Housing Loan Singapore

www.Housingloansingapore.com

Providing online home loan services since 2009

SIBOR or SOR?

SIBOR is generally more stable while SWAP tend to fluctuate more. However 3-month SWAP has recently stayed consistently lower than 3-month SIBOR for an extended period of time. SOR is also very reactive to currency exchange rates.

Definition

Underwriting

Underwriting by definition refers to the whole process of credit assessment, analysis, and approving.

But in practice, the word is usually only used when a loan is approved and an offer letter is in the process of being generated.

This is because if a home loan application is submitted by a borrower, gets past the automated system and it is under credit assessment, telling the borrower that it be being underwritten can be misinterpreted by him as the loan being approved and documents are being processed to generate the contract.

Informing a customer that his loan is being assessed by the credit department will lead to less miscommunications between lender and borrower.

This is why loan officers usually only use the term underwriting when the final facility letter is being generated and what is left on the part of the borrower is to accept the terms and sign the contract.

Underwriting requirements refer to the assessment criteria applied by banking staff when determining whether a loan application can be approved.

When it comes to housing loans, underwriting requirements are much more detailed and comprehensive than assessment methods used in qualification and approval in principle.

Want to see housing loan interest rate trends
for the last 36 months?

Enter your email below so we can send it to you.


It makes absolutely no sense to pay more
than you have to on a home loan.

Find the best mortgage rates here
SEE RATES

Related Posts

What We Do For You

We Gather And Provide You Information On The Best Housing Loans In Singapore So That You Can Make A Better Decision Based On What Is Available In The Market

Which bank do you recommend for home loans in Singapore?

We don't recommend banks. We recommend you the best home loan that suits your profile and financial position.

How Does SOR Rates Hit Negative Value?

SOR rates are calculated with a complex financial formula, solved with simple algebra. The results of solving the equation therefore depends on the inputs used. Varying inputs that result from economic impacts and indicators can lead to negative value when the formula is solved. Key input indicators include USD/SGD spot rates and USD/SGD forward rates.

HDB loan or bank housing loan?

Our opinion is to always take a HDB concessionary loan if you are eligible for one. One of HDB's objectives is to to provide affordable housing for the people. While a bank is profit driven.

Which bank offers the best home loan deals?

Interest rates and spreads are not all that matter. Don't ignore the closing costs involved. Different banks can have different customized home loans for you. Don't be surprised if you will save more on a home loan that charges more interest because of the lesser closing costs involved. This is especially so if you know that you will refinance your home loan as soon as the lock in period has expired.
Want to see housing loan interest rate trends for the last 36 months?

Enter your email below so we can send it to you.

It makes absolutely no sense to pay more
than you have to on a home loan.

Find the best mortgage rates here
SEE RATES
close-link

It makes absolutely no sense to pay more than you have to on a home loan.

Find the best mortgage rates here
VIEW TODAY'S RATES
close-link