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Traits of a poor Home Loan Consultant

Are you planning to get a new house? Most people would definitely look for a housing loan when buying a house. Even the richest people in the world will look for some form of loan as interest for home loan in Singapore is low.

Therefore, it is important that you look for some one who is reliable to take up your home loan application as it will be for long term and even a small change may cause you to end up paying a lot more. That is why today, we will be sharing with you on traits of a poor home loan consultant in Singapore.

1. Rushing you to seal the deal.
Usually, it will take up to a few comparison against bank offerings before home owners decide on their final housing loan application. Thus, if you meet any housing loan specialist who persuades you into sign up during the first meet up, reject them firmly.
A loan tenure estimated from 10 to 30 years, it is troublesome for non-savvy home owners to keep making comparison against their current loan package. Thus, a good mortgage loan specialist can be persistent on closing the deal while allowing their clients get a best decision.

2. Do not access your financial needs accordingly.
Mortgage loan specialists should have extensive knowledge on how to propose a best deal for your current financial needs. As banks have different packages with different criteria of application, the consultant engage must ensures that you get something according to your financial goals.
A few common points to note would be the tenure, interest rates, monthly repayment sum, lock-in periods, and penalty.

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3. No follow ups after sealing the deal.
Upon closing the deal, it is important that your housing loan advisers maintain follow-ups with you. As the real estate market changes regularly, it affects how you finance your loan. As a result, you may end up paying more after the transition of the market.
Therefore, your consultant should follow up regularly to help you keep financing on track. Furthermore, through following up they may get a chance to find a better package for you to refinance. A win-win situation for both parties.

4. Poor product knowledge and only sells package with highest commission
Poor home loan consultants have short sighted goals, they tend to only look for the best commission paying banks. Hence, client who have signed with them are unlikely to look for them again when refinancing.

At the end of the day, the best solution for your mortgage loan is to find a reliable financial loan consultant. A right consultant can offer you more value in comparison to just cost savings.

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