Refinance of housing loan

[Hamburger]

any idea wat is e best rate and which bank is offering them. seems gd time to save some $ on interest now pls advice gd lobang

[Hamburger]

1 lobang also don ve poor yoshi

Edited May 12, 2008 by Hamburger

[Beetle]

why not call your existing bank first.

 

they should be quite keen to "keep" u as a customer.

 

I think these days, they are ok to waive all the related charges when u refinance, unlike a year ago when they refused.

[Nkps]

call all bank and ask lar....

[Hamburger]

actually wld like to noe from those tat had juz refinance their property, as to wat rate they r payin. at least a guide to ask e current to counter offer

[Zaska]

Hello everyone

 

As above, I am intending to make a lump sum payment + refinance my bank loan.

 

1. Do i make the lump sum payment first followed by refinancing or reverse?

 

2. If make lump sum payment but did not refinance, will the current financing compay adjust the outstanding amt according or I need to inform them abt it?

 

3. For refinancing, how you all do it? Do you search for the lowest bank rate yourself or do you go to those financing company to quote you the best deal.

 

Any experts & TIA

 

 

[Lex250]

Hello everyone

 

As above, I am intending to make a lump sum payment + refinance my bank loan.

 

1. Do i make the lump sum payment first followed by refinancing or reverse?

 

2. If make lump sum payment but did not refinance, will the current financing compay adjust the outstanding amt according or I need to inform them abt it?

 

3. For refinancing, how you all do it? Do you search for the lowest bank rate yourself or do you go to those financing company to quote you the best deal.

 

Any experts & TIA

 

 

Hi Zaska,

 

I presume you have yet to identify where to refinance your loan.

 

Pls note if u swtich banks there are charges...legal fees especially.

 

Try and stay with the same bank , call you banker and negoitate with them. At most they'll levy an admin fee. I paid $500 for th admin fee when I refinanced with HSBC earlier this year.

 

If you are doing a partial payment, pleas enote there is notification period invovled. It should be 1 month. There is also a fee there. If you intend to stay with the same bank, see if you can get it all done at the same time.

[Hamburger]

i juz did a repricing of mi hse. Its still e same bank n they waive off e admin fee... .

 

so do make tat request.....

[Lex250]

i juz did a repricing of mi hse. Its still e same bank n they waive off e admin fee... .

 

so do make tat request.....

 

 

I did...they reusfed me! Must be see me no up...

[Zaska]

Hi Zaska,

 

I presume you have yet to identify where to refinance your loan.

 

Pls note if u swtich banks there are charges...legal fees especially.

 

Try and stay with the same bank , call you banker and negoitate with them. At most they'll levy an admin fee. I paid $500 for th admin fee when I refinanced with HSBC earlier this year.

 

If you are doing a partial payment, pleas enote there is notification period invovled. It should be 1 month. There is also a fee there. If you intend to stay with the same bank, see if you can get it all done at the same time.

 

Thanks Lex250. yup yet to source for the lowest interest rate. Not aware about the legal fees. tink i will have to call and check up more details. What is the interest rate HSBC is chargin? Mine is currently 4+%

[Lex250]

Thanks Lex250. yup yet to source for the lowest interest rate. Not aware about the legal fees. tink i will have to call and check up more details. What is the interest rate HSBC is chargin? Mine is currently 4+%

 

 

4+%??? OMG!!!

 

i'm on the sibor plan

 

sibor 3 months +0.9 for first yr....int reset every quarter

thats abt 1.5875 % currently

 

if u don;t want the hassle I think CIMB is offering 1.75% fixed for first 3 yrs currently

[Zaska]

4+%??? OMG!!!

 

i'm on the sibor plan

 

sibor 3 months +0.9 for first yr....int reset every quarter

thats abt 1.5875 % currently

 

if u don;t want the hassle I think CIMB is offering 1.75% fixed for first 3 yrs currently

 

yeah its 4.08%....darn heart pain. humm....not sure if the bank allow me to switch. Gotta call to check cos may want to reduce my loan period as well. seems like almost every simple request, there is a fee to be paid.

[Lex250]

yeah its 4.08%....darn heart pain. humm....not sure if the bank allow me to switch. Gotta call to check cos may want to reduce my loan period as well. seems like almost every simple request, there is a fee to be paid.

 

 

yeah ....so it is best to know what u want and what suits u best for the next 5 yrs...else ...pay fees all the time...painz............to be fair cannot expect banks to work for free also la.

[Jamesc]

DBS 1.48%

[Starry]

4+%??? OMG!!!

 

i'm on the sibor plan

 

sibor 3 months +0.9 for first yr....int reset every quarter

thats abt 1.5875 % currently

 

if u don;t want the hassle I think CIMB is offering 1.75% fixed for first 3 yrs currently

 

I think the 1.75% fixed for 3 years must have other catch. Can't be so simple.

 

[Scenic98]

yeah its 4.08%....darn heart pain. humm....not sure if the bank allow me to switch. Gotta call to check cos may want to reduce my loan period as well. seems like almost every simple request, there is a fee to be paid.

 

are u still within the tie in period. if so, there is some clawback penalty and also paying them back the legal fee.

 

if switching banks, the current bank needs to be given the notice by u. u will then tell them u are making some partial repayment.

 

depending on your outstanding amt, the attitude of the bank officer will also vary

 

[Snowbell]

If U have just taken your loan within the past 3 years,do check as usually lock-in period is about 2-3ys.Will have admin fees,penalty fees,interest-in-lieu of notice,legal subsidy refund,etc before making the switch.

 

2 sets of legal costs payable here - 1 for redemption,1 for new mortgage.Choose a law firm dat is on d panel of both banks,makes things easier & cheaper.

 

Redemption - give 3mths notice to existing bank or interest-in-lieu.

Fresh Mortgage - legal subsidy given by new bank,usually 0.4% of loan or cap at $2-2.5k.

 

U need2go shop ard to see which bank offers the most reasonable housing loan rate at tis time b4 u make d switch.

[RadX]

thought I'd bring this up again since it is a hot bed with the current pending increase in rates.

 

Which would be the most competitive now?