Posts Tagged ‘Housing Loan’

Why You Should Turn To A Loan Consultancy Website About Your Housing Loan

June 10th, 2013

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Any person who plans to purchase a home through a housing loan can always benefit from adequate information. Fortunately, a wealth of easy reference materials, useful data and helpful tips are readily available on a loan consultancy website.

How A Loan Consultancy Site Can Help You in Singapore?

1. It connects you with professional mortgage consultants in the city.

A reputable online loan consultancy service allows you to easily contact qualified mortgage consultants, each of them knowledgeable in the various housing loan packages available from Singaporean banks and lenders.

The mortgage consultancy services include financial risk profiling, which also involves offering sound advice on the kind of loan that is most suitable for you, given your specific financial situation. You will then be referred to a bank or financing company that can provide you with the appropriate loan plan.

Don’t worry about consultation fees – the service is entirely free for loan-takers. This is because bank or the financing company pays a commission to the mortgage broker when a loan is successfully issued. This is an arrangement that the financing companies prefer, since it is more cost-effective than hiring staff to do it.

2. It allows you to compare housing loan plans online.

Many loan consultancy websites provide you with ways to compare the loan plans offered by the various financing companies in Singapore.

iCompareLoan.com has an online housing loan comparison system that helps you accomplish this in 4 easy steps. All you have to do is provide a bit of information about your desired loan – such as the quantum, tenure, and whether you prefer a fixed-rate or floating-rate loan. The application will then show you a list of all the available loan plans that match.

Figure 1: Step 1 of Loan Comparison System

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Figure 2: Step 4 of Loan Comparison System

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3. It provides you with informational reports

A number of loan consultancy websites are able to give you detailed, analytic loan reports, for an affordable fee.

At iCompareLoan.com, they use an innovative loan analysis system which is currently the most sophisticated technology of its kind in Singapore. It generates a range of reports that evaluate different loan plans, including interest savings analyses, amortization tables, as well as other useful information. The initial report from this system is complementary, though the succeeding ones require payment.

Below is a screen shot of the login page:

Figure 3: Loan Analysis System

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The Benefits of Online Housing Loan Consultancy

1. It’s a hassle-free option that helps you save time.

There are about sixteen major banks in Singapore and even more financing institutions, and each of them offer over 50 kinds of housing loans. Collating all the necessary information yourself would involve probing through each banks’ website, looking into each loan plan, and manually comparing the data. However, not all banks provide enough information on their websites so you will have to personally contact their bank officer if you need to know more about certain things – interest rates, lock-in period or other important considerations. Obviously, this would require hours upon hours of tedious work; in the end, you may not even gather all the information you need. Furthermore, loan features are revised every so often, and it would be difficult for you to stay updated.

You have to remember that a housing loan is a significant financial obligation. It’s important to have all the necessary information so you can make wiser decisions.

A loan consultancy site can simplify things for you. The best loan consultancy websites have easy-to-use loan comparison applications, which allow you to compare housing loan plans. All the important data are in a simple table format that you can easily refer to.

If you need more assistance even after using the tools on the site, you can directly contact a mortgage consultant. A professional mortgage consultant can give you specific advice and comprehensive assessments; not only are they knowledgeable, but they also endeavor to keep updated with movements and revisions concerning housing loans.

2. You can get balanced advice.

These mortgage brokers don’t work for any bank, so you can trust them to provide you with truthful, unbiased information which bank employees won’t discuss with you. They can also give you a balanced evaluation between various banks.

3. Loan consultancy sites can help you with your loan application.

On top of providing free expert advice, evaluations and reports, mortgage consultants are generally willing to assist you with the paperwork for your housing loan. They can help you keep tabs on the necessary documents, reducing the risk of delay. If your loan amount is over S$2 million, the mortgage broker may even negotiate for better rates or expedite the approval process.

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