Putting off refinancing your mortgage could be a big mistake.
Last week, Mrs Money and I refinanced ours.
We used to live in an HDB flat and enjoyed HDB’s 2.6 per cent interest. It is still the best loan deal in town.
If you have one, don’t switch to a bank loan and don’t even think about paying [...]
Filed under: General, Refinance | Tagged: Refinance, Refinaning Guide | No Comments »
WITH interest rates in Singapore still falling and the property market turning quiet, banks are now gunning for the mortgage refinancing business.
Refinancing means replacing your current mortgage with another that comes with lower interest rates. This can be done with the same bank or by switching to another bank.Many home owners are now considering this [...]
Filed under: General, Refinance | Tagged: Fianance, Home Loans, Housing Loans, Loan Guide, Property Loans, Refinance, Refinancing Guide | No Comments »
1 When you should consider refinancing
Scenario 1: The savings outweigh the costs of refinancing. In other words, do your sums first.
Scenario 2: You do not plan to sell your property within the next 12 months.
Maybank Singapore’s head of consumer banking, Ms Helen Neo, said it does not make sense to refinance if you plan to [...]
Filed under: General, Refinance | Tagged: Fianance, Home Loans, Housing Loans, Loan Guide, Property Loans, Refinance, Refinancing Guide | No Comments »
Industry watchers expect more home owners to consider refinancing their mortgage loans as interest rates look set to dip further.
In fact, mortgage and financial planning firm SingCapital has seen a three-fold jump in enquiries in the last two months.
Property agents are also getting a crash course in mortgage planning, including answering questions about refinancing of [...]
Filed under: Finance, General, Refinance | Tagged: Finance, General. Tagged: Homes Loans, Housing Loans, Interest Rates, Mortgage Loans, Property Loans, Refinance, Sibor, Sibor Rate, Singapore Banks, Singapore Interbank Offered Rate | No Comments »
(1) Typical lock-in periods are two years for variable and three years for fixed-rate home loans. The penalty for refinancing before that is usually 1.5 per cent of the loan amount. For example, it is $3,000 for a $200,000 loan.
(2) Banks use the term ‘refinance’ when you move your loan to another bank. If you [...]
Filed under: Finance, Refinance | No Comments »
As home loan interest rates rise, analysing the fine print can save you years of financial grief
In the last 12 months, one bank raised its home loan rate five times. Another increased its rate twice within two weeks. Should borrowers be running scared?
The prognosis is mixed. For example, the three-month interbank interest rate - the [...]
Filed under: Finance, Refinance | 1 Comment »
When he bought his bachelor pad in 2003, Mr Fabian Lo, 32, an information technology manager, paid 1.5% in interest a year on his mortgage. At the time, rates were on a downtrend but not long after, Mr Lo’s bank started telling him that he would be charged a higher rate. The pace of [...]
Filed under: Guides, Refinance | 1 Comment »
If you are looking to finance or refinance your home, here are a few things NOT TO DO:
Don’t Kick The Tires. How much you put down, credit affects your interest rate. It drives lenders crazy to pick up the phone and be asked what their best rate is. How much you put down on your [...]
Filed under: Finance, Guides, Refinance | No Comments »
