Mortgage rates are an important factor to consider when buying a home. They can have a significant impact on how much money you will pay in interest and the size of your monthly payments. With mortgage rates constantly changing, it’s important to understand what affects them and how they may change in the future. In this introduction, we’ll take a look at what factors influence mortgage rates and how they may affect your decision-making process when purchasing a bank home
A credit score is a measure of your credit behavior, predicting the likelihood of you paying back loans on time based on information from your credit reports. In Singapore, credit scores are determined by algorithms that track credit usage. Credit scores are ranked according to the following risk grades: AA is the highest, while BB or CC indicate late repayments or delinquency, and DD or lower indicate defaults. The credit score risk grades are as shown below. You can easily
There are times when it’s best to avoid getting a loan. For example, if you know you won’t be able to make your monthly payments or you have poor credit, you might want to consider alternatives to getting a loan. In this article, we will go over the situations when it’s best to avoid getting a loan. Stay on this page. You are already in debt You should avoid getting a loan if you’re already in debt. When you’re already
Are you caught in a sudden financial situation? To alleviate the severity of your problem, you can consider taking a personal loan. Personal loan allows you to borrow money to pay for personal expenses, which you must repay over time. Things can quickly turn into a nightmare when you do not have the capacity to pay it back. This leads us to these questions: Is a personal loan nonideal? When is bad and when is it helpful? How It Works
Personal debt among young Singaporeans have been rising during the COVID-19 pandemic and the situation could turn sour once the interest rates start to rise. Recent Credit Bureau Singapore data showed that people in their twenties have been taking on increasing amounts of other debt since the second quarter of 2020. The data manifested that the average personal loans and overdraft balances for those under 30 elevated by about 23% in the first quarter of this year over the last
