What to Discuss With Your Mortgage Broker?

Mortgage loans are fairly common these days as more people are moving towards land and property investments at a younger age. Here are a few things to discuss with your Singapore mortgage broker when selecting a mortgage loan for your property –

Best mortgage type for you
You need to discuss with your mortgage broker Singapore for the best mortgage type for you. The broker will help you understand the right type of loan as per your financial capabilities and need of the hour.

Be sure to check your options for the mortgage loans so that you don’t end up with just any loan for your property investments. Discuss all the pros and cons of the mortgage loan amount with your broker to find the right loan amount and type for your property investment.

Down payment amount
Every mortgage consultant Singapore has its own down payment percentage and you need to find the one that matches your financial capabilities. The most common deal is 20% on the total loan amount but a lot of different brokers can charge 3-5% also.

These days, there are a lot of different mortgage brokers Singapore that waive off the down payment completely. However, this is only offered on credible clients who have an excellent credit score.

Interest and APR
Be sure to discuss your interest rate of per month payment for the loan along with the total Annual Percentage Rate. This will help you find the right broker who can offer you the most affordable interest rate as per your mortgage loan amount. The APR usually varies from the monthly interest.

In case the difference isn't a lot, you can go with the APR instead of monthly payments. For example, if you are being charged 4% as interest rate per month, the APR can be 4.5% or even 4.25%. Be sure to discuss both of these points to find the right broker that can match your financial position for repayment too.

Additional costs
There are a lot of hidden costs along with the interest and fees over and above the total mortgage and interest charged. The closing costs usually add up to more than you would've expected because these cover the initial form creation charges, basic fees, taxes, and other costs.

Discuss with your mortgage broker about all the costs included so that you get the best mortgage loan at the best rates possible. All of these hidden costs are usually never mentioned beforehand as they can be intimidating to the customer.

With these tips, you can not only find the right mortgage broker for your investments, but you can also find the right mortgage loan amount for yourself. Be sure to be patient in this process and not rush things.

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