While using a mortgage broker is very common in other countries, particularly in the United Kingdom, the European champions, or even among our French and German neighbours, in the Grand Duchy this practice has not yet become part of residents' habits. However, since 2012, we have seen a real evolution in the real estate brokerage market in Luxembourg. Activity is increasing by 30% each year. All the more so as, legally, the law of 23 December 2016 legislates the activity and it is now supervised by the CSSF.

A broker is a real estate credit expert

A mortgage broker is a brokerage professional, and more specifically in the context of a real estate transaction, he is a mortgage expert. The broker is an intermediary between you and the banks, he advises you and negotiates for you with the credit institutions.

Let's go through the different stages of mortgage brokerage to understand how it works.

How does brokerage work?

Brokerage, also known as intermediation, in real estate loans therefore consists of delegating the banking procedures for obtaining the best interest rate and insurance conditions to a real estate loan intermediary.

More concretely, using a broker for your real estate loan is actually very simple. In practice, it comes down to 3 steps!

To begin with, you can contact your broker before the start of your project to confirm your loan package, or afterwards as soon as a compromise is signed. In this first stage, the broker, during a physical meeting, reviews your project, discusses it with you and advises you on the most suitable financial package for your current and future situation.

Once you have validated the financing plan, it is up to the broker to take the second step! He will negotiate with each bank, on your behalf, to obtain the best possible conditions for your property project. Thanks to his network and knowledge of the market, he has the best assets to lead the negotiations. For the most traditional files, 7 days are enough to obtain an offer. Your dream of becoming a homeowner is about to come true!

In the last step, the broker will present you with the result of his work. In other words, after receiving the conditions from the banks, he will present you with the offers. All you have to do is choose your bank. Once you have made your choice, your finance consultant will accompany you to your first meeting at the bank.

The broker took care of everything!

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