So, you’ve got your eye set on your dream home and can’t wait to shift into it with your family immediately. With so many different schemes available, you could be lost between trying to get the lowest mortgage interest rates, to deciding if it will be beneficial to refinance your mortgage a few years on. Getting the lowest mortgage interest rate seems like a long and confounding process and probably is the only thing standing between you and your dream home. Fortunately, there’s a solution to all this and the road down to getting a suitable mortgage might not be so bleak after all.
1. Keep Your Credit Score in Check
It is important to remember to repay your loans on time to avoid your credit score from taking a blow which will, in turn, affect your future loan approvals such as mortgage loans and other major loans. A good credit score can possibly score you the lowest mortgage rates in Singapore when you are looking for a new home loan or to refinance your mortgage. So, set reminders on your phone and when your bills are due, you won’t miss them!
On the other hand, if you are in a precarious position and unable to pay your loan, it is always better to seek credit counselling and have your debt restructured rather than defaulting, even if it results in a lower credit grade.
2. Create a Checklist
To speed up the process of acquiring a home loan, one of the major factors (other than trying to ensure that you get the lowest mortgage interest rates) to take note of, is the documentation process. Prepare the documents required and have them ready to be handed over to your mortgage broker. This will cut down the time required to process your loan application and make it easier for them to view the full picture when deciding on the best scheme to refinance your mortgage.
- Completed and signed application form from the mortgage broker of your choice
- Copy of NRIC/Passport of applicants
- Income documents:
- Latest computerised payslip/ IR8A
- Two years’ tax return (for self-employed applicants)
- Two years’ commission statement (for commission based applicants)
- Option to purchase
- Latest CPF statement of account (if CPF usage is involved)
- Latest CPF withdrawal statement for existing property (If applicable)
- Option of sale for existing property (if applicable)
Once you’ve got all your documents sorted out and sent out to your mortgage broker, you’re one step closer to speedily acquiring your mortgage with the lowest interest rate!
3. Use Experienced Professionals
With mortgage comparison websites like HugMortgage, you will be easily able to compare all available rates from the different banks in Singapore. This saves you the hassle of hopping from one bank’s website to another to check the available rates individually.
In the process of purchasing a home, there are several people involved (bank loan officers, property agents and your mortgage broker) to ensure you get that dream home. It is important for them to be able to work well together to ensure that the process is seamless and doesn’t face unnecessary bumps along the way.
At HugProperty, we have experienced professionals to provide advice and to make that process all that much smoother for you.
property market, choose to receive factual data driven advice from local expert Mr Ku Swee Yong at HugProperty. Mr Ku is a locally acclaimed veteran property analyst and agent, who is renowned for his unbiased property analysis.
With 12 years of experience under her belt, Ms Ally Yang is committed to securing the best mortgage with lowest interest rates for HugMortgage’s clients. Ms Yang is also often sought after by the local media for her mortgage insights.