6 Important Points To Take Note Before Refinancing Your Home Loan
1)Bank loans can be offered in 4 different packages namely:
A) Fixed rates
B) FD linked rates
C) Board rates
D) Sibor rates
2)Cost of Refinancing should justify the savings made on home loan interest.
3)Most bank loans impose a penalty fee should you redeem your home loan during the lock in period.
4)New government cooling measures such as TDSR, LTV and MSR make Refinancing criteria stricter.
5)For HDB flats, you cannot go back to a HDB loan once you take up a bank loan.
6)Home owners can request to extend their home loan tenure to reduce their monthly instalment burden if need to.
These 6 important points can help you SAVE $10,000 to $30,000 interest.
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This post was written by our Mortgage Advisory Manager in Mortgage Consultancy Pte Ltd. To get in touch with our guest writer, you may like to PM us at +65 85565271.