Applying for a mortgage in Dubai? Avoid these common mistakes to ensure a smooth and successful process:
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Skipping Pre-Approval – Always get pre-approved to know your budget and improve your chances with sellers.
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Ignoring Your Credit Score – A low credit score can lead to rejection or higher interest rates. Check your report with AECB.
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Underestimating Down Payment & Fees – Expats must pay at least 20% upfront, plus DLD, valuation, and processing fees.
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Not Comparing Offers – Don’t settle for the first deal. Compare rates and terms from different banks.
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Applying During Job Probation – Most banks reject applications if you’re still in your probation period.
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Taking on New Debt – New loans or credit cards can hurt your eligibility.
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Choosing the Wrong Interest Type – Know the difference between fixed and variable rates.
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Not Reading the Fine Print – Understand all terms, fees, and early settlement penalties.
