Invest in Singapore: Protect your Credit Report

Investment, Invest in Singapore: Protect your credit report
Courtesy of www.PropertyBUYER.com.sg

Email: loans@propertyBUYER.com.sg
http://www.propertybuyer.com.sg/contactus.php

Singapore Home Loan and Investment in Singapore: Everyone claims to be experts

In Singapore, getting a home loan can sometimes be tricky. Considering that

there are many banks competing for your attention. Not only that, there are

also property agents and others claiming to be Mortgage specialist. Are they

really experts? You decide.


What happens when you make a bank loan application

Whenever a mortgage broker or a banker lodges your application, the

bank's Credit department will submit an enquiry to the Credit bureau about

you. The Credit Bureau Singapore will lodge a record in your file. The file

builds up over the years. This record is not erased. (See picture below, the

number of times an enquiry is made is filed in the credit report)


Invest in Singapore: Protect Your Credit Report



What do banks think about multiple consecutive enquiries?

Each bank have their in-house risk management team to assess the risk of

lending to an individual. For example, if a person has defaulted on his/her

loan before, and this is followed by many enquiries by banks, the

subsequent bank's suspicions may be raised about the person.


Even if the person have not defaulted before, many attempts to borrow from

personal loans or many attempts to obtain home loan may result in many

enquiries.

Are Credit "Enquiries" necessarily Bad?

Credit enquiries are neutral in nature. However excessive credit enquiries on

a single individual by banks or financial institutions can be an indication of

distress or recognised as such by some lenders. Excessive "Enquiries"

coupled by a past history of one single default (even in the distant past),

may just be enough to discourage lenders to lend you.


Will if impact my chances of getting a bank Home Loan approved?

If the enquiries are consecutive, the property Buyer or home loan borrower

may jeopardize their subsequent chances of obtaining a loan with another

bank. We, we certainly think that excessive enquiries can impact the

chances of a home loan being approved.





Each enquiry made is being logged.




We are a research-focused Mortgage advisory, we do not emphasize cheap

loans, but rather what best fits your financial situation to structure the best fit

home loans based on risk-versus-savings.


HOW Does www.PropertyBuyer.com.sg minimize the "enquiries" being

lodged to a person's Credit Report?


We work closely with the banks. After obtaining your financial information,

we cross check with the banks on your likely success rates before we submit

your completed bank loan application form to the banks.

This way, your Credit report will not have too many enquiries being logged

and you will therefore likely have a better credit rating.


Then we will sort out which banks offer you the best home loan features or

structure that gives you that financial flexibility and protection.

Our approach of NOT emphasizing cheap loans has cost us dearly in terms

of revenues as we do NOT push our clients into cheap loans to close a deal.


Many times when we felt that the valuation is unjustified for a property, we

will also inform our client and advise them of the possible risks. Thankfully,

our "lost clients" have been very generous in their referrals of their friends

and family to us. This has helped us maintain our operations.


If you feel that you have truly benefited from our articles or service, we kindly

request that you bookmark us in your "facebook" or refer your friends and

family to us.


Tel: 6100 - 0608 sms: 9782 - 8606

Email: loans@propertyBUYER.com.sg

Contact us

http://www.propertybuyer.com.sg/contactus.php

Read More articles

http://www.propertyBUYER.com.sg/articlesnews.php

Understand Property Investing and Sub-prime

http://astore.amazon.com/httpwwwpro0ad-20?%5Fencoding=UTF8&node=55

Refinance and Mortgages DIY steps

http://www.squidoo.com/Singapore-homeloan