SINGAPORE, April 1, 2024 /PRNewswire/ — Mortgage Master, Asia’s one-stop mortgage brokering platform, in the present day introduced the launch of its new mortgage mortgage app, Mortgage Master SG, designed to offer simplicity and pace for first-time householders and people looking for new loans for property purchases.
An absence of clear and consolidated info in rates of interest implies that on common, a house owner conducts 12 hours on analysis and paperwork, assessing no less than 15 banks – with every touting the ‘finest’ providing, however usually nonetheless finally ends up with purchaser’s regret. In addition, householders in Singapore usually overpay their mortgages by 0.5 to 1 %.
Addressing Current Challenges Homebuyers Face in Singapore
As a banker, David Baey, CEO of Mortgage Master, has seen many householders stretching their funds so as to repay their mortgages. This normally stems from poor monetary planning to start with, with most selecting to max out their financial institution loans so as to afford the houses they want. Typically these will be prevented with the best recommendation from an skilled mortgage banker.
Mortgage Master’s app goals to unravel this by serving as a personalised Property Mortgage Consultant. With the app, homebuyers can get the best recommendation for a cushty home possession journey.
Instant IPA (In-Principle Approval)
With the present heated property market, householders trying to purchase usually discover themselves not with the ability to make a suggestion quick sufficient, particularly with the present common approval time of three to seven business days for in-principle mortgage approval. Recognising this, Mortgage Master’s app options an Instant In-Principle Approval (IPA) software that’s built-in with Singpass, to offer shoppers with an correct mortgage quantity primarily based on their revenue, thus providing them readability on the kind of home they’ll buy.
This software supplies customers with a fast at some point turnaround estimate of the mortgage quantity banks are prone to approve primarily based on their revenue. Integrated with Singpass for accuracy, it presents a fast and clear image of the sort of home customers can afford, enabling assured property presents.
Reverse Affordability Calculator
Aspiring householders usually discover their decisions restricted by affordability restrictions. In response, Mortgage Master’s app will present tailor-made affordability choices and insights on how householders can maximise buying energy. One of the app’s predominant options is the Reverse Affordability Calculator, which reveals customers tips on how to maximise their spending energy.
By keying in particulars resembling property sort and revenue, the app will reveal the required revenue and down cost, and supply insights on how customers can shut the hole between their current affordability and their desired property. This complete resolution goals to broaden patrons’ horizons, permitting them to maximise their buying energy and discover a various array of properties that align with their aspirations.
Photo: Screenshots of the Reverse Affordability Calculator displaying an instance of the required cost required for a house owner’s mortgage and the way Mortgage Master can assist shut the hole between present affordability and a house owner’s dream home.
“We are extremely excited to launch this app and broaden our attain to assist extra householders as they embark on their journey to securing their dream home,” mentioned David Baey, Co-Founder and Chief Executive Officer, Mortgage Master. “Buying a home is arguably the most costly buy you’ll make in your lifetime and will be the reason for enormous monetary and psychological stress. We wish to simplify this course of for householders by eradicating the guesswork and relieving them from the burden of monetary uncertainty. Everyone deserves a personalised and hassle-free mortgage expertise, and our app is designed to behave like your finest private assistant by providing householders access to the perfect mortgage loans available to them anytime.”
Property Master SG is now available for obtain on iOS and Android.
About Mortgage Master
Mortgage Master is Asia’s one-stop mortgage brokering platform for householders to seek out the perfect mortgage charges tailor-made to their wants. Founded in 2018 by former bankers who lastly determined it was time to cease promoting just one financial institution’s home mortgage product at a time, Mortgage Master is a impartial platform that companions with all banks and empowers them to behave the way in which they need to – in householders’ finest pursuits.
Driven by a workforce with in depth management, know-how and gross sales experience in company finance, private finance, mortgage-related industries and FinTech innovation, Mortgage Master has transacted greater than SG$800 million in home loans and delivered unbiased recommendation for SG$4 billion in mortgages since its launch. Committed to all the time doing proper by the client, Mortgage Master has suggested greater than 8,000 householders and saved them SG$100 million per 12 months in home mortgage curiosity repayments.
