Thank God for Mortgages! We all need them; we all love them.
Mortgage plays a significant role in facilitating property purchase and is necessary for extra cash as the lowest-cost alternative. However, it can be difficult to choose from the different types of mortgages out there or to know whether the one you already took is the best and cheapest option for you.
We are sorry to inform you that whatever mortgage you have, might not be right for you. Now is the right time to reconsider your mortgage and seek a buyout, and here are the reasons why:
Buyout Def. A mortgage buyout is a form of financial transaction in which financial institutions sell their mortgages to new institutions, sometimes at a discount. (An Image)
- Property prices are up!
As a result of the booming real estate market in Dubai, property prices are increasing again after the pandemic. But what does that mean for you? This fact works in your favor when you buy out your mortgage since the higher value in your property as a result of the healing market will be the means to cover your outstanding balance.
- Interest rates are at their lowest!
The time you got your loan was a much different time. Banks were offering mortgages at significantly higher interest rates at the time, taking advantage of the growing economy. Following the pandemic, the entire world was adversely impacted, resulting in drastically reduced interest rates, which have remained constant to this day. Now is the time to take advantage of this scenario and go for a buyout.
- Discount on valuation fees!
Banks are giving discounts on valuation fees to encourage homeowners to buy out their mortgages, making it quicker and less expensive. So, what is the valuation fee, you might ask? Well, it’s pretty simple; mortgage valuation is an inspection of your property which helps you identify your current market value.
- No processing fees!
When you apply for a mortgage, you will be charged a processing fee, a one-time cost that you will pay to the bank. However, nowadays, some banks are offering people who buy out their loan an opportunity to remove the processing fees altogether.
- Lowest Floor Rate Ever!
Banks are providing a buyout with no minimum floor rate or a significantly reduced floor rate, which means the interest rate will be uncapped, perhaps resulting in a decrease in the future.
All the odds are in favor of a buyout. Trust us when we say that taking advantage of the circumstances and refinancing your loan is a wise decision that will surely benefit you!
If you are thinking of going through with buying out your mortgage, do it with a professional’s help and give us a call at Mymortgage.ae.
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