As excitement builds up around Formula One action this weekend in Singpore, how about a different kind of race to bring your interests cost down to rock bottoms and hence paying down your mortgage in the shortest time possible?
Question is: Which team are you on? Or do you try to race on your own and apply all the aerodynamics you know and put all the nuts and bolts, components, gearbox, tyres, engines, etc. together? This is akin to you sourcing for best home loan solutions on your own, thinking you can get the best deal negotiating with bankers (salespersons representing the banks with their own commissions to protect), law firms, etc. And doing all that while navigating through all the regulatory changes like TDSR, periodic MAS exemptions, and the myriad of options in terms of loan features, vital contract terms like lock-in penalties, cancellation fees, breakage fees, free conversion, clawback periods, and so on.
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If you decide to work regularly with a professional mortgage consultancy firm, as many have come to appreciate the benefits of, then which team do you choose? Is it a championship-contending teams like Mercedes, Ferrari or Red Bull? In short, I am asking which mortgage brokerage firm you think can give you the best chance of winning the title (achieve the highest savings in total borrowing costs over your life time)?
Just like in an F1 race, the team that wins not only has the best knowledge of all the technical aspects of the game, they have the best teamwork and strategy for the driver who himself is excellent in his driving. That is why you see drivers like Valtteri Bottas and Max Vestappen catapult to the top of the game in recent years by joining the right team – one with relentless focus to deliver the championship, which in our context means savings and value. That is exactly how you should be choosing the best team to be your mortgage partner:
1. Best Product Domain Knowledge
An average mortgage broker will only be able to share with you the rates based on collation of all market data, sometimes these rates are not even updated. If you speak to a banker directly that’s even worst, as she can only share with you rates from her own bank, without knowledge of what everybody else is offering.
However, a top mortgage broker will not just give you the latest rates, which honestly, you can already see from so many mortgage comparison sites out there (provided they are updated, many are not). She will go beyond that in helping you to zoom into what is most important in your consideration. Sometimes this calls for not just knowledge of TDSR regulations, mortgage structuring, credit policies of respective banks, loan features like interest offset, lock-ins, conversions, etc., it requires knowledge of banking in general and how to plan out the best course of actions to arrive at the appropriate leverage levels. Another example is how most brokers will only show you the interest costs on a static perspective with no relevance at all, assuming interests will not rise at all over the next few years or the entire course of your loan. That is certainly not going to be the case.
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At MortgageWise, we take pride in delivering accurate and indepth analysis of all things mortgage-related from US Fed FOMC decisions, tracking of mortgage FDR (fixed deposit rate home loans) rates in the last three years, pulses on property market in terms of sales and rentals on quarterly basis, even the local banks’ financial performance as we attempt to read and forecast the next trend in interest rates. And to help all our clients make accurate and informed decisions, we use our in-house Interest Simulator to do sensitivity analysis taking in your outlook on interest rate (3-month SIBOR) movements over the next three years, and show you the actual savings based on ammortisation. Many clients have found this to be extremely helpful.
Speak to our consultants today to find out more and let us show you the savings before you decide to refinance your home loan.
2. Best Teamwork
As business environments are dynamic and rates changes by the weeks at times, a mortgage consultant who operates on her own or works in silos will find it a struggle to dispense the best information to her clients. We know of many ex-bankers who left the industry to join mortgage brokerage industry thinking that it will be a breeze to tap on their past clientele base.
At MortgageWise, we work closely as one team to serve the needs of our collective clientele base. We do that by leveraging on CRM technology, and we meet weekly to discuss the latest trends affecting interest rates and sentiments, latest packages from lenders, feedback on what is most important to our clients and bring that perspective back to our closest partners – the lenders. So that we have greater options for everyone like more FDR home loans and lower fixed rates now.
When you choose to work with MortgageWise, you access the full suites of our collective experience as we share with you what works and what doesn’t. It has been a great journey for this small team of consultants and chat agents who have been with the company since day one. No one is leaving yet as we love the business and we love how we are doing sales the right way (see next point)! It has been three years since we started but with the passion still going strong as we endeavor to serve our clients to the best of our ability.
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3. Relentless Focus To Deliver Value
Just like how championship F1 teams deliver the trophies consistently throughout the race calendar, we delivered on the trophy of cost savings and value consistently over the last few years.
And the savings can come from all places, not just on mortgage interest per se. With the volume of business we do, we have put together exclusive privileges with our law firm partners since 2015 where you enjoy a special rate that is lower than market every time you refinance home loan with us. And this year the privilege just got bigger when you buy condo Singapore now, you enjoy an all-in special rate of $1,800 nett (including mortgage stamp duty and GST) when you take your loan through MortgageWise, reaping an immediate savings of at least $700 compared to the market fees of $2,500 (you may verify this). Not only that, as our valued client, you always access the latest rates and get rewarded with Tangs vouchers every time you help a friend or family member save on interests by referring them to us. We are the only mortgage company that has an ongoing referral programme since 2015!
Still, the bigger trophy is in the value we bring. And we do that by making sure that we give you that “whole of market” perspective in mortgage solutions, including sharing with you some packages that the banks are not paying us, for example we do have two such packages from DBS and UOB right now which we informed all our clients. Why do we do that when this is contrarion to all sales teachings and methodology? And no other brokers we know of will do that. Simple – we value your trust. One day we might be put out of business by some local banks perhaps, but we believe that as long as we do things the right way, our clients will continue to support us in our journey as we bring the best mortgage solutions to the Singapore market.
We do not yet know who will be the winner in this year’s 10thedition of F1 night race in Singapore this Sunday, but if you choose MortgageWise to be your mortgage team, you will certainly be a winner as that is what we aim to do. So speak to our consultants today for the best home loan rates!
At MortgageWise.sg, we seek to provide thought leadership in the area of mortgage planning in Singapore, taking deep dive into developments and news on mortgages & helping clients track interest rate movements. We do not just go for one-time business with clients but rather choose to build long trusting relationships by giving truly independent advice to the extent of losing the deal. We strive to become the first-choice mortgage partner for homeowners and the creditable distributor of mortgage products for banks and financial institutions in Singapore.