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Unbeatable Mortgage 101

We have compiled a practical guide to mortgages for first-time home buyers
Filled with information about mortgages, tips, tricks, and common mistakes.
(10 minute read)

Frequently Asked Questions

A mortgage advisor is a professional that helps you get a home loan and refinance your mortgages. 

A good mortgage advisor

have a deep understanding of bank and government regulations, to help you avoid fees by understanding when you are looking to sell your property. Advises you on what rates and terms are favorable in the current market environment based on your current constraints.

Engaging a mortgage advisor saves you time and money.

In Singapore, the mortgage advisors are renumerated by referral fees to the bank as a third party. Banks either pay the bankers or mortgage brokers for a successful case. 

Difference is, a mortgage broker has access to all the banks in Singapore and does not take a salary from the bank; being able to recommend the rates that are most beneficial to you.

Bankers are renumerated by the profit the banks make, whereas the mortgage broker gets a flat fee, which means the priority is the lowest rate.

If interest rates are higher than the CPF Rates it might be worth entertaining that thought.

But do know that this is a one way transaction for HDB cases. 

For private properties, you'd be able to gear up to do a voluntary housing refund, when bank interest rates are low. 

After 55 year old your CPF turns into a megabank. You'll be able to withdraw your CPF to pay for your mortgage without incurring accrued interest. but keep in mind the opportunity cost of the CPF Rates.

According to MAS,

domestic interest rates can be at a discount (premium) to global interest rates when the S$ is expected to appreciate (depreciate) against other currencies.

A small country like Singapore, we are very clearly price takers. And there has been a 90+% correlation between SORA and EFFR based on our 18 year data study from 2005-2023

It helps that the US Federal Reserve release economic projections

Do keep in mind, that the economic projection is the current plan and plans do change.

Unfortunately, no. 

Buildings under construction takes a varied time to complete, thats why banks usually only offer floating rates to Building Under Construction loans.

Upon TOP (Temporary Occupational Permit)
you will be given an option to reprice into either a fixed or floating rate. 
keep in mind, your breakage fee if you should refinance your loan.