I chanced upon the red brick website in my search for suitable loan for the purchase of my property. Keep it up! However, Shamir was able to boil down all the rates and acronyms into logical information we needed to make the right decision. Instead, helping them promptly review their loan portfolios and be updated on changing interest rate trends and to adjust their financing arrangements accordingly and on a consistent basis will ensure much better success from a cost management perspective. Looking back at the trend of mortgages in 2018, we would have noticed that people are all big about fixed rates and many of you would have to ask why? Interest cost is one of the largest expenses associated with a property purchase. Click here to find out more. Looking back at the trend of mortgages in 2018, we would have noticed that people are all big about fixed rates and many of you would have to ask why? But are you sure of what... At the back of a rather interesting year in 2017, the Singapore property market is again attracting headlines now. Plus his fee is paid by the Bank, not us! For example, 50% of deposits in the offset account will earn the same interest rate as the home loan rate. (For latest rates, check our review of best home loans in Singapore) Signups for SIBOR packages had at the same time steadily increased and are still increasing. As such, we’re looking to expand our team! As the director of Redbrick Mortgage Advisory, Eugene believes that there should be an eco-system in which all parties of the mortgage industry can co-exists to facilitate a meaningful and profitable value chain. Know of someone who might be a suitable fit to be part of the Redbrick Team? I had Alan helping me to source, proposed(based on my requirement) and given excellent pointers when I did a re-financing package this month. Mortgage loans help to make that acquisition more attainable with financing options. Very professional, efficient, quick and helpful advice for last 1 month. All rights reserved. Consider These 4 Factors Before Deciding On An HDB Loan Or Bank Loan, An update on fixed deposit-pegged home loans: Rising rates. Site Map The entire process of choosing the right refinance package to meet the needs was clearly laid out and in a matter of just 2 weeks from the first meet up, the banking documents were signed & sealed. An independent mortgage advisory provides unbiased advice from your loans selection, home protection to handling the whole application process. I am very thankful for Shamir’s professional, approachable, responsive and honest assistance with the entire mortage process from beginning to end. His core expertise encompasses a full spectrum of wealth management services including Investment Advisory, Portfolio Management and Financing, Margin Trading, Legacy Planning, and Property Loans. The fixed deposit link (FD) rate pioneered by DBS in 2016 was widely popular among homeowners as well and many other banks such as Maybank and HSBC came up with their own versions soon after. Alvin has enjoyed extensive success with more than 11 years of experience and track record in Retail and Private Banking. Last but not least, only 3 banks are offering this pretty interesting feature which is extremely suitable for clients with cash sitting by the side in the short term. Looking at the historical track record, most banks have not changed their FD rates from 2012 – 2017, and even up till the first of January 2018, the rates have remained the same. Real Estate 101: What are property yields? Are New Condominium Launches a better investment option? The reason is simple, fixed rates were at a 1.55%, 2-years fixed whereas floating rates were at 1.6%, and looking at this minimal difference between the 2, it’s obvious why people would rather opt for a fixed rate mortgage. Highly graded property investment guidance, stories and tips sent to your inbox every week. Copyright © 2018 Redbrick. Plus his fee is paid by the Bank, not us! Specialties: Red Brick Mortgage offers a variety of home loan and mortgage programs to meet your needs. More customers are now favouring a market determined SIBOR over frequent changes in FD-linked rates as ultimately, Board rates are still the banks’ discretion. The FD rates’ popularity were attributed to very low rates in the initial phase and there was common belief that these rates will remain subdued. With the recent increase in interest rates, our team at Redbrick has seen a spike in the enquiries that come through to us. would recommend him to anyone who is keen to take up any mortgage loans. A package conversion is not usually available until lock-in period ends and it will also cost clients admin/reprice fees of $500 – $1000. Battle of the BTOs: November 2020 Launch (Part 2), Battle of the BTOs: November 2020 Launch (Part 1). All rights reserved. Singapore: China’s new favourite real estate gold mine? This feature is also totally flexible. Check out our free comparison service to learn more! Taking a glance at this table, we would have realized that SIBOR packages had barely changed as compared to the other rates and packages available. Therefore seeking the best in-market financing terms and being able to constantly calibrate your loan portfolio to keep interest costs in check is key in achieving savings. Therefore, current preferences are more for transparency over presumed stability. A celebrated win for many around the world, but will the world ever return from an era of Trumpism? “With the support of our customers and industry players, Redbrick has managed to build up an impressive customer base and financing volume. Shamir’s professionalism and knowledge of the industry was impressive and truly appreciated. Thank you Redbrick and thank you, Joel. Brief Review of Mortgage Rates in 2018 and 2019 and a Revisit for SIBO... https://www.redbrick.sg/wp-content/uploads/2019/03/2018-vs-20192.jpg, https://www.redbrick.sg/wp-content/uploads/2018/02/RBMortgageAd-01Colour-300x85.png. What if the Feds resume interest rate hikes again in the 2nd half of 2019, or early 2020? Otherwise, the repayment penalty chargeable during lock in period is usually 1.5% of the amount repaid, or $1,500 for every $100,000 of loan repayment. Lin Miaoxin Edward Some SIBOR packages will allow clients to partial repay on their loan capital amount anytime during lock-in period without penalty. Business owners or savvy investors looking to deploy monies into opportunities in the short to medium term can in the interim place their funds in an interest offset account. We work with the leading lenders in the industry to provide: FHA FHA Streamline VA VA IRRRL USDA Rural Development Prime Mortgages… To hedge against unexpected fluctuations for the SIBOR rates, one-time free conversions are being offered by some banks after lock-in, while other like SCB and HSBC are offering one-time conversions anytime. The US Fed had forecasted 4 increases for the US Fed rate and people w… With Red Brick Mortgage, the hardest part of buying a new home is going to be lifting all those heavy boxes. Hence, clients were fearful that SIBOR-linked packages would only follow suit. He noted a concern among prospective home buyers about the continued interest rate hikes by the United States Federal Reserve. “Confirm will appreciate one (sic)” and “Buy Condo from developer confirm make money (sic)” are what on-site property agents or... Winning 306 electoral votes, Joe Biden took the US elections by storm to become the President-Elect of 2020. Redbrick Mortgage Advisory An independent mortgage advisory provides unbiased advice from your loans selection, home protection to handling the whole application process. Therefore, if SIBOR does increase or even if SIBOR does not increase but there is a better package within the same bank, clients can exercise the feature and flexibility to switch.