Singapore mortgage association helping consumers find a better deal

SINGAPORE - Oct. 12, 2015 - PRLog -- Property buyers in Singapore now have access to a range of free online tools and advice via Singapore’s peak mortgage association.

The Mortgage and Finance Association Singapore (MFAS) provides services and representation to hundreds of professional mortgage consultants. As mortgage broking is still relatively new in Asia many consumers are not aware of the services mortgage brokers can provide.

In launching the new MFAS website at www.mortgagefinance.com.sg, CEO, Annie Lim says the association aims to better educate and empower consumers who are making one of their biggest purchasing decisions.

Consumers in search of a home loan can access free online tools and request mortgage advice from accredited members of MFAS. The following services are available:

Mortgage Health Check: with Singapore’s interest rates at an all-time low consumers can quickly find out if they can save on their mortgage instalments either by refinancing or restructuring their loan.

Approval in Principle: get peace of mind by obtaining a mortgage Approval In Principal (AIP) before proceeding with a property purchase. This avoids unnecessary stress by minimising the chance that the loan will not be approved when really needed.

Home Valuation: receive an indicative valuation for a property from bank-approved valuers, before proceeding with a home purchase.

Mortgage Tool: a unique online mortgage repayment calculator which can simultaneously compare up to 3 loan repayment scenarios. A mortgage report can be automatically emailed directly to the enquirer.

Interest Rates: view current and historical 3 and 12 month trends for Singapore’s base interest rate, the SIBOR (Singapore Inter-bank Offer Rates).

Increasingly in Asia, particularly in Singapore & Malaysia, consumers are discovering the benefits of using the services of a mortgage broker to help them with home loan shopping. In other countries like Australia, over 50% of home loans now originate via mortgage brokers clearly showing the shift towards a choice model.  “It makes sense to choose from a range of lenders not just one” says Annie.

When a consumer engages an accredited MFAS member, they pay no more than if they went directly to a lender, but they will save time and money by helping find the best deal, completing the paperwork, avoiding the pitfalls of tricky clauses and possible penalties and chasing up the lender to get approval through fast.  The services provided by a mortgage broker are usually free as the broker is remunerated by the lender.

NOTE:  Further information about the services of the Mortgage and Finance Association Singapore are available from the website, including details of careers in broking and professional and personal development courses www.mortgagefinance.com.sg

ENDS

Issued by Mortgage and Finance Association of SINGAPORE   www.mortgagefinance.com.sg

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