Friend or Foe? Things to Consider When Deciding to Take On a Singapore Mortgage Broker

When you are deciding on how to finance your mortgage in Singapore, along with the traditional option of a bank, you will come across a mortgage broker as an option for financing. So, who is a mortgage broker and more importantly, should you trust one for your particular situation?

A mortgage broker is an individual or a firm offering loan related products of several different financial lenders. Now, these brokers do not provide the actual funding for your mortgage. They provide services related to advising you on qualification, assisting in selecting the best loan package and in preparing the required documentation.

So, whom should you go with for your mortgage? Here are some the things you need to consider when making that decision.

Going it alone versus getting a helping hand

Should you choose to go it alone, you need to have a good (and long) working relationship with the lending institution for favorable consideration. If, however, you do not have such a relationship with the bank, you will need to look around to find a bank with a deal that works well for you. This can be very laborious and confusing because of all the jargon involved.

With a mortgage broker, you will get assistance in translating this jargon and have the advantage of getting assistance to choose an option that fits you perfectly.

Friend or Foe? Things to Consider When Deciding to Take On a Singapore Mortgage Broker |

Choices and Options

While there are many mortgage options among lending institutions, the mortgage brokers have more options.  This is courtesy of their knowledge of the market trends and understanding of the available options.

They also know which institutions offer the best deals for you, and they are able to direct you there, ultimately saving you some money. They even know about exclusive deals that are not in the public arena that you can take advantage of.

This, however, could play against you if they are friendly with the lending institutions because they may place the interests of the lender ahead of yours.

Convenience versus Cost

There is a cost to the services offered by the mortgage brokers as should be expected. It may be payable by the lender or the borrower or both. If the brokers receive payment from the lender, that could compromise their objectivity when choosing the best package for you. On the other hand, their fees could be quite stiff.

However, considering the hassle of finding the best institution with the best package for you, and the fact that you could get an insider tip on some under-the-radar deals, it might be well worth the cost.

Ultimately, this is not a one-size-fits-all kind of situation so you need to get some good advice and do some research to see what will work best for you.

Last but not least, you could take a Singapore personal loan if you need immediate financial assistance.

Demystifying the Eligibility Criteria for a Singapore Personal Loan

Truth be said, life is full of surprises and in most cases, they always entail quick financial solutions. Take for example a medical or business emergency; it requires urgent cash in order to avert disasters in your life. In Singapore like most countries, traditional loans are hard to come by hence the evolvement of personal loan providers who are more flexible.

An Overview of a Licensed Moneylender

When you are under financial strain, you are wont to accept any information you get. As such, you might come across reviews talking ill of moneylenders. In Singapore, under the Moneylenders Acts and Rules and under the close observation of Insolvency and Public Trustee’s Office (IPTO), you will be dealing with a professional financial loan provider.

This regulation guarantees you high quality service and very good terms and conditions unlike those given by traditional banks. What’s more, these financial institutions have the financial muscle to fund any of your urgent needs without the hassle associated with traditional borrowing. Simply speaking, your personal loan will be in your checking account in no time.

Demystifying the Eligibility Criteria for a Singapore Personal Loan

Busting the Myth of Loan Eligibility

If you are in need of a convenient and quick cash solution, then a licensed dealer is the best option for you. You should not listen to misinformed stories because eligibility for a loan has never been easier than what Singapore moneylender offer. Take a closer look;

  • Proof of income; you do not have to be in the good books of credit bureaus to get a loan. As long as you have gainful employment, you can get a personal loan. As such, you will provide pay slips, income tax statements, and CPF contribution statements over a few months.
  • Proof of residence/ nationality; this is an important requirement and if you are a Singaporean, your NRIC card will serve as proof. On the other hand, original utility bills or HP bills will help to prove your residence to a lender. For a foreigner, a work permit (S-pass), employer contract, passport and tenancy agreement are required as a proof of residence.

In most cases, your personal loan provider will just require an online application which means any documents can be attached or faxed.  Other minor requirements include being an age of between 21-65 years.

The terms and conditions are also clearly stipulated and in most cases, you can request for a customized loan package to ensure you pay comfortably. There you have it; a solution to your financial blues stands only a few clicks away.