10 Ways to Save Money on Your Mortgage: Benefits of Applying via Homejourney

Homejourney helps Singapore property buyers and homeowners save money on your mortgage through its secure multi-bank application platform, potentially cutting thousands in interest costs with rates as low as 1.35% p.a. from partners like DBS, OCBC, and UOB.

This cluster article dives into 10 Ways to Save Money on Your Mortgage: Benefits of Applying via Homejourney, offering actionable steps for first-time HDB buyers, upgraders, and refinancers. It connects to our pillar guide, 10 Ways to Save Money on Your Mortgage in Singapore | Homejourney ">10 Ways to Save Money on Your Mortgage in Singapore | Homejourney, for comprehensive coverage. With Singapore's home loan rates at 3-year lows (fixed rates 1.4%-1.8%), timing your application via Homejourney maximizes mortgage savings tips in a trusted, verified environment prioritizing user safety.

Why Homejourney Saves You Time and Money on Mortgages

Homejourney's platform verifies your details via Singpass, auto-fills income and CPF data, and submits one application to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank. This skips branch visits, reduces errors, and secures competitive offers side-by-side. Users report saving up to S$500 monthly, like repricing from 3% to 1.6% as seen in recent cases.

Start at Homejourney bank rates page to compare live rates and calculate eligibility instantly. Our focus on transparency builds trust, ensuring you reduce mortgage costs without hidden fees.

1. Compare Rates Across 11 Banks in One Click

Banks offer varying packages: DBS fixed rates from 1.6%, OCBC 5-year fixed saving S$4,100 yearly on S$500k loans. Homejourney aggregates these, showing SORA-linked (1M SORA +0% or 1.09% effective) vs fixed options.

Action step: Use our mortgage calculator to input loan amount (e.g., S$500k, 25-year tenure) and see monthly payments drop from S$2,500 at 3% to S$1,900 at 1.6%.

2. Leverage Multi-Bank Applications for Best Offers

Submit once via Homejourney; receive offers from all partners. This competition drives banks to bid lower, unlike single-bank applications. For HDB upgraders, beat HDB's 2.6% concessionary rate easily.

1. Login with Singpass at bank-rates.
2. Enter property details (e.g., BTO at Punggol or resale at Toa Payoh).
3. Track status and pick the lowest rate.

3. Time Your Application with Live SORA Trends

SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans. Rates have fallen to 3-year lows, with fixed packages now 1.4%-1.8%.

The chart below shows recent interest rate trends in Singapore:

As the chart shows, 6M SORA dipped below 1.5%, favoring floating rates. Homejourney tracks this live, alerting you to apply during dips for lower home loan payments.

4. Use Homejourney's Eligibility Calculator First

TDSR (Total Debt Servicing Ratio) caps payments at 55% of income. Our calculator factors MSR (30% for HDB), CPF usage, and age, showing max borrowable (e.g., S$800k for S$10k monthly income).

Pro tip: Factor CPF Ordinary Account for payments via CPF OA vs现金还房贷哪个更划算？Homejourney权威指南 ">CPF OA vs cash guide.

5. Opt for Shorter Lock-Ins and Flexible Repricing

Choose 2-year lock-ins (standard in SG) with penalty-free partial repayments. Homejourney highlights packages like UOB's flexible options, saving on early settlements.

6. Refinance Seamlessly When Rates Drop

Homeowners: Switch post-lock-in. Legal fees ~S$2k-3k, but savings outweigh (e.g., S$500/month). Homejourney simplifies with document checklists and broker connections.

7. Maximize CPF for Interest Savings

Use CPF OA to cut interest costs (non-withdrawable funds earn 2.5%-4% interest). Guide: 使用CPF减轻房贷负担完整指南 | Homejourney新加坡2026 ">Using CPF to reduce mortgage burden. Homejourney verifies limits per HDB rules.

8. Avoid Common Pitfalls with Verified Guidance

Skip overborrowing; our tools ensure TDSR compliance. Insider tip: Apply pre-BTO ballot for edge on rates.

9. Connect with Homejourney Mortgage Brokers

Personalized advice from licensed brokers negotiates better spreads. Free via apply now.

10. Bundle with Property Search for Budget Fit

Find properties matching your loan via property search. E.g., S$600k condos in Yishun with approved financing.

Documentation Checklist for Fast Approvals

• Singpass-ready ID.
• Latest payslips, tax assessments (IRAS).
• CPF statements (CPF Board portal).
• Property option-to-purchase (OTP).
• Employment confirmation letter.

Homejourney auto-fills 80% via Singpass, cutting processing to 1-3 days vs weeks.

FAQ: Saving Money on Your Mortgage with Homejourney

1. How much can I save applying via Homejourney?
Homejourney users save S$4,000+ yearly on S$500k loans by securing 1.35%-1.6% rates. Compare at bank-rates.

2. Fixed or floating: Which saves more in 2026?
Floating (SORA) for potential further drops; fixed for stability. Use our calculator to model both.

3. Can HDB owners refinance to banks?
Yes, if bank rates <2.6%. See 10 Ways to Save Money on Your Mortgage: Bank Rate Guide | Homejourney ">bank rate guide.

4. What's the approval timeline?
1-7 days for in-principle; full approval post-valuation (2 weeks). Track via Homejourney dashboard.

5. Is financial advice provided?
Disclaimer: Homejourney offers tools and broker intros; consult professionals for advice. Rates as of Feb 2026; subject to change per MAS/HDB.

Ready to save money mortgage? Apply securely via Homejourney today. Explore our pillar 10 Ways to Save Money on Your Mortgage in Singapore | Homejourney ">10 Ways to Save Money on Your Mortgage in Singapore for more.