Top 3 Tips for Home Buyers
In Singapore, billions of dollars worth of property is sold year in year out. If you want to buy a home or property, here are some tips you should arm yourself with before finally making the deal.
1. About Yourself
Always ensure that you have paid your credit card bill in time. Generally, this improves your credit rating. This will also make you a low risk to the bank when applying for a loan. In addition, you may also get the loan at the lowest interest rate. Other debts to be paid on time include your car loan, study loan and even your personal loan
Before you go out looking for a house, ensure that you have updated your credit report. These reports are use by lenders to gauge your credit risk level. Look out for things that may have been misrepresented and can lock you out of a loan.
After this, go ahead and determine how much mortgage you can afford to pay at the end of every month. There are calculators that can help you with this determination easily.
Take your time to learn all of the terms of the loan and make sure that you understand it well. Mortgage brokers and property agents will be of great help to you when it comes to understanding the terms. It pays since several people make mistakes simply because they cannot understand the terms.
2. About Your Loan
Visit a bank and let them determine how much you can afford for your house. It is also in this step that you will get your loan approve.
Don’t just be satisfied with what your bank offers. There are several lenders out there that you can approach. Shop around looking at the terms, repayment schedule and interest rates for each and every lender. Property agents or mortgage brokers will be of great help on this stage. Contact them for professional advice since they have already worked in the market for long enough.
Don’t just make the deal. Make sure that you understand it inside out. Let the lender explain to you about the closing fees or any other fees before making the final signature on the loan documents.
Be in constant communication with your lender. Most of the lenders will contact you regularly or when need be to clarify a thing or two to you or just give you some additional information.
3. About Your Home
Don’t just go in the market and make a decision based on emotions. Sit down and determine what kind of house you are looking for. Also, decide whether you can pay for the house without having to strain. After you have decided on it, stick to it to the end.
Don’t just look at one house and be satisfied by it. Shop around for a house that you have in mind. Don’t let friends influence your decision since it is you who knows what kind of house you really want for yourself or your family.
Looking to finance your home purchase? Drop us a message and we will be able to explain to you more about our bridging loan. Other than the types of loans listed on our site, we constantly customize loan packages for customers. We understand that not everyone will fit into the same loan category thus we came up with this service.
As the best licensed moneylender in Singapore, we are always trying to improve our loan packages and services to our clients. If you’re interested in taking a loan, feel free to drop us a message here or fill in an application form. We will get back to you as soon as possible.