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. Below are the 3 tips for home buyers.
1. About Yourself
Always ensure that you have paid your credit card bill in time. Generally, this improves your credit rating, making you a less risk when applying for a loan and you might get it at the lowest 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 used by lenders to gauge your credit risk level. Look out for things that might have been misrepresented and could 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. For instance, you can visit www.housingloansingapore.com.
Take your time to learn all of the terms of the loan and make sure that you understand the 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 could not 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 approved.
Don’t just get 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 in need of. 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 get 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.
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Established in 1992 and previously known as Yong Seng Credit,
Singa Credit Pte Ltd is Licensed Moneylender in Singapore regularly updated with the latest regulations to be in line with the requirements set out by Registry of Moneylenders.
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