Apply For Home Loan First Time Buyer

Apply For Home Loan First Time Buyer – Here at Stacked, we’ve received a lot of questions about the home buying process – especially from people looking to buy their first private apartment. That naturally made us decide to create

So, in order not to overload you with information, we decided to divide the guide into different sections and articles on topics and issues that allow you to read easily and clearly:

Apply For Home Loan First Time Buyer

In this series, we show you step by step the entire journey with our original content. If you are determined to find your first home and equip yourself with the knowledge to make the right decision – this is for you.

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. We don’t just mean having a ball; we mean having an accurate estimate of how much you can spend. In addition to calculating your balance, this also means that you receive a principle authorization from your bank.

Also sometimes called Approval in Principle (IPA) or pre-approval, this is a statement from the bank telling you how much they would lend you if you were to buy a house within a certain time period (AIP is usually valid between two weeks to 30 days).

For example, an AIP can mean that a bank can lend you up to $1.125 million, if you can buy the property within the right time period.

One of the riskiest things you can do is hold an Option to Purchase (OTP) deposit on the site, before you have an AIP.

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A security deposit is usually part of the purchase price, which must be put in cash (for example, $15,000 for a $1.5 million property). Remember that this deposit is

. So what if you put down $15,000 and find out you can’t get enough credit to pay off the entire house.

In this case, the seller will get to keep your $15,000, and you will walk away with nothing.

Also remember that most OTPs give you less than 14 days to use the option – so you have very little time to move and get the loan.

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When reviewing your AIP application, the bank will check your credit score, bring documents and other things they do for a loan application.

Provided you use the same bank that issued you AIP, all documents are done multiple times. Loan approval and disbursement can happen very quickly (this is another reason why many real estate agents and brokers prefer to deal with clients with AIP, they know that the risk of delays is less).

We came across a case where a woman applied for AIP and was told she would be denied a loan. The reason it ended was a student credit card he used about ten years ago; $500 limited edition.

For whatever reason, the debt on the card was never repaid, and this was written to the bank – but it turned out to be a blip on his credit score. This small amount would destroy the home loan application process.

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In one case, a client was mistakenly identified as the company secretary (he was the manager’s secretary, not the actual business secretary). This interferes with his credit approval and credit.

(Note that as with any industry, you will find your fair share of competent and incompetent bankers here. It is worth taking the time to find the right one for you. I can trust that he will do a good job of finding you. the right amount. AIP).

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It’s hard to make a list of apartments that work, when you don’t know exactly how much you can spend. You can set your heart on a property that later turns out to be thousands of dollars out of your reach.

Private Home Loan

Keep in mind that banks look at many factors when processing your loan. For example, if you and your spouse are self-employed (SEP) earning $10,000 per month, you only take $7,000.

This is due to the ‘beard’ applied to the different currency, meaning you may end up paying a lot less than you thought.

(We’ll explain more about home loan capital requirements in the next part of this guide – follow Stacked on Facebook for the latest information).

You might ask, what do the markets care about? They get to keep the deposit if you can’t get a loan, right?

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In fact, your deposit may be very little compensation from the estate agent. For example, during the two weeks they are waiting for you to use the OTP, they will not sell the property to anyone – not even someone who offers $100,000 more than you.

Also, don’t forget that the sellers have their own pressing problems. Some of them can rush to sell within six months to get an Absentee Buyers (ABS) exemption – they could lose up to 12 per cent of the price of their next house, if your failed business slows them down. And of course, if the sellers have already bought a new house to move into, your failure could be the result

Because of this, some sellers and estate agents are reluctant to deal with buyers without an AIP. Even if they do, they can choose existing borrowers.

Start by identifying which bank you want to take your loan from. There can be hundreds of home loan packages available at any given time (something we can help with).

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Alternatively, a tip is to contact your agent (if you have one) to introduce them to reliable partners. As mentioned above, since real estate agents are encouraged to have a listing agreement, they can look for a mortgage broker they trust to do the right job with your AIP.

However, if you still choose to work directly with the bank, after selecting the bank (or banks), you can send the application form to them to review your case. Each bank has its own procedure here, but make sure you have your SingPass handy to check your CPF, IRAS tax form, etc.

Note that there is usually no cost to obtain an AIP, apart from the time it takes to apply. You also

Must use the bank where you received your AIP; even if you want to use another bank we recommend you get AIP from them.

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You can start nominating apartments; and you can do it with a clear idea of ​​what you can do.

Here’s the end of Part 1 of Stacked Homes The Ultimate Guide to Your First Home Ownership.

If you want to get updates as soon as the next episode comes out, subscribe to our mailing list!

Ryan J Ryan is a former journalist turned digital. He lives in almost all types of housing in Singapore, from apartments to condominiums. For the past 18 years, he has been a content producer for companies large and small, a co-founder of an educational business, and the occasional radio voice. He also spends a lot of time and money painting little plastic soldiers.

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My name is Sean and our goal is to help Singaporean buyers and sellers make better decisions for themselves. Do you have a question in mind? Email us at: hello@

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