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Taking Help Of A Mortgage Broker

 In Mortgage Loans

Mortgage Broker

A Mortgage Broker is a person who acts as a link between the person who wants to borrow money and the one who lends money. He is an agent who brings both parties together and helps them in a smooth transaction.

A mortgage broker manages the whole process of a loan for people and organizations. He arranges a mortgage between you and a bank or a lending agency. 

For performing all the tasks of handling the transaction, he generally charges a commission from the lender or the banking institution. And, you are not required to pay any fees to your broker.

Qualities and Skills of a Good Mortgage Broker

Knowledge of Industry and Market

A good mortgage broker should have complete knowledge of the industry trends. You should be working with a broker who is aware of the market trade and keeps himself updated about the current market conditions and rates.

Attention to detail

A mortgage procedure can be complex because it deals with various financial plans and transactions. Your broker should pay close attention to Important information and details in order to close the loan quickly. 

Honest

Your broker should deliver what he promises. He should not be hiding any information from you for the sake of closing the deal. He should also be truthful about your creditworthiness and other details before applying for a mortgage.

Analytical 

A good broker should always be able to conduct a complete survey on prevailing interest rates available in the market for you. He should be able to analyze and provide you with a mortgage on a competitive and best rate possible.

Mortgage Broker in Singapore

In Singapore, you do not require any license but extensive knowledge of various details of lending. And a complete understanding of the rules and regulations of the trade. 

Different banks in Singapore provide different mortgage rates from time to time depending upon the supply and demand. One must have the most updated information about the rates. They can give you a more detailed review of the mortgage rates.

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How much Commission does a Mortgage Broker make?

Most of the mortgage brokers in Singapore only charge a commission from the lender and not from the borrower. The commission paid by the banks as a lending party is fixed. 

A broker does not charge you any fees for providing a comparison of best packages and a simple advice on the same. A very nominal amount is paid as a referral fee to the mortgage broker by the bank. But the rates offered by the mortgage broker are guaranteed to be the same or even better compared to directly approaching the bank.

Why do you need a Mortgage Broker?

Saves Time

Taking advice from a mortgage broker always saves your time. Researching and analyzing the best mortgage loan requires a lot of time and effort. A mortgage broker, already having an in-depth knowledge of mortgages may help you save you time and effort.

Saves Money

Most professional mortgage brokers do not charge you. They only charge a commission from the banks. Also, they assist you in finding a perfect mortgage that saves a lot of money for you.

Higher chances of getting a mortgage approved

Having a mortgage broker by your side aids you in getting a mortgage quickly and easily. You might get a loan through your broker even if you have a poor credit score. 

Expert Guidance

A mortgage broker counsels you and supports you in getting a mortgage at the best rates. He is able to advise you on the best options available to you considering your financial situation.

Comparison

Your mortgage broker furnishes you with a comprehensive comparison of the mortgage available in the market. This is possible because they are professionals and experienced, having extensive knowledge of mortgages.

Home Loan Whiz – Your Personal Mortgage Advisor

There are some mortgage brokers online like HomeLoanWhiz, who give the best advice to you about a mortgage loan. Having partnerships with the leading banks of Singapore, they can help you in providing the best possible rates for your mortgage. 

  • The experts in the team of Home Loan Whiz assist you in finding the right mortgage.
  • Personalized guidance for you to make the right decision.
  • No brokerage fees. No hidden costs.
  • Get a response to your queries in just 24 hours.
  • Guarantees lower interest rates.
  • Supported and approved by the leading banks of Singapore.
  • Open stop solution to all bank rates.
  • Mortgage calculator

Conclusion

The knowledge and level of advisory provided by a mortgage broker can be validated through customer reviews and online publications. Consulting them means a concrete way of finding professional and expert advice. Moreover, a mortgage broker is not tied to any bank. So they offer the best package to you after comparing the rates proposed by all the banks.

wayne quek
Wayne is a Chartered Financial Analyst (CFA), and holds a Bachelor of Business Management (Finance) from Singapore Management University (SMU). A successful Relationship Manager during his time with DBS and HSBC, Wayne used his expertise in financial markets to help his clients build up comprehensive investment portfolios. The entrepreneur is also the founder of Home Loan Whiz, a mortgage consulting firm that assists clients with selecting ideal mortgages for their needs.
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