Why Should You Hire a Mortgage Broker in Singapore? A Mini Guide for Home loan Buyers

By Amanda Goh Why Should You Hire a Mortgage Broker in Singapore? A Mini Guide for Home loan Buyers |Published 06 Jul 2021 3 minutes

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At a glance…

There are many factors to consider before purchasing a property, one of which is getting a home loan. A lot of research is needed before choosing a home loan that works for you — from HDB loans to bank loans.

How do you know which loan is the best for you? Well, mortgage brokers can help with that.

How do Mortgage Brokers work?

Mortgage brokers are professionals that can help with your mortgage and loan finances, further acting as an intermediary between you and the bank/HDB. 

These brokers will also help you find the best deal from their lenders all for a small fee. As these brokers typically have a wide network of lenders, they are able to evaluate and analyse your situation to provide you with the best lender possible. Once you pick a lender, the broker will work with them until your loan is fully paid off.

How Can Mortgage Brokers Help?

Working with a mortgage broker can also help you save money, rather than doing your own research as they can help you find better interest rates on a particular loan. As they have an understanding of how the property market moves, they can better advice you on what options to take. 

If you have a poor credit score, they are also able to help you get a loan by looking for lenders that are willing to trust you. 

Oftentimes, mortgage brokers provide free services, as they earn money through commissions by their lenders. This means that you may not need to pay for their services at all.

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Insider tip

Mortgage brokers can also help you get loans for non-residential property types, such as shophouses which may be harder to secure a loan. This is as these mortgage brokers have a network of lenders who can deal with these niche requests.

Save Yourself the Time

Overall, getting a mortgage broker to help with your loans can not only save you money but also time. They will be able to provide you with adequate documentation necessary for your application and process the application quickly. This means shortening your application period and process.

Risks of Hiring a Mortgage Broker

As with everything else in life, getting a mortgage broker also comes with risks, especially if it is your first time working with one.

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Considerations

To reduce any risks, you should ensure that these brokers have your best interest at heart and will be able to get you the highest interest rates possible. Getting a broker that you trust is important in this process. 

One way to do so is to get referrals from those of a trusted source. Alternatively, you can seek out reputable agencies in Singapore.

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