facebookWhen choosing a bank home loan, do you use mortgage brokers or simply go to the 3 big banks in SG and ask for an IPA directly? What are the pros and cons of using a mortgage broker? - Seedly
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Anonymous

Asked on 04 Dec 2020

When choosing a bank home loan, do you use mortgage brokers or simply go to the 3 big banks in SG and ask for an IPA directly? What are the pros and cons of using a mortgage broker?

I'm a first-time home buyer here looking for a bank loan for my home.

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TY Lim

TY Lim

Level 5. Wonderkid

Answered on 08 Dec 2020

There's no difference between going through a bank or through a mortgage broker. The only difference lies with if you go through a mortgage broker, he will earn a percentage of commission by referring you to the bank. On your part, you do not pay any additional fee GE process to getting your mortgage loan is the same as going through the bank directly.

However, there are times when the mortgage broker might share his commission with you as a form of incentive for you to go through him, instead of the bank directly.

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TY Lim

TY Lim

08 Dec 2020

You don need to pay a single cent to him. It’s a totally free service provided to you by the agent. He will earn via commission fee through the bank :)

Question Poster

08 Dec 2020

Oh I see. I understand now. Thank you so much TY, I have a better understanding now!

Thank You!
Can you clarify
I wonder if
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