Mortgage Broker Singapore - Should I use one?

Mortgage Broker, should I use one? How a mortgage broker can save you time and money?

Mortgage brokers are specialist that are well versed with the banking loan process and have access to hundreds of mortgage and loan packages across many banks. Mortgage brokers help property buyers to get the best home loans and home owners to refinance home loans.

By Angeline C and Paul HO (iCompareLoan.com)

In today’s digital age, technological disruption has brought many changes. People no longer call into hotels to book hotel rooms, instead they go to a hotel-room booking site to choose the best matching hotel room.

People no longer sign-in to a specific airlines website to book tickets, people go to airlines booking sites to find the best and cheapest airline ticket.

The same is also gradually coming to dawn on people that rather than going to a specific bank directly, which may or may not give them the best home loan offer at the specific time. Home buyers and owners are going to mortgage brokers who has a purview to all the bank’s packages and can help advice clients accordingly.

Sure, you can easily walk into the bank and ask for quotes. Most of the time, your property agent would also refer to you a contact at a bank. The point is, does the property agent know which bank package is good for you? How to calculate your loan affordability and interest costs? Do the property agents have the supporting home loan reports to assist you to find the right home loan packages and layout the facts for you?

In Singapore, where we have a good number of local and foreign financial institutions, the choice of a lender and its packages can be mind boggling. Imagine having to compare over hundreds of different loan packages and wondering which is best for you. Even if you are a specialist in finance, it is not so straight forward as there are quite a few variables.

That is where the mortgage broker comes in. The mortgage broker is typically an experienced professional who is familiar with the loan approval process, and having worked with different banks, they know their criteria and what makes the cut. As they are independent, they will also be able to tell you which lender offers the most suitable loan package rather than selling the loan package from the financial institution they represent.

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Info-graphic: How a Mortgage Broker can save you time.

Engaging a mortgage broker will help you in the following ways:

Assess your MSR and TDSR Affordability and Loan suitability Assessment

1. Access your financial risk profile and advise on a suitable loan package, saving you the hassle of: