{"id":9261,"date":"2017-03-06T03:43:08","date_gmt":"2017-03-05T19:43:08","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=9261"},"modified":"2022-07-01T04:06:17","modified_gmt":"2022-06-30T20:06:17","slug":"affecting-home-loan-approval","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/affecting-home-loan-approval\/","title":{"rendered":"5 things you didn\u2019t know could affect your home loan approval"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure id=\"attachment_9262\" aria-describedby=\"caption-attachment-9262\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-9262\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/03\/home-loan-approval.jpg\" alt=\"No one likes rejection, especially if you're awaiting news of your home loan approval\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/03\/home-loan-approval.jpg 680w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/03\/home-loan-approval-600x400.jpg 600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/03\/home-loan-approval-440x294.jpg 440w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-9262\" class=\"wp-caption-text\">No one likes rejection, especially if you&#8217;re awaiting news of your home loan approval<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">If you don\u2019t spend all day looking at bank home loan procedures, you may be confused when yours is turned down. Why would they do that to you? Is it your nervous tone? Your current bank balance? Your taking more than two Mentos at the customer service desk? No, because like most things that go on in banks, it only <\/span><i><span style=\"font-weight: 400;\">seems <\/span><\/i><span style=\"font-weight: 400;\">arbitrary. Here are five things you may not know affects your home loan approval.<\/span><\/p>\n<h3><b>The little things that make a big difference for a home loan approval<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">There are some small details that, depending on the bank\u2019s credit office, can be interpreted as a major blemish. It even varies somewhat between banks; to some credit officers, your list of late payments is not an issue. To another, one missed payment is like a personal insult you made to his mother. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are five of them that could have an impact your home loan approval:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A bad credit score, even if you have sufficient income and savings<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The number of credit inquiries you\u2019ve made<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You\u2019ve never taken a loan<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Being self-employed<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The people doing the valuation spotted something they don\u2019t like <\/span><\/li>\n<\/ul>\n<ol>\n<li>\n<h3><b> A bad credit score, even if you have sufficient income and saving<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The more money you have, the more the bank is willing to lend, right? Well that\u2019s only a half-truth. You see, the main reason for having a credit report isn\u2019t just to gauge your financial status; it\u2019s to gauge your <\/span><i><span style=\"font-weight: 400;\">character.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s entirely possible for someone to have enough money to repay a loan, but refuse to anyway. If you run your own business, you\u2019ve probably encountered one or two customers who are exactly like that \u2013 they have the money, they just don\u2019t want to pay it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now the credit report the bank will look up is from the <\/span><a href=\"http:\/\/www.creditbureau.com.sg\/\"><span style=\"font-weight: 400;\">Credit Bureau of Singapore<\/span><\/a><span style=\"font-weight: 400;\"> (CBS), which costs about $6 a copy if you want to check your own. One thing to watch for is the presence of defaults, no matter how old. It\u2019s entirely possible that a default from five years ago, on a $3,000 credit card bill, is sufficiently off-putting to a bank (if you default without even attempting to make payment, it stays on your credit report indefinitely). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, note your credit grade: If it\u2019s CC and below, the bank might insist that you lower your loan quantum (borrow less) because of your history of late repayments (or whatever else caused that grade).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember, you can have a ton of money in your bank account and sky high income, and still get a loan rejected due to poor credit. The only way to fix this is by taking out smaller loans, and then repaying them consistently.<\/span><\/p>\n<ol start=\"2\">\n<li>\n<h3><b> The number of credit inquiries you\u2019ve made<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">If you keep asking for credit, and 30 different financial institutions have pulled your credit report in the past month, you\u2019ll be identified as credit hungry. That lowers your credit score, and raises suspicions for your home loan approval.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some banks get nervous when they see this, because you know what kind of person suddenly rushes to get a lot of credit, when they haven\u2019t needed it before? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The answer is someone who might soon be denied credit. Like someone who got retrenched, and is scrambling to get loans while he can still prove his past three months\u2019 income. Or someone whose business is failing, or is about to fight a huge legal battle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some banks will close an eye, but in the off chance your loan application is denied \u2013 or you\u2019re asked to take a lower loan quantum \u2013 this is sometimes the cause. This is one reason it\u2019s best to avoid using a lot of credit, in the same year you intend to buy a house.