Home loan Whiz is a FREE mortgage consultancy service based in Singapore that aims to help you find the best mortgage home loan in the market, saving you time and up to thousands of dollars$$$ in the process.
We pride ourselves by our 3R guiding principle.
Reliable – Always putting ourselves in your shoes, we will handhold and guide you through the entire loan process, resulting in unbiased recommendations and a satisfied client.
Resourceful – We are constantly up to date with the latest rates and market news to provide you with the optimal solution
Responsive – We respond promptly to all your queries and our closely forged relationship with quality bankers enables us to get things done effectively
Loans can be complex and confusing. At Home loan Whiz, we strive to educate and guide you along so that you will be able to make the best informed choice.
Most people finance their home loans by referrals from their agents or directly with the bankers. These people, being commission driven, would sometimes be biased toward certain products they are representing, which might not be in your best interest.
Home loan Whiz works with almost all banks in Singapore. The banks pay us a small fee for referring cases to them. This is why we are able to provide you with free and unbiased views.
Shopping around the banks for the lowest rate is a very time-consuming activity, Our close ties with the banks enable us to have access to all the latest rates at our fingertips, saving you many hours of your precious time. Being the experts in this field, we also keep ourselves updated with the latest market news and regulations to be able to better advise you.
No, it is absolutely free of charge. The banks will remunerate us directly for every successful referral.
Infact, if you refer someone to us and that person signs a loan package, we will pay you a referral fee as well. Contact us for more details
When you walk into a bank, the banker will only be able to recommend you the products from his bank, even though there might be cheaper alternatives around with better terms. At home loan whiz, we can tell you which banks are offering the lowest rates. However, if you have decided on a certain bank, we can put you in touch directly with a banker from that bank. Our bankers are carefully selected over the years and have proven track record of providing excellent service to our clients.
Each Bank has their own assessment system.
In general, the factors below will determine whether you are eligible to loan and how much you can loan.
Common factors they take into consideration are
- Monthly income
- CPF contribution
- Financial Commitments (Car loans,?study?loans)
- Credit Rating from Credit?Burea?Singapore (Yes 1 late credit card payment will be flagged out)
- Bankruptcy search
- Debt Servicing abilities
CPF monies from your ordinary account can be used for partial payment for the property, including land and construction cost of the house. It can also be used to pay for stamp duty, mortgage fees, legal fees, monthly mortgage instalments, HDB upgrading fees.
However, it cannot be used to pay for Conservancy charges, repair and renovation works, and also the cash portion of the property purchase. CPF ordinary account funds can be used to pay up to the withdrawal limit. ?The withdrawal limit calculator can be found on the CPF website http://www.cpf.gov.sg/cpf_info/calculator/vl/vl_input.asp
No the government does not allow this
You can remortgage and take out up to 80% of the valuation amount whether you have an existing loan or it is fully paid up. This will depend on a few factors.
The bank, whether it is your 1st or 2nd mortgage, CPF monies owed, your income level. Do contact us and we can better advise you.
Yes. However, as it may take a while for CPF Board to release your money to pay for your stamp duty, you may need to pay first using cash to avoid any late penalty charges.
HDB Mortgage Insurance, also known as Home Protection Scheme (HPS) is compulsory if you are using CPF monies for your HDB Flat. A waiver can be granted if you have alternative mortgage insurance provided by other private insurers. Mortgage Insurance for private property mortgage are not compulsory but comes highly recommended for you and your love ones in the event of unforeseen circumstances.
If you require assistance on this, our consultants are happy to point you in the right direction.