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Refinancing home loan


Bluepica
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My current home loan contract is up and I think the interest rates right now is attractifve enough to do a refinancing... any bro here have any bad experience with any bank?

My current is Maybank.... I took the loan 3yrs ago is lowest, but after that keep increasing cos it's var rate. from 2.13% to 4.6% [crazy]

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Did a re-finance exercise last year....it start off when my current bank - OCBC send me a letter stating they are increasing the rate, so I start searching for information, meet up two session with a broker and another bank...thereafter I got some idea what the market then was offering at best, call up OCBC and arrange a meeting.

 

So I give me proposal to them if they want to retain me, after two weeks they come back with a counter offer, which is not very far off from the best and my need, so "re-contract" with them again for 2 years....wink.gif

 

As various banks offer various packages from time to time, your may need to do some homwork for better decision making, considering the cost and timing involved - I save some money to stay with OCBC and quicker time comparing if I switch bank, so do it ASAP before paying high interest rate,

 

Good luck!

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Turbocharged

Refinance is one thing u gotta do a lot of legwork for. Call other banks and get their refin. rates.

 

Call MB and then tell to better or match or u walk.

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call up the banks, not many that offer attractive rates. Varies from season to season. at one time, it was maybank, then OCBC.. and so forth

 

you can try DBS, UOB and Citibank as well.

 

if you are lazy, then go to those housing loan broker and they will do all the legwork for u. While they don't earn from you directly, they will get comm from the bank

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I didn't know the rates can be negotiate.... I pointed out that other bnanks are offering better rates than MB but the officer in charge of my loan doesn't seem to bother or counter propose, keep saying it's the bank decision, and he can't do much about it.....

 

And before my contract over, I call other bank if the other bank is willing to subsidy me to pay the penalty of only $800 if I bring my loan over, yet then can't be bother about my request..... hmmm... seems to me they not keen in doing business with me leh...

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Haha, we all learn and share with each other...I was also under the impression that rates are all fixed. However, after searching around, the OCBC officer whom attended to me noticed I only ask question about switching to other bank, prompt me to tell him how would I stay with them (OCBC), then I realised that it is negotioable....tongue.gif

 

Anyway, it also depend on the outstanding loan amount, if too little, then they may not bother, so could your situation be such?sly.gif

Edited by Caaa
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