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Refinance of housing loan


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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?

 

full cash

 

-_-

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full cash

 

-_-

 

 

eh mr $700k cash fellow....dun play play lah.

 

That is a good point tho. Shd I just settle my loan once n for all? or refinance?

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eh mr $700k cash debt fellow....dun play play lah.

 

That is a good point tho. Shd I just settle my loan once n for all? or refinance?

 

i no play play

 

full cash is what table wiper taught me for the last 10 years

 

:D

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i no play play

 

full cash is what table wiper taught me for the last 10 years

 

:D

Property I can't full cash but i did full cash the $70 mooncake 😂

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given the pending crash

 

you could potentially capitalise with it with the cash on hand. double it in 2 to 3 years?

 

worth it to pay full cash just to save the few k of interest?

 

 

 

 

eh mr $700k cash fellow....dun play play lah.

 

That is a good point tho. Shd I just settle my loan once n for all? or refinance?

 

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RadX, on 28 Sept 2015 - 12:29 PM, said:

 

 

eh mr $700k cash fellow....dun play play lah.

 

That is a good point tho. Shd I just settle my loan once n for all? or refinance?

 

 

settle partial by cash within your means? any balance loan refinance, balance cash wait for investment when opportunity come (only god knows)

 

im debt free now. my car last instalment paid up few days ago.

can join latio2005 shiok shiok liao

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haha , anyway , you can probably discuss with the banks for early redemption of loans or "refinancing" .

 

Things to take note.

 

1. Most banks will offer you "promotional rates" for the first three years. I would prefer a fixed rate than a flexible one. Some banks "fix" these rates while others peg the rates at either a discount/markup off a published loan rate (e.g Sibor , CPF etc etc) or a markup from the bank's prime rate. Having a flexible rate is dangerous in the event of a hike in rates.

 

2. Most banks if not all banks will impose a penalty for borrowers repaying the loan and redeeming their mortgage within the first few years.

 

The penalty is usually set at 1 per cent but if can be adjustable depending on the terms of your contract and the housing loan amount if the loan is redeemed within the first two years. However, it is common practice that banks would impose a longer/higher penalty if their promotional package is very attractive. There is usually also a penalty on partial repayments of loans.

 

Please make sure you read up the terms of penalty , most banks if you refinance with the same bank would be able to help , else the next bank should offer to bear the cost of the penalty if they are eager for the bussiness.

 

Don't trust what i say , best to check with the loans officer or anyone which is still active in the credit biz.

Edited by CH_CO
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settle partial by cash within your means? any balance loan refinance, balance cash wait for investment when opportunity come (only god knows)

 

im debt free now. my car last instalment paid up few days ago.

can join latio2005 shiok shiok liao

 

 

wohooo...another retiree on board...hahah

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settle partial by cash within your means? any balance loan refinance, balance cash wait for investment when opportunity come (only god knows)

 

im debt free now. my car last instalment paid up few days ago.

can join latio2005 shiok shiok liao

Welcome to the Club

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RadX, on 28 Sept 2015 - 12:47 PM, said:

 

 

wohooo...another retiree on board...hahah

 

 

haix..cant retire yet...

[bigcry]

 

need to accumulate $ for future

Throttle2, on 28 Sept 2015 - 12:48 PM, said:

Welcome to the Club

 

 

must thank MCF bros [laugh][thumbsup]

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Property I can't full cash but i did full cash the $70 mooncake 😂

 

aiya don't say you lah

 

got mooncake also never share

 

 

must thank MCF bros [laugh][thumbsup]

 

please advise which MCF form should i download and fill for assistance on paying off my debt?

 

:D

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Enye, on 28 Sept 2015 - 12:59 PM, said:Enye, on 28 Sept 2015 - 12:59 PM, said:

 

aiya don't say you lah

 

got mooncake also never share

 

please advise which MCF form should i download and fill for assistance on paying off my debt?

 

:D

 

lolz.....

 

tell you a joke..that day I told my CO, so shiok I debt free liao.

CO said she debt free dunno since when..now den I say. <_<

I think get application form from "outside" maybe better den MCF [lipsrsealed]

Edited by Sunny
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Boh loan to repay and hide at home too long my mom chased me out to work

 

Jia PA di Chu Dan bor Qi.

 

That said soft rice not bad to eat.

Edited by CH_CO
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eh mr $700k cash fellow....dun play play lah.

 

That is a good point tho. Shd I just settle my loan once n for all? or refinance?

Stock market is crashing.

You can use your cash to save the market. National service at the same time can earn big big when the market recovers.

 

Borrow more!

[laugh]

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Stock market is crashing.

You can use your cash to save the market. National service at the same time can earn big big when the market recovers.

 

Borrow more!

[laugh]

Wah when crash huh?

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

 

 

seems like the best deal is ocbc.

 

think i sell my home go stay sembawang beach for life :grin:  :grin:

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