CreditforForeigners.pl - mortgage in poland for foreigners » How is the meeting with the credit broker?

How is the meeting with the credit broker?

A credit expert or loan broker is a specialist with financial knowledge who helps you choose the best loan offer on the market. Based on the analysis of the customer's creditworthiness, he will suggest the best possible solution, and at the same time dispel all doubts related to the loan. What does a meeting with such an expert look like? How to prepare for it?

Meeting with a credit broker

First, a credit expert learns about your needs as a client looking for debt financing - what type of loan do you want to get and on what terms? Intermediaries help in choosing a mortgage, cash or consolidation loan offer. Especially the first type of loan is so complicated, and at the same time binding for many years and for large amounts, that it is worth using before taking out the help of a specialist.

Then a credit expert will check your financial capabilities, asking about income, liabilities, assets. Thanks to this, he will be able to determine what amount of financing is possible and what installments you will be able to cover every month, as well as how much own contribution you can make. After analyzing your creditworthiness and expectations and comparing them with the criteria set by banks, the credit expert will present a loan or loan offer tailored to your needs and possibilities. Of course, there may be several offers from different banks. You choose one of them, and then all you need to do is complete the formalities, which is also supported by a credit expert.

Ask questions

There is no such thing like bad question. Meeting with a credit intermediary should not be one-sided - the client should ask questions to best understand the specifics of a given financial instrument and make a good decision when choosing financing. First of all, make sure you know all your credit costs. Check not only the total loan amount, but also the amount of the capital and interest part in the installment, and when comparing the loan, ask for the RRSO and the total cost of the loan. When applying for a mortgage, pay attention to whether the expert presents you with additional fees - e.g. for insurance, lower own contribution, appraisal or complementary banking products that you are obliged to take with the loan. Don't forget about the bank commission, which can be a large one-off cost.

When is it worth making an appointment with a credit broker?

Use the services of a credit intermediary in a situation where:

You do not have time to browse and compare loan offers from different banks on your own;
You do not have any knowledge about the functioning of the loan, nor time to educate yourself in this matter;
You have a complicated structure of income and expenses, which means that you cannot determine your creditworthiness yourself;
You do not know what type of loan you need or whether it is possible to obtain financing, e.g. consolidation, in your case, so you need an expert's advice.

Prepare to meet with a credit expert

In order for the meeting with a credit expert to run smoothly and effectively, he must have access to data on your current financial situation. Therefore, be sure to properly prepare for the meeting, obtaining information about your total income, resulting from the employment relationship or other sources, and what are your average monthly expenses and liabilities, i.e., for example, installments of already received loans. They do not have to be exact numbers, approximate data is enough for the first calculation of your creditworthiness. Also, consider what own contribution you can have if you want to get a mortgage. Currently, the law requires a 20% contribution of the loan amount, with a lower contribution it is necessary to pay additional insurance. Own contribution cannot be lower than 10% of the loan amount.

You can also preview banks' initial offers to see what the usual interest rates and other conditions are. Thanks to this, you will be better prepared to talk to a credit expert about choosing a specific offer.

A good credit expert will also assist you at the stage of signing the loan agreement, launching the loan and in further activities to which the client is obliged after obtaining the loan (e.g. changes in mortgage book entries). From this first meeting, a long-term cooperation may develop, during which a credit broker will guide you step by step through the process of applying for a loan.

Remember that if you have any doubts, I am happy to offer you advice and assistance. Let's meet, you will find that my help in choosing the best mortgage can be invaluable.

Feel free to comment. Is the topic of credit analysis interesting for you? Let me know in the comment. Will be happy to help clarify all issues. It is important to me that every topic regarding the mortgage is absolutely explained.