By: Zeng Han Jun, CPCG, Singapore
The question of how many banks a mortgage broker use, is a very important factor to decide. This is especially so in larger countries like USA, UK and Australia. Due to the large number of banks, it is very important for the consumer to use a mortgage broker who has a wide range of bank access. This increases the possibility of the consumer getting the best housing loan for his personal credit profile within a given region.
Does this matter in Singapore? Very clearly, this is not a matter of issue here at all. Let's see why: Singapore, although small, has a large number of banks and finance institutions operating in our region. However, we must take note not all of these banks and finance institutions are approved to do mortgage lending. Many of these companies only have their operations, trading, investment banking services and brokerage arms here, not mortgage lending.
What does this means? Although the number of approved mortgage lenders in Singapore is not as many as compared to those in USA, UK and Australia, the number of housing loan packages to choose from can still be pretty overwhelming for the consumers. From the mortgage brokerage firm's point of view, due to the fact that such mortgage brokerages deal with large number of inquiries and deal closure on a daily basis. They are in contact with mortgage lenders constantly. Therefore, mortgage brokerage on an average, uses all the mortgage lenders in Singapore.
What does this mean for the mortgage consumers? I will address this question to mortgage consumers from different countries. From the enquiries we receive daily from our customers, we realize that the largest number of enquiries come from Singaporeans, followed by Australia and United States. I will first address to fellow Singaporeans: no this factor is not very important right here. Your choice of mortgage brokering firm is actually dependent on the fee structure, level of customer service satisfaction and professional ethics. To Australia and United States mortgage consumer: Yes it is very important to you but I hope you can contact your country's mortgage brokers for a more detailed discussion.
This article from CPCG is currently being protected by Singapore and International Copyright Laws. However please feel free to republish this article, provided that you include working links to our website: [http://www.cpcgonline.com] and http://www.cpcgonline.blogspot.com. We appreciate your kind gesture. For any enquiries, please email us at enquiries@cpcgonline.com.
The question of how many banks a mortgage broker use, is a very important factor to decide. This is especially so in larger countries like USA, UK and Australia. Due to the large number of banks, it is very important for the consumer to use a mortgage broker who has a wide range of bank access. This increases the possibility of the consumer getting the best housing loan for his personal credit profile within a given region.
Does this matter in Singapore? Very clearly, this is not a matter of issue here at all. Let's see why: Singapore, although small, has a large number of banks and finance institutions operating in our region. However, we must take note not all of these banks and finance institutions are approved to do mortgage lending. Many of these companies only have their operations, trading, investment banking services and brokerage arms here, not mortgage lending.
What does this means? Although the number of approved mortgage lenders in Singapore is not as many as compared to those in USA, UK and Australia, the number of housing loan packages to choose from can still be pretty overwhelming for the consumers. From the mortgage brokerage firm's point of view, due to the fact that such mortgage brokerages deal with large number of inquiries and deal closure on a daily basis. They are in contact with mortgage lenders constantly. Therefore, mortgage brokerage on an average, uses all the mortgage lenders in Singapore.
What does this mean for the mortgage consumers? I will address this question to mortgage consumers from different countries. From the enquiries we receive daily from our customers, we realize that the largest number of enquiries come from Singaporeans, followed by Australia and United States. I will first address to fellow Singaporeans: no this factor is not very important right here. Your choice of mortgage brokering firm is actually dependent on the fee structure, level of customer service satisfaction and professional ethics. To Australia and United States mortgage consumer: Yes it is very important to you but I hope you can contact your country's mortgage brokers for a more detailed discussion.
This article from CPCG is currently being protected by Singapore and International Copyright Laws. However please feel free to republish this article, provided that you include working links to our website: [http://www.cpcgonline.com] and http://www.cpcgonline.blogspot.com. We appreciate your kind gesture. For any enquiries, please email us at enquiries@cpcgonline.com.
Source...