With more media reports affirming that interest rates are rising, it is ever more important to find the lowest rates and right home loan in Singapore. We share 3 steps to find the most suitable mortgage with the lowest home loan rates for your needs.
1. The Right Home Loan Calculator
There are many mortgage brokers and comparison portals in the market. Using the right mortgage calculator one can help you save time and money. Unlike the USA mortgages where they offer long term fixed rates, Singapore interest rates varies from year to year. Year 1 rate could have a different spread from year 2. More often than not, the spreads from year 4 onwards will jump compared to the previous 3 years. The right home loan calculator should take into account these varying interest rates for the Singapore property market. It should calculate the installments and interests payable for each year according to the yearly rates. Our home loan calculator is designed to calculate in this manner, allowing you an independent comparison.
2. Talk To A Trusted Mortgage Broker
A cold calculator can only do that much. It can merely calculate based on the assumptions you have. One may assume they are eligible for a longer loan tenure, while another thinks their income are sufficient to qualify for a loan. With the latest MAS TDSR guidelines, you cannot assume you and the co-borrower will pass the assessment criteria.
This is where a trusted mortgage broker like FindaHomeLoan.co steps in after receiving your enquiries. A good broker with his team of advisers will know the right questions to ask, such as the size of the property, the TOP and CSC dates, legal clawback period, etc. These are the minor details that you may have overlooked. A trusted mortgage broker should also be working in your interests. Given that our remunerations are paid by the banks only if you take up, there is little point for our advisers to recommend mortgages that have high incentives yet not suitable for you. We know you will not take it up.
If it may improve your trust and our reputation, check out the media coverage on us.
3. Comparing The Housing Loans Options
After listening to your requirements, mortgage advisers should present the options in a clear and concise manner. We will show you the breakdown of numbers over the short, medium and long-term for a holistic comparison. All expected expenses should be included. With our transparent approach, we sometimes surprise our clients by advising them not to refinance. This is at our expense of losing revenue!
To begin your search for the lowest rates, start comparing your Singapore housing loans with these calculators.
- Home Loan Calculator for New Purchase
- Refinance Home Loan Calculator (including equity/ term loan or cash out for private properties)
Contact us today for the best mortgage advice!