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Anonymous

Asked on 07 Dec 2020

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

I am a first-time home buyer and there are a lot of that I am still unsure of, such as whether to use a mortgage broker or not. Any advice?

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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

Oh yea I almost forgot to mention that an independent mortgage broker can offer the service of listing out what’s the best bank loan for you as they are able to compare the loans offered by most of the banks, thereby helping you to choose the best option which eliminate the hassle of you going to different banks to find out on their offerings.

Thank You!
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