LOANS NEWS AND GUIDES

Even though refinancing a mortgage can save you 1000’s of dollars you will be astounded that not that many people actually take the time to do it. If you considered the time it takes and calculate the cost saving benefits and compare that to how much you get paid per hour it could be like not going to work for several weeks. Consider the following aspects so that you can see how simple it is to refinance your home loan today. Current Interest Rate It is definitely a good indication for you to research refinancing when your current interest rate is higher than available mortgage packages on the market. A first step to take is to go back to your existing bank or financial institution and ask them to revise your package, otherwise known as repricing. If your lender comes back with an offer, it will ordinarily be better than your existing one. You can then compare this offer with offers from other lenders to see whether you should switch or stay put. Lock-in and Clawback Periods When you take up a housing loan , there may be a lock-in period where your mortgage lender will charge you a penalisation fee, ordinarily a percentage of your outstanding loan value, if you were to fully repay your home loan.

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Home Finance In Singapore