FAQ 1: What is a mortgage/finance broker?
A mortgage/finance broker is someone who acts as an intermediary specialist to broker loans to financial institutions on behalf of individuals and businesses.
Today in many developed markets like Australia, New Zealand, United States, Canada, United Kingdom and Spain, mortgage brokers are some of the largest sellers of mortgage financing products for lenders.
FAQ 2: Benefits of using a mortgage/finance broker?
- Mortgage/finance brokers are aggregators that offer a one stop multi-bank, multi-product range solutions vs a single bank product line offerings.
- We shortlisted the best deals for your consideration.
- We offer solutions from non-bank alternative lenders to fill up financing gaps.
- We take you through the various types of packages, solutions and combinations of financing options. The best deal is not necessary the one with the lowest numerical interest digit.
- We will examine your circumstances, plans and priorities to recommend you a loan that is right for you.
- We will advise/inform/update you on the recent regulatory amendments and cooling measures.
- Assess your debt servicing ratios and borrowing capacity.
- Saving you time, effort, legwork, resources and monies.
FAQ 3: Does a broker get better rates?
The rates that we offer are consistent with a direct walk in customer to the bank or financial institution. In some instances, due to bulk order submissions, promotional tie-ups and close working relationship with the lenders, we are able to offer non-standard exceptional rates better than a direct walk in customer.
FAQ 4: I see many online comparison portals, how are we different?
Many of the online comparison portals simply act as a data collection and distribution centre that forward your request and information out to multiple banks, financial institutions and lenders.
We are more than a data redistribution centre. As an independent loan adviser, we believe in providing you with a single point of contact, listening & understanding your needs, requirements and priorities and proposing you with the best financing solutions customized to your needs. Our multi-bank price feed offerings has helped many of our customers enjoyed savings of up to 60%* reduction in interest cost.
FAQ 6: Do we fund the loans?
No. All facilities are underwritten and financed by the lender. We are an intermediary. We do not fund any of the facilities proposed/provided.
Question: Is the purchase of HDB Mortgage Insurance compulsory?
HDB Mortgage Insurance, also commonly know as the Home Protection Scheme (HPS) is a compulsory purchase for a HDB flat if you are using CPF monies for the HDB flat. A wavier will be granted if you have alternative mortgage insurance coverage provided by private insurancers. Mortgage Insurance coverage for private property mortgages are not compulsory but offers protection for you and your love ones in the event of unfortunate events. For prudent financial planning, adequate mortgage insurance planning is always recommended.- See more at: http://www.mortgagesupermart.com.sg/resources/frequently-asked-questions#sthash.nDGZgrAA.dpuf
FAQ 5: Are we a money lender?
No. We do not participate in any form of money lending activities. We are an intermediary. We do not fund any of the facilities proposed/provided.
FAQ 7: Are we able to refer or recommend any contacts to licensed / unlicensed money lenders for personal loans?
No. You may wish to check out other alternative channels (internet / yellow pages / directories etc.) for consideration.