The decision to buy a new house does not happen overnight – it’s something that requires a reasonable amount of time to mull over. Even though buying a house costs a lot of money, it’s undoubtedly a significant investment to make! And once you’ve made your decision, taking a quick cash loan can boost the process and bring you one step closer to your dream home.
Regardless if you already have a house, or if it’s your first time, it’s essential to plan and prepare adequately beforehand. As the saying goes, if you fail to plan, then you plan to fail. So, if you’d like to be better prepared before acquiring a home loan in Singapore, then you’re in the right place!
1. Obtain your credit score report
Before attaining a loan, your credit score is the determining factor to the licensed moneylender or financial institution. A credit score indicates how likely you are to repay your debts. In Singapore, your credit score matters because the higher your score, the higher your chances of getting a loan is. Suffice to say, it affects your eligibility for a loan.
Get a copy of your credit report from Credit Bureau Singapore and check through it. Look out for any discrepancies that could be affecting your credit score. If you have an outstanding amount of unsecured debt, then this could delay your approval from getting a home loan. In this case, you might want to consider getting a consolidation loan instead.
2. Determine if you have sufficient funds
When applying for a loan, you’ll need to meet certain eligibility requirements such as having an annual income, with the cost depending on the loan provider and type of loan. Before that, you’ll need to calculate how much you can borrow so you can determine how much you can pay back each month.
Making repayments in the amount you agreed on, punctually, helps improve your credit score. Hence, it’s crucial that you know what you can pay back so you can be more vigilant when running through the terms and conditions of your loan repayment.
3. Look for your preferred moneylender
Look around and compare the terms offered by each licensed moneylender, rather than simply comparing companies based on the loan amount offered. The following factors are some examples of what you should consider: repayment terms, fixed-rate terms, loan costs, prepayment penalties and the like.
That’s where Easyloan.com.sg aims to help! We understand that this is a major life decision to make, so we want to guide you through the process. If you sign up for an account with us, you can get access to exclusive content like where to attain a quick cash loan in Singapore and more.
4. Prepare yourself before applying for a loan
To facilitate the loan approval process, be sure to prepare the necessary paperwork beforehand! You can check with your chosen moneylender for more specific details. And of course, make sure you’re obtaining your instant cash loan from a licensed moneylender in Singapore.
When shopping for the ideal moneylender to choose from, you might feel so spoilt for choice that you can’t decide. At the same time, try not to feel pressured about having to commit yourself to a loan the moment you meet up with a moneylender. Take your time to compare the different loan packages through Easyloan.com.sg. Anytime you need clarifications, don’t hesitate to get in touch with us and we’ll do our best to help. With that, remember that this is for your home, after all! We wish you all the best in your journey.