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Billions of dollars worth or properties are sold every year in Singapore. If you are a property buyer, there are 10 tips you should know.
About You
1) Pay your credit card bills on time. This makes you a lower credit risk and, therefore, a better candidate for a mortgage at the lowest possible rate. this includes your car loan, personal loan, study loan, etc.
2) Check and update your credit report before starting to look for a home. Credit reports are used by lenders to determine your risk level. watch out items that have been misrepresented.
3) Determine what monthly mortgage payment you realistically can afford. Calculators to determine this can be found at www.housingloansingapore.com
4) Take time to learn important terms and understand their meaning. talking to property agents and mortgage brokers will help.
About Your Loan
5) Get a loan approval first to find out what you can afford.
6) Shop around. Compare the different types of loans and interest rates structure offered by different lenders. a mortgage broker can help you do this in a very short time.
7) Understand the deal. Ask about closing costs and other fees before you sign the documents.
8 ) Work interactively with a mortgage lender. Your lender will likely need to talk with you from time to time and may need additional information.
About Your Home
9) Avoid emotional buying. determine what you really need in a home and at what price. then stick to the list you made.
10) View as many homes as possible. decide on a purchase based on your own opinion.
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