How To Get A Suitable Mortgage Package In Singapore?
How To Get A Suitable Mortgage Package In Singapore?
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Compare the Best Loans
Need a mortgage loan and confused by all the offerings out there? We can help you find the best loan for your needs. Tell us a bit more about yourself and the property you are looking to buy, and we’ll take it from there. It’s fast and easy!
Otherwise, If you’d like to know more about mortgages, check out our guides on the right, or use the affordability calculator to figure out your housing budget.
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Contrary to what most people believe, refinancing your property does not always guarantee more savings. In fact, you could end up spending more with all those upfront administration and legal costs associated with refinancing. Therefore, it is essential for property owners to do their homework before they decide to go ahead and refinance their loans.
HDB LOAN VS BANK LOAN : COMPARISON OF SIMILARITIES & DIFFERENCES
Real estate purchase is easily one of the biggest financial commitments we will undertake in our lifetime. We spend the next 20-30 years contributing a portion of our salary to the repayment of the amount.
The good news is that you have the choice of getting a HDB or bank home loan in Singapore when you purchase a HDB flat. There is no hard and fast rule that places one above the other but you have to weigh the options and make the choice wisely depending on your financial situation.
Finding the most suitable mortgage package
Homeowners can make use of a home loan comparison platform.
How to get a suitable mortgage package in Singapore?
Buying a property is probably the biggest financial commitment for most Singaporeans. Just as we ponder over our choice of a dream home, we should also do our homework when it comes to choosing a mortgage package to ensure that we keep our financial liabilities to a minimum. Given the myriad of mortgage packages on offer, each with its own interest rate, fees and criteria, it can be tedious (especially for a new property owner) to navigate the various mortgage options and assess the impact of each one on the loan costs and repayment. Here, we at GET.com address the key questions that will help you in your quest for a suitable mortgage package…. Continue Reading
Step-by-Step Guide in Getting a Mortgage
Buying a property, whether for residence or as an investment, can be an exciting yet daunting experience. At UOB, we can help you understand the process to prepare you for your property purchase.
Mortgage Packages, Singapore
In today’s time, there are a number of mortgage packages available across the market. Banks in Singapore offer a wide variety of packages and features, and there are a significant number which combine different features, such as Capital and Interest Mortgage, Cash Back Mortgage, Combo/Hybrid Mortgage, Interest-offset Mortgage, etc.
Capital and Interest Mortgage is usually the standard mortgage package, and equal monthly payments are made towards the payment of the interest as well as the principal. The principal payment amount grows on a gradual basis over the loan-term period, and the debt is completely paid at the commencement of the loan term. In a cash back loan, the lender returns a portion of the loan to the borrower in the form of cash. This usually entails that the borrower is tied to the loan for a lock-in period. A Combo/Hybrid Mortgage enables one to divide their total loan into different parts, and utilise a different loan package for each. Banks also provide Interest-offset Mortgage loans in Singapore, which enable one to receive the same interest rate on part deposits, which can be used to pay for your loan. The usual ratio is two-thirds of your deposit, and the remaining portion will have a reduced interest rate.
Approval in Principle Mortgage, Singapore
These loans are increasingly getting more popular, and there are a number of mortgage calculators available online, which can help determine the most suitable form of mortgage loan quantum to be taken up. However, these are merely figures which may not always be a correct indicator of your current situation. In order to get a more reliable commitment from a lender, it is preferable to get the lender’s approval in principle in written format. This helps one conclude what properties are affordable, and thus helps save valuable time. In addition, this also helps give a clear idea of the size of the down payment that has to be paid, and thus plan for liquidating your assets accordingly.
Mortgage Broker Singapore
“When you fail to plan, you plan to fail”. As the leading mortgage brokering firm in Singapore, let us will assist you in finding the most suitable mortgage by comparing mortgage packages across all major banks in Singapore. By engaging us, you don’t have to waste your time to personally visit or call banks/ financial institutions to ask for their mortgage rates. There are many factors to consider such as lock-in periods, pre-payment penalties, claw-back clause, Sibor SOR rate changes etc, which may leave a home-seeker confused with which package best suits their needs. MortgageSENSE makes it simple for our clients by breaking down this information so that our clients can make a better decision. Clients can choose the lowest mortgage rate available in the market. The best part – our services are FREE. This is due to the referral arrangement we have with the banks.
The art of negotiating housing loans with banks: A smarter way to save
It has been said that life isn’t fair and sometimes you don’t get what you deserve but what you negotiate. Did you use to finish all your homework diligently but were tucked into bed at 7p.m. all the same, while your playful brother got to stay up late to watch the X-Files?
Home Mortgage Guide
Whether you are buying your first home or need a refresher, at PropertyGuru our experts have written home loan & mortgage guides & tips for you. Checkout our mortgage guide articles.
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