I’m looking at financing a Mumbai studio priced around ₹37,990,000, and I’m trying to decide whether a mortgage broker would add enough value over approaching lenders directly.
The problem is that “mortgage broking” seems to cover everything from a simple lender introduction to rate negotiation, application management and document coordination through closing. Before agreeing to a fee, what scope should I reasonably ask for in writing?
I’d particularly like to know what is normal locally regarding response times, fee disclosure, lender comparisons and accountability if the application stalls between offer and closing. Which documents and communications should remain in a clear trail, and what fallback should the broker offer if the first lender declines or delays?
Specific Mumbai or India examples would be helpful, especially ways to verify claimed local expertise independently rather than relying on a sales pitch.
The problem is that “mortgage broking” seems to cover everything from a simple lender introduction to rate negotiation, application management and document coordination through closing. Before agreeing to a fee, what scope should I reasonably ask for in writing?
I’d particularly like to know what is normal locally regarding response times, fee disclosure, lender comparisons and accountability if the application stalls between offer and closing. Which documents and communications should remain in a clear trail, and what fallback should the broker offer if the first lender declines or delays?
Specific Mumbai or India examples would be helpful, especially ways to verify claimed local expertise independently rather than relying on a sales pitch.