Mortgage broker advantage – 10 reasons to use one

There is a tangible mortgage broker advantage which home buyers who shop directly from banks don’t get.

By: Hitesh Khan/

Mortgage broker advantage includes:

1. GET INDEPENDENT ADVICE ON YOUR FINANCIAL OPTIONS.
As independent mortgage brokers and mortgage agents, we are not tied to any one lender or range of products. Our goal is to help you successfully finance your home or property. We’ll start by getting to know you and your home ownership goals. We’ll make a recommendation, drawing from available mortgage products that match your needs, and we will decide together on what’s right for you.

2. SAVE TIME WITH ONE-STOP SHOPPING.
It could take weeks for you to organize appointments with competing mortgage lenders — and we know you would probably rather spend your time house-hunting! We work directly with dozens of lenders, and can quickly narrow down a list of those that suit you best. It makes comparison shopping fast, easy, and convenient.

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3.WE NEGOTIATE ON YOUR BEHALF.
Many people are uncertain or uncomfortable negotiating mortgages directly with their bank. Brokers negotiate mortgages each and every day on behalf of home buyers in Singapore.

Being able to count on our market knowledge to secure competitive rates and terms that benefit you is a mortgage broker advantage.

4. MORE CHOICE MEANS MORE COMPETITIVE RATES.
We have access to a network of major lenders in Singapore, so your options are extensive. In addition to traditional lenders, we also know what’s being offered by credit cooperatives, financial institutions and other sources. And we can help you take care of other requirements before your closing date, such as sourcing mortgage default insurance if your down payment is less than 45% of the purchase price.

The mortgage broker is typically an experienced professional who is familiar with the loan approval process and the best interest rate, and having worked with different banks, they know their criteria and what makes the cut. As they are independent, they will also be able to tell you which lender offers the most suitable loan package with the best interest rate, rather than selling the loan package from the financial institution they represent.

But the bottom line is this – if you can obtain the same loan at the same rate with the same fees, it really doesn’t matter if your loan is brokered or not. It’s not important that someone uses their own money to fund your loan or if they get it elsewhere as long as you get what you were promised.

5. ENSURE THAT YOU’RE GETTING THE BEST RATES AND TERMS.
Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you are not obliged to stop shopping! Let us investigate to see if there is an alternative to better suit your needs.

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6. GET ACCESS TO SPECIAL DEALS AND ADD-ONS.
Many financial institutions would love to have you as a client, which is why they often offer incentives to attract creditworthy customers. These can include retail points programs, discounts on appliances, shopping clubs, and more.

We do the math on which offers might be worth your attention when it comes to financing or mortgage insurance – so you get the perks you deserve – that too is a mortgage broker advantage.

7. THINGS MOVE QUICKLY!
Our job isn’t done until your closing date goes smoothly. Having the mortgage broker advantage means you will get help to ensure your mortgage transaction takes place on time and to your satisfaction.

8. GET EXPERT ADVICE.
When it comes to mortgages, rates, and the housing market, we’ll speak to you in plain language. We can explain the various mortgage terms and conditions so you can choose confidently.

9. NO COST TO YOU.
There’s absolutely no charge for our services on typical residential mortgage transactions. How can we afford to do that? Like many other professional services, such as insurance, mortgage brokers are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains on you, the customer.

10. ONGOING SUPPORT AND CONSULTATION.
Even once your mortgage is signed and paperwork is complete, we are here if you need any advice on closing details or even future referral needs. This is the biggest mortgage broker advantage which no single financial institution would be able to afford you.

Mortgage brokers know what lenders are looking for and are so able to better streamline you loan application process. So, instead of making 5-10 loan applications, the mortgage broker will narrow the choice for you, eliminating those that are not suitable, and allowing you to save time and energy.

How to Secure a Home Loan Quickly

When using mortgage broker services, know that they can set you up on a path that can get you the best home loan meant only for you, in a quick and seamless manner.

Our consultants at iCompareLoan have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home or commercial purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance your existing one, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.