Alexa Seleno

the need for a home loan

Juil 10, 2023
the need for a home loan

When you subscribe to a loan for a real estate acquisition, your banker makes you an automatic loan insurance proposal. This is to protect you if you do not have enough to finance.

However, if you find that the insurer proposed by the bank does not present advantageous offers for you, since it is a fixed offer to all these customers, you have the choice between direct negotiation with a bank or with a mortgage broker.

For this, it is crucial to be guided by an expert real estate broker. He can offer you various types of insurance contracts and will advise you throughout your project. He also has the role of offering you the most economical offer and carrying out your real estate project as quickly as possible.

Before hiring a real estate broker, make sure you understand what he can do for you. As there are various types of real estate brokers, it is also necessary to compare them before committing.

Mortgage loan insurance: how it works

Securing your home loan is a step not to be missed. Besides, it is more than necessary to understand how it works. First, it is a coverage insurance in case you are unable to pay your monthly payments. Your insurer will also take over in case you die, have an accident or become disabled or unemployed.

Choosing your real estate insurer is not an easy task. In addition, even if your bank offers it, it is crucial to choose it well according to your profile. It is advisable by law to put several insurers in competition in order to know which one will suit you best. Indeed, it is essential to make a comparison between insurers to better cover the potential risks related to your loan.

Mortgage loan insurance: its roles

Since the Lagarde law of 2010, competition in insurance has been triggered. This allows borrowers to freely make subscriptions among insurers.

Nevertheless, the following essential criterion must be taken into account: the guarantees must be greater than or equal to those offered by the bank. This is the loan insurance delegation rule. Thus, it is more than necessary to be accompanied by a real estate broker for choosing an insurer. He will have the role of supporting you as an intermediary in your mortgage loan process. The outcome of your project depends on its effectiveness.

However, you should know that the subscription with an insurer other than that offered by your bank must be done at the time of your mortgage. Indeed, it will also have the role of protecting you from the signing of your loan. In order to discover the various options, you can test online insurance comparators.

A real estate broker: his roles and missions

Call on a mortgage broker to find an insurer is crucial for your loan. A real estate broker, professional and expert already works with a wide network of insurers. The work of a broker is registered and regulated by ORIAS. Its role is to support you throughout your loan process and also to advise you in any disputes.

As a credit expert, he should concoct the best home loan insurance rate for you. This is the very basis of his profession. As he has in-depth knowledge of loan insurance contracts, his primary mission is to get you a contract to your advantage. All this is possible thanks to the networks of insurers at its disposal.

Besides that, it also has the mission to save you time. He should contact for you his partners in real estate insurance likely to follow up on your project. He will then have the obligation to present you various rates at which he would have negotiated. You still have to choose from what he has offered, and of course according to your expectations.

The mission of a real estate broker is also to accompany you throughout the contract. He must have an attentive ear to all your expectations.

A real estate broker: the advantages of mortgage loan insurance

Thanks to the expertise of a mortgage brokerthe latter will help you save more with your home loan.

Indeed, it will compare for you the different insurance offers for mortgages, unlike the bank, which will not have many offers to offer you.

The real estate broker will also help you better understand the mechanism of the mortgage insurer. You will also better know all the terms of the contract throughout the process of your mortgage.

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