Different Home Loans For First Time Buyers

Different Home Loans For First Time Buyers – Here at Stacked, we get a lot of questions about home buying, especially from those who are looking to buy their first home. In fact, it resulted in the decision to make one

Therefore, in order not to overwhelm you with information, we decided to divide the guide into different sections and articles on topics and questions to make it easier to read and digest:

Different Home Loans For First Time Buyers

In this series, we will show you a step-by-step process of the entire journey to our original content. If you are serious about finding your first home and provide the necessary knowledge to make the right decision – this is for you.

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. It’s not just about having a normal face; What we mean is an accurate estimate of how much you can spend. Besides counting your money in your hand, it means getting an official confirmation from your bank.

Sometimes called Approval in Principle (IPA) or pre-approval, this is a statement from the bank that tells you how much they can lend you if you buy a house in a certain period (AIP is usually between two weeks and 30 days) .

For example, the AIP may say that a bank can lend you $1.125 million if you buy a home during the term.

One of the biggest risks you can take is to confirm the Option to Purchase (OTP) with a deposit on the property, before you receive the AIP.

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The down payment is usually a percentage of the purchase price, which must be paid in cash (for example, $15,000 for a $1.5 million property). Remember, this deposit

. Imagine if you put that $15,000 down and find out you can’t get a large loan to pay for the rest of the house.

In this case, the customer will be able to save $15,000 and you will walk away with nothing.

Also note that most OTPs only give you 14 days to make your decision – so you don’t have much time to cheat and get a loan.

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When reviewing your AIP application, the bank will check your credit score, bring your bank details with them and everything else they normally do to apply for a loan.

Assuming you’re using the same bank that issued you your AIP, they usually do all the paperwork. Loan approvals and payments can happen quickly (this is one of the reasons why many real estate agents and brokers require third parties). customers with AIP; they know less delay).

I came across a case where a woman applied for AIP and found out she would not be able to get a loan. The reason it was found was a student credit card he used about ten years ago; type and the maximum is $500.

For whatever reason, the credit on the card wasn’t paid, and the bank wrote it off – but it looked like he couldn’t pay his credit. This small amount can spoil the home loan application process.

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In another case, a customer was mistakenly identified as a company secretary (he was the CEO’s secretary, not the actual company secretary). This has hampered his confidence in loans and advances.

(Remember, like any business, you will have your fair share of experienced bankers. It’s worth taking the time to find someone you trust who will do a good job providing you personal information. AIP ).

Read The Money Guide How much money can you borrow for a loan/mortgage? and Ryan J

It’s hard to choose the right apartment when you don’t know exactly how much money you can spend. Maybe you can give your heart to the property that will eventually become the hundred thousand dollars you have.

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Remember that banks consider many things when processing your loan. For example, if you and your spouse are self-employed (SEP) and earn a total of $10,000 a month, you would only consider $7,000.

This is because ‘haircuts’ are used to generate income, which means that you can earn more than you think.

(We’ll talk more about home loan income later in this guide – follow Stacked on Facebook for details).

You might be thinking, what are the customers concerned about? They can keep the money if you can’t get a loan, right?

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Your fee may be a small compensation to the seller of the property. For example, during the two weeks waiting for you to use the OTP, they cannot sell the property to anyone – e.g. enough of the person who came in and offered $100,000 more than you.

Also, remember that customers have their own challenges. Some of them may rush to sell within six months to get a discount on the Added Buyers Stamp Duty (ABSD) – they can lose 12% of the purchase price. their next house if it is late to sell. And of course, if the buyers have already bought a new house to move to, then your business may end up failing.

As a result, some real estate agents are reluctant to deal with buyers without an AIP. Even if they do, they can prioritize those who have already made a loan.

Start by identifying the bank you want to get a loan from. There are hundreds of home loan packages available at any time (something we can help with).

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Alternatively, the tip is to contact your agent (if you have one) to refer you to a reliable mortgage partner. As mentioned above, since home buyers are motivated to get a good price, they want a mortgage broker they trust to work well with AIP.

But if you want to work directly with the bank, after you know the bank (or banks), you can submit the application form so that they can analyze your case. Each bank has its own procedures here, but make sure you have your SingPass to check CPF, IRAS, and tax forms.

Remember that there is usually no cost to get an AIP, other than the time it takes. you too

Need to use the bank where you got your AIP; even if you want to use another bank, we recommend you get your AIP from them.

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You can start a rental property listing; and you can do it with a clear idea of ​​what you can do.

Part 1 of The Complete Homeowners Guide to Owning Your First Home has come to an end.

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Ryan J Ryan is an old school print writer who has gone digital. He lived in almost all types of housing in Singapore, from apartments to apartments. For the past 18 years, he has been a content developer for companies large and small, a collaborator in the educational industry, and an occasional speaker. He also spends a lot of time and money designing small robot soldiers.

First Time Homebuyers Program

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

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