How Much To Negotiate?

[JustMortgage 0]

Get AIP 1st before you sign any doc

Agree partially.

Clients should do a pre-qualification BEFORE an AIP.

Prequalification means understanding if you would have the finances to purchase a property. Approval in principal does not require any income documents. It's just an estimation by the bank how much you can loan up to. The final application process, will still be dependent on income documents and other information.

[therat 18]

Agree partially.

Clients should do a pre-qualification BEFORE an AIP.

Prequalification means understanding if you would have the finances to purchase a property. Approval in principal does not require any income documents. It's just an estimation by the bank how much you can loan up to. The final application process, will still be dependent on income documents and other information.

add on

the pre-qualification, the banker will ask very general question

1. combine salary

2. any loan existing - car loan, home loan, study loan, reno loan, etc

The banker will base on the above , give an est est amount that you had loan. But don't go to the extend on it. give some tolerance.

But when finial application, the banker will run a don't know what check. will see you had any debit with tha bank. Even cashline also count.

My banker told me, some time too many cashline account also not good.

[JustMortgage 0]

add on

the pre-qualification, the banker will ask very general question

1. combine salary

2. any loan existing - car loan, home loan, study loan, reno loan, etc

The banker will base on the above , give an est est amount that you had loan. But don't go to the extend on it. give some tolerance.

But when finial application, the banker will run a don't know what check. will see you had any debit with tha bank. Even cashline also count.

My banker told me, some time too many cashline account also not good.

Add-on-add-on

For us. Pre-qualification means that we will assist to in the financial plans so that you know.

how much cash you need to set aside for stamp duty, 5% and all the rest. BEFORE going to the AIP.

When banks do AIP, the combine salary and loan existing are things they generally ask.

They will run a credit check on your account. credit no payments, too many overdraft facilities late payment... all these will impact.

[Amy Choon 1]

Hey all,

okay, understand already. Actually I haven't really ask him that much, he usually communicate direct with my hubby and whenever we sit down to talk, i forget what are the things I want to ask. I will talk to him direct now, cos my hubby simply too busy already. .

Now I know the procedures already, let me test him.. hehe.

[therat 18]

hello ***,

my agent told me the 5% cash don't need to pay cash and as long as i have 15% in our CPF to pay can le. is it true?

are you your agent 1st customer?

Don't believe it come from a property agent mouth

[JustMortgage 0]

Don't believe it come from a property agent mouth

[scenic98 0]

is it because it only shows the land area and not the built up? ie you cannot tell whether it is a single, double or 3 storey?

correct. and also u will need to have the exact unit number. otherwise, if you type in a street name, it doesn't show u which unit/s along that street was sold.

but as with any online information, even from URA, use them as a guide and not as a bible. best to make sure you get at least 1 bank to hand u a letter of offer and not a AIP before signing to OTP.

[Amy Choon 1]

are you your agent 1st customer?

Don't believe it come from a property agent mouth

no lar, i'm not his first customer, but he's definitely my first agent. hehe.

[Amy Choon 1]

best to make sure you get at least 1 bank to hand u a letter of offer and not a AIP before signing to OTP.

i think this is for me right? NOTED!

[scenic98 0]

and stamp fee.

don't forget to factor in the Stamp Fee when making a purchase in a resale mkt. Even though u can use your CPF, u have to pay cash first after which if you want, your lawyer will help u get that back from your CPF account.

[JustMortgage 0]

correct. and also u will need to have the exact unit number. otherwise, if you type in a street name, it doesn't show u which unit/s along that street was sold.

but as with any online information, even from URA, use them as a guide and not as a bible. best to make sure you get at least 1 bank to hand u a letter of offer and not a AIP before signing to OTP.

Our bad.

Edited August 27, 2009 by JustMortgage

[therat 18]

Scenic98 - NO Way a bank can give you a Letter of Offer before you sign the OTP.

let me think . (think harder)

I apply for bank loan before sign/exercise OTP.

I sent in OTP together with the loan application.

Then upon receive Bank LO. Sign LO before I went down to lawyer to sign the OTP.

That's what I had done.

How to sign OTP w/o a bank loan confirm 1st?

[scenic98 0]

Scenic98 - NO Way a bank can give you a Letter of Offer before you sign the OTP.

tks for jolting my memory, JM. what i got was a AIP....but the kind of information i filled in the form, was like applying for the actual loan, hence the AIP i got was like a offer letter.

in any case, i was being real conservative when we bought our house, and didn't stretch to the max.

[JustMortgage 0]

let me think . (think harder)

I apply for bank loan before sign/exercise OTP.

I sent in OTP together with the loan application.

Then upon receive Bank LO. Sign LO before I went down to lawyer to sign the OTP.

That's what I had done.

How to sign OTP w/o a bank loan confirm 1st?

LMAO. Our bad. Misread.

It should read "There's no way you can sign the OTP without a Letter of Offer."

[JustMortgage 0]

tks for jolting my memory, JM. what i got was a AIP....but the kind of information i filled in the form, was like applying for the actual loan, hence the AIP i got was like a offer letter.

in any case, i was being real conservative when we bought our house, and didn't stretch to the max.

Actually.. did you send in all your income documents.. sometimes bank officers say in principal.. and the form says in principal.. but if you have all your income documents.. it because an actual application.