How Mortgage Consultants Help Clients Get Home Loans in Singapore


Buying a new home is expensive. The good news is, there are plenty of lenders out there who are willing to provide loans. Taking out a home loan in Singapore is easier than most people think as long as buyers take the time to find a good mortgage consultant. Mortgage consultants are experts at helping their clients find and qualify for loans, so they can be trusted to offer professional guidance throughout the process. Read on to find out what it entails.

Step One: Identify Needs

There are two main forms of home loans: new mortgages and refinance loans. To help customers, mortgage consultants need to know what type of loan to look for and what features the buyer needs. From there, the mortgage consultant can investigate and explain options and features and perform calculations to determine how large of a loan the customer will be able to get.

Step Two: Select the Right Loan

It’s unwise to just choose the lender who is willing to offer the largest loan without considering other terms. Buyers should also look at things like interest rates, loan fees, and whether the interest will be calculated using a fixed rate or a floating rate. When in doubt, borrowers can ask their mortgage consultants to explain these options and how they will impact their finances over time.

Step Three: Submit the Application

Once a borrower knows which bank or private lender is offering the best deal, it’s time to submit an application. Remember, it can take a while for the application to go through. A mortgage consultant who works directly with the local banks can work with the lender’s home loan specialist to provide updates on progress and, if applicable, explain the terms laid out in the approval letter.

Step Four: Conveyance

Once the bank has issued a letter of acceptance and all parties have signed off on the offer, the conveyance process can begin. Completing this complex legal process will require the help of a real estate law firm. If any legal issues come up, the borrower will know about them immediately. Otherwise, his or her loan will go through after the conveyance process has been completed.

Step Five: Interest Rate Reviews

Most mortgage loans in Singapore have what are known as lock-in periods following the distribution of funds. The interest rates may fluctuate somewhat until the lock-in period is over. BUC properties do not have lock-in periods. As a result, homeowners will need to review their interest rates once they reach TOP of development and again at the issuance of CSC. New homeowners can expect their mortgage consultants to provide regular updates and reviews, no matter what type of loan they have.

Find a Trustworthy Mortgage Consultant

Getting ready to buy a new home and don’t want to wait until it’s possible to pay for it in cash? Don’t go it alone. Prospective buyers should find a mortgage consultant who has established reputations with many local banks so they can get the help they need to simplify an otherwise complex process.


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