If you want to obtain a mortgage, you must take out borrower insurance. This insurance makes it possible to cover the repayment of the loan in the event of death, disability or other major disaster affecting the borrower. However, with the multitude of borrower insurance offers on the market, finding the most suitable offer is far from simple. This is where the mortgage insurance broker comes in.
What is a Mortgage Insurance Broker?
The mortgage loan insurance broker is a intermediary between mortgage insurers and borrowers seeking insurance. Expert in the field, it has a network of partners from which it can obtain preferential conditions.
He also has a good knowledge of insurance contracts and knows what type of guarantees to offer to borrowers depending on the profile and the project.
Why use a mortgage insurance broker?
Using the services of a mortgage loan insurance broker offers three main advantages:
To save money
The insurance broker makes you money. Thanks to its network of partners, it can indeed negotiate lower costs related to your loan such as administration fees and guarantee fees. He will know how to defend your file with the insurers in order to obtain the best offers for you.
More specifically, if you have a health problem or if you exercise a risky profession, the broker can help you find insurance without an additional premium. If the insurer still applies an additional premium, it ensures that the guarantees are indeed reinforced and adapted to your needs.
According to the consumer organization « Que Choisir », hiring a broker can earn you between €12,000 and €15,000 on the overall cost of your credit insurance.
Save time looking for an insurance contract
By signing a mandate with a mortgage loan insurance broker, you no longer need to study dozens of offers and try to understand the technical terms of each contract.
The broker takes care of everything for you and above all, being a professional in the field, he will find an advantageous contract more quickly. He transfers your file to the insurers, compares the offers for you and leads the discussions while looking for your interest.
Support in compiling your file
In addition to finding you the best mortgage insurance contract for your profile, the broker can also support in setting up your loan file. His expertise is of great use to maximize your chances of obtaining credit on the best terms.
When to use a mortgage insurance broker?
To take advantage of these different advantages, you can call on a home loan insurance broker with three main ones:
- Before signing the mortgage contract. You are not required to accept the bank’s group insurance offer. This is usually expensive and not tailored to your specific needs. The law therefore authorizes you to opt for a delegation of insurance and to seek the services of a broker. The latter can then help you find a more advantageous contract with another insurer;
- On the first anniversary of the signing of your contract. Thanks to the Hamon Law, you can change borrower insurance one year after taking out your mortgage. This requires in particular to respect a notice of 15 days;
- On each anniversary date of your contract. Thanks to the Bourquin Law, it is possible to change borrower insurers on each anniversary date of their insurance contract. Contact a broker a few weeks before, in order to change the contract with ease.
In summary, the mortgage insurance broker is an important partner in setting up and optimizing the cost of your mortgage. It saves you time and money and its valuable advice is useful at every stage of your project. Do not hesitate to use the services of this insurance professional.
Read also: What you need to know about the extension of the Pinel law until April 2023