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Mortgages and finance The UAE mortgage and lending market had remained a very elite institution until recently with banks only lending to large scale developers. However, with the increasing number of developments and the slow growth of the property market, banks have been forced to open up their doors to end users and investors as well. Though interest rates are still relatively high, local demand has been strong for borrowing. More banks are offering higher lending today as opposed to a year ago, but repayments are still a burden. Which lenders offer the best rates? What developments do they finance? What criteria do they use? If you have any valuable insight, please share it with others here.

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marineuae Offline
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Default Why do they sell your mortgage? - 22-02-2007, 08:00 AM
I just bought my first home. I am sending out my first house payment tomorrow. But yesterday in the mail I got something stating that my mortgage had been sold. Nothing changed for me other than where I send my payment next month. But I was just wondering why they do this? What's the meaning behind it? Just curious?
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ruben99a7 Offline
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Default Re: Why do they sell your mortgage? - 22-02-2007, 08:45 AM
Lump sum of money upfront, no expenses related to managing your mortgage, no risk of foreclosure... there are a few reasons it can be beneficial.
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marineuae Offline
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Default Re: Why do they sell your mortgage? - 23-02-2007, 05:19 AM
Thanks for the response. I guess it would make sense but it just seems like a lot of paperwork and stuff to go through just to have the mortgage for one month and then sell it already. But then again when it comes to mortgages I am a little lost to begin with.
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Dubaimortgages Offline
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Default Re: Why do they sell your mortgage? - 24-03-2007, 05:28 PM
Quote:
Originally Posted by marineuae View Post
Thanks for the response. I guess it would make sense but it just seems like a lot of paperwork and stuff to go through just to have the mortgage for one month and then sell it already. But then again when it comes to mortgages I am a little lost to begin with.
marineuae

the process of selling the mortgage book to another bank is called securitisation and its a way for the seller to raise money on the back of the mortgage book. This is widely done worldwide and you have nothing to worry about.

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Ethical Mortgages
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