Tips about Finding Singapore Home Loan Rates

By admin | Published: April 5, 2011

Owning a house is every Singaporean dream, so to speak. However, as inflation climb higher each passing years, most of the average Singaporean find it harder to own a HDB flat. Thus, there are many attractive schemes and loan packages offer by some local banks which you can really take advantage of.

A number of them offering Singapore housing loans are:

DBS

UOB

OCBC

SCB

If your favorite banks are not listed here, you may want to contact Singapore mortgage consultant for information.

With that being said, these banks offer floating and fixed rates for their loans packages. However, one thing you have to take note is the banks will keep changing their interest rates depending on the current economy. So these changes will also affect existing customers whom want to take up loan packages. Below are some two important guidelines to help you understand more on Singapore home loan rates.

First thing first, you should shop around and compare the rates that are offered by various banks. Do not simply walk into the first bank and take up their package. Often time, most bank will offer attractive rates for end user like us. You can engage a mortgage consultant service to source the rates for you. This help save you time too.

If you have existing loans with the same bank for quite some time now, you can go with other banks too if other banks are offering you more attractive rates than the one you are having now. Then you can go for a term call “Loan Takeover”. It simply means that the new bank whom you want to work with will take over the loan from your current bank. You can play this cleverly because it can help reduce the risk of rising interest rates.

Selecting a bank and Singapore home loan rates is easy if you engage a professional Singapore mortgage consultancy firm to do it for you.

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Everything About Singapore Home Loan Interest Rates That You Need To Understand

By admin | Published: March 31, 2011

Singapore home loan interest rate fluctuates wildly depends on current economy. This should not be seen as another venue for spending extra money. To overcome this, you need to have proper knowledge when comes to home loan interest rates. Not only will you make an inform choice when selecting home loan packages, you can potentially save up on the interest rates when you know how.

Here is 2 more popular forms of Singapore home loan interest rate.

Singapore Home Loan Fixed Rate Interest

This type of loan is about paying a fixed amount and you do not have to care if the interest rate is high or low during this loan period. If you want to make it affordable for you, you can consider taking up this loan and it comes with a period of 15 years and a 30 years loan. However, people find 15 years loan a more realistic housing loan. But at the end of the day, it really boils down to which type of loan really suits you.

Variable-rate Home Loans

This type of loans appears to be well like for people who know that the interest rates do not fluctuates that greatly. The advantage of getting a variable rate kind of home loans is that, usually the fixed interest rates are lower when started. On top of that, the loan is longer than the variable part of it. Let me quote you an example. If John fixed rate is 15 years long and his variable rate is only about a year, thus, he might be able to save more in such a situation.

So as you can see, this is how Singapore home loan interest rates works.

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How you can Choose a Singapore Mortgage Refinance Company

By admin | Published: March 25, 2011

In Singapore, there are many mortgage refinance consultants or companies that can help you out in your refinance.

Choosing a mortgage refinance company means that you have a variety of options to choose from. Shopping around for a mortgage refinance company that offers the loan terms that you want is easier than ever. You can look online, or you can go in to a more “traditional” lender for your mortgage refinance. Really, you have almost unlimited options when it comes to finding a mortgage refinance company that fits your needs.

Finding a Singapore mortgage refinance company nowadays is easy when you can search online.

But one thing that you have to take note when finding such company is that, you must first know what you want or have the slightest idea of what you want to achieve.

So how are you going to search for these companies online?

There are many companies now have their own website. Some tech savvy consultant or companies operate hundred percent over the internet. There are also “brokers” to help you find mortgage refinance company to best fit your requirements. What they does is, they take the required information from you and then submit it to several mortgage companies. Thus, you can rest assured that, more likely, you will be approved unless something unforseen happens.

There are some  Singapore mortgage refinance companies operates fully on the net. Despite they do not have a physical office, they know what they are doing. What you can do if you happen to come across such company is to read their about us page, then contact them to judge for yourself.

You may need to take note of the following if you look to engage a Singapore mortgage refinance company.

Service. You will want a company that gives you as much attention as possible and getting you back as the time promised and promptly.

Customized. Everybody needs are different. Find one company that can customize your needs and tailor one refinance package that suits you.

Honesty. It really helps to find a honest mortgage consultant or company. They will put customer interest first instead of their commission first.

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All that you should Be Familiar With Singapore mortgage

By admin | Published: March 21, 2011

In short, mortgage insurance is an insurance policy that helps a lender or investor to compensates any losses when a loan is defaulted. In Singapore, there are two types of loans. They are, public mortgage and private mortgage. We will be discussing more on private mortgage below.

Singapore Private Mortgage Insurance

For Singapore mortgage insurance, the charge depend much largely on some factors like, loan value, credit score, etc. You can choose to pay annual or monthly and some mortgage packages allows you to split premium too.

Lender-Paid Singapore Private Mortgage Insurance

For this type of mortgage insurance, the lender usually includes the premium cost they required to pay according to the interest that is charge on the loan from the borrower. In such scenario, most of the time, the borrower is not aware that the lender has been covered by insurance.

Borrower-Paid Singapore Private Mortgage Insurance

This is an insurance taken on mortgage loan defaults that is provided by an insurance company and the premium for which is paid by the borrower. By undertaking the payment for a borrower-paid private insurance on mortgage, a borrower can get a mortgage without being required to put in a down payment of 20%. This type of Singapore mortgage insurance provides coverage to the lender for the extra risk of giving a high loan-to-value mortgage.

Sign up for Singapore mortgage insurance once you have taken your keys. This is to protect your loved ones because in case if you die, the mortgage insurance will be paid off by the insurance thus removing their burden of continuing to pay for the mortgage.

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