It is apparent that the Philippines is a favourite among investors today. Construction is booming, especially in urban Manila. This is attributed to the growing purchasing and spending power of many Filipinos.
As such, many are on the lookout for the best deals for their dream homes. Buying one, however, can be tedious. Those considering a loaning service are often held back by the processes it entails — from selecting the bank where they can borrow to finding the best deals available in the market.
Unknown to many Filipinos, this can be remedied by availing of the services of an online mortgage broker.
"In other countries, few people apply directly to banks because it is time-consuming and confusing. A mortgage broker does all these things for you. We saw how Filipinos often end up taking out loans offered by their real estate brokers who may be accredited by just one or two banks, thereby limiting the buyers' options," Chris Elder, CEO of online mortgage broker Nook, said in a statement.
How an online mortgage broker helps
A mortgage broker sits between home loan applicants and the banks. Instead of approaching lenders one at a time, a borrower works with a single broker who compares lenders side by side and matches them to the bank most likely to approve them — at the sharpest rate for their circumstances.
Nook is the Philippines' original and award-winning mortgage broker, on a mission to make home loans simple for Filipino families. The done-for-you model is the heart of the service: a dedicated Nook loan consultant runs the entire home loan application on the borrower's behalf, so customers never have to fill in bank forms or visit a branch to follow up. Because Nook's partner banks pay a commission once a loan is released, the service is 100% free to the borrower.
A few clicks to get started
Getting started takes a few clicks. Filipinos can pre-qualify online in about three minutes, then a consultant takes over and handles the paperwork, follow-ups and back-and-forth with the bank. Nook compares 20+ banks — including BDO, BPI, Security Bank, UnionBank, RCBC and China Bank — across new home loans, refinancing, home equity, construction, improvement and acquisition financing, for house and lot, condo, townhouse, vacant lot and apartment purchases.
The service covers borrowers based in the Philippines as well as OFWs applying from abroad, who would otherwise find it hard to lodge and follow up an application from overseas. Since this early coverage, Nook has grown into a full-service brokerage and has been Awarded Best Mortgage Broker Philippines by Pan Finance, recognising its work modernising the way Filipinos access home loans.
Source: tribune.net.ph