Feasibility study: Once the first contact is done, we will determine your financial profile through a questionnaire. We will evaluate whether you can apply for a mortgage and the estimated mortgage amount based on your profile.
- Signing of the service contract: If the evaluation is positive, we will explain you the contract in detail, especially the terms and fees of our services.
- Documentation and follow up: we will check that the documentation submitted is complete and truthful to be sent to different banks. It usually takes up to 3 or 4 working days for them to reply, then they will indicate if it’s possible to continue with the process, and if it is necessary to review any of the documents or if any additional documents are requiered.
- Negotiation: We will start negotiations with the banks to obtain the best conditions and interest rates for you.
- Feedback: After the result of the negotiations, we will present you with the most competitive offers for you to choose.
- Signing of the mortgage deeds: we will be at your side in the last steps of the mortgage application process, including the valuation of the property, bank account opening (if applicable) and any administrative doubts that may arise. We will also check all the conditions of the mortgage and prepare the signing of the previous deed.
- Payment of our fees: will be made on the day of the signing of the mortgage deed at the notary's office.