Best Place To Apply For First Time Home Loan

Best Place To Apply For First Time Home Loan – Everyone dreams of owning a place, and behind every property purchase story are mortgage loans. After all, home loans turn this solid investment into a less expensive financial commitment.

Let our mortgage experts help you calculate your loan eligibility, give you sound advice and get you started on your journey to buying a place you can call your own.

Best Place To Apply For First Time Home Loan

Everyone dreams of owning a place, and behind every property purchase story are mortgage loans. After all, home loans turn this solid investment into a less expensive financial commitment. Let our mortgage experts help you calculate your loan eligibility, give you sound advice and get you started on your journey to buying a place you can call your own.

First Time Home Buyer Checklist Infographic

Property ownership is an important milestone in life. It is a symbol of success. It’s a lifelong commitment. It will also be your most expensive purchase. We can help make it one of your best investments. Let’s build your dream home together.

First, we need to consider what type of loan you will be taking – a HDB loan or a bank loan. They differ in many ways, so a good understanding of both is essential to decide which one you should choose.

The interest rate on HDB loans is currently 2.6%. The HDB loan interest rate is 2.5% + 0.1% = 2.6% linked to the regular account interest GPF + 0.1%. This rate has been the case for the past 16 years, and is unlikely to change anytime soon. So, if you get a loan from HDB, you will pay the same amount every month.

For bank loans, you can choose between fixed and variable interest rates. Fixed rates are very stable while floating rates are variable. Whether you choose fixed rates or variable rates depends on what you want and what suits your needs. A risk taker who doesn’t mind paying a little more for peace of mind? Or is he someone who prefers to go with the flow of the market and save a little along the way?

Is It Unwise To Buy A Car And A House In The Same Year?

For HDB loans, if the remaining lease of the property can cover the youngest buyer until at least 95 years of age, you can borrow up to 90% even if the remaining lease of the apartment is less than 60 years. (Otherwise the loan amount will be equal to 90%.) For the remaining 10%, you can use the funds in your regular CPF account. For bank loans, you can only borrow up to 75%, which means a higher down payment – you have to pay the remaining 25% with your own efforts, of which 5% must be in cash. People who prefer not to shell out hard cash to pay for their property can get a loan from HDB.

If the stars align and you hit the jackpot, you may want to pay off your home loan as soon as possible. HDB will give you the green light without any penalty, but banks? not like that. For banks, the co-signer depends on whether your loan includes a prepayment penalty. If so, you will have to spend part of your winnings to pay the penalty amount, which is usually 1.5% of the refund.

In the past, property owners had to fully utilize their regular CPF account balances when taking HDB loans. Currently, landlords can hold up to $20,000 in their regular CPF account.

On the other hand, landlords who take a bank loan can choose not to touch their CPF savings at all and deposit the money in a regular CPF account to earn the accrued interest.

What Do You Need To Apply For A First Time Mortgage

If you buy a new apartment from HDB after selling your current apartment and choose to take out a second loan from HDB, you will need to sell 50% of the proceeds from the sale of the old HDB apartment in the next apartment. . In contrast, if you buy a new flat from the Housing Development Bank (HDB) after selling an existing flat and choose to take out a bank loan, there are no restrictions on the amount of proceeds you can use to buy your next flat.

In general, these factors should be taken into consideration when purchasing a new home. You will need to evaluate your lifestyle, risk management approach and financial situation to determine the first step on your real estate buying journey.

Choosing between an HDB loan or a bank loan may seem difficult, contact our team of mortgage experts to help you make the right decision that suits your needs.

A mortgage broker is a financial professional who specializes in processing home loans. Armed with great financial knowledge, a mortgage broker will serve you better in achieving your financial goals. Mortgage broker:

First Time Home Buyers Mortgage Program

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I was recommended to hire Ms. Melissa Chan to process the loan for my new apartment… I am so grateful for her help in making the loan process go smoothly… She was very helpful, answered my questions and followed up. Getting things done… Thanks again Melissa for your help… Highly recommended… Read more

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I contacted Finance Guru for help with my home loan and Harry Lim responded very quickly. He was patient and took time to understand the situation before speaking to a group of bankers. He also made sure I had all the correct information and was very quick to follow up until the loan was approved. Two thumbs up for their service! I would not hesitate to recommend Harry Lim to anyone who needs help applying for a home loan! Read the article

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Harry is a very patient advisor and I don’t mind restructuring my loan 3 times a week! He always listens to my many concerns and manages to find a solution for me within a day. I am truly grateful to him and her

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