<\/span><\/p>\n<ol start=\"3\">\n<li>\n<h3><b> You\u2019ve never taken a loan<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Oh, you were taught this was a <\/span><i><span style=\"font-weight: 400;\">good<\/span><\/i><span style=\"font-weight: 400;\"> thing. We hate to bust an old childhood lie about never borrowing money, but uh\u2026not borrowing can be bad for you too.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You see when you\u2019ve never taken a loan, your credit grade is Cx. That\u2019s also called a \u201cthin credit file\u201d. What that means is that you use loans so seldom, that banks have no way to decide whether you\u2019re trustworthy. They have to just <\/span><i><span style=\"font-weight: 400;\">guess <\/span><\/i><span style=\"font-weight: 400;\">whether you\u2019re the sort who makes repayments on time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And banks are all about your past history and paper trail, when it comes time to giving out loans. They don\u2019t know you personally, so it\u2019s the only way they can do things.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So how do you get past this? You do it by getting a credit card or small personal loan (even if you don\u2019t really need one) in the two to three years leading up to your mortgage application. Then you use the loan to pay for things, and then repay the loan in full (e.g. if you spend $500 on the credit card, you always repay the $500 before the billing cycle is up). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You effectively pay <\/span><i><span style=\"font-weight: 400;\">through <\/span><\/i><span style=\"font-weight: 400;\">the credit card or loan, without actually using any credit. That ought to build your credit score to AA, at which point a home loan approval won\u2019t be an issue.<\/span><\/p>\n<ol start=\"4\">\n<li>\n<h3><b> Being self-employed<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">There is a haircut applied to variable income, which is what you\u2019re considered to have if you\u2019re self-employed. This reduces your effective salary by 30 percent, when the bank checks your Debt Servicing Ratio (DSR).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There really isn\u2019t a way around this; but if you\u2019re a freelancer and you can convince a client to put you on payroll as an employee (good luck), you can <\/span><i><span style=\"font-weight: 400;\">sort of<\/span><\/i><span style=\"font-weight: 400;\"> get around it. But we wouldn\u2019t count on that happening; they\u2019d have to give you employment benefits, and top up your CPF by 16 percent, and all that stuff.<\/span><\/p>\n<ol start=\"5\">\n<li>\n<h3><b> The people doing the valuation spotted something they don\u2019t like<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The bank relies on an official valuation, when they\u2019re deciding how much to lend you. Even the loan is pegged to the valuation, and not the asking price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now sometimes, the people doing the valuation will spot something they don\u2019t like. They may decide your <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/geylang-red-light-district\/\"><span style=\"font-weight: 400;\">property in Geylang<\/span><\/a><span style=\"font-weight: 400;\"> is too close to the red-light district, or that <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/mcst-management-corporation-strata-title\/\"><span style=\"font-weight: 400;\">your management council<\/span><\/a><span style=\"font-weight: 400;\"> suing the developer (due to condo defects) is going to put a dent in property values. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now if the official valuation is $1 million, whereas the seller is asking for $1.5 million, you can see how this is a problem. The bank is going to ask you to take out a smaller loan, based on the $1 million valuation \u2013 paying the rest of the price to the seller is your problem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Often, you won\u2019t know the reason why the valuation is so low; not unless the mortgage banker is nice and decides to tell you. But the only way around this is to approach another bank, and get a different valuation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As an aside, if repeated valuations ascribe a much lower value than the seller is asking for, you may want to rethink your purchase. One bad valuation is a fluke; three or four valuations, all of which suggest the house is worth much less, is cause to search for another property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Check out some competitive alternatives on <\/span><a href=\"https:\/\/www.99.co\/experiments\/home\/b\"><span style=\"font-weight: 400;\">99.co<\/span><\/a><span style=\"font-weight: 400;\">, or engage a property agent to figure out what\u2019s going on. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re not familiar with home loans, you may be confused when yours is turned down. Here are 5 things that&#8217;ll affect a home loan approval.<\/p>\n","protected":false},"author":21,"featured_media":54659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","10":"entry","11":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 things you didn\u2019t know could affect your home loan approval<\/title>\n<meta name=\"description\" content=\"If you&#039;re not familiar with home loans, you may be confused when yours is turned down. 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