Refinance I Mortgage Loan Singapore
Now you can Refinance / Re – Mortgage your Loan in Singapore to another bank if another bank is offering a lower housing loan interest rate. Also when you refinance you can also consider cashing out or increase your loan amount (cash out/ term loan) when you refinance to your new bank.
Is your current existing bank in Singapore offering you the lowest home loan rates?
Normally bank do not initiate to call you or revise your interest rate after 1-2 yrs even though the rates out in the market at that point of time is lower than what you are paying. This is because you already agreed on the rates when you first sign down the loan.
The difference of 0.5% – 1% in dollars $ can be a significant sum when your loan is $1million, that’s at least $5000 extra money you are paying every year if you do not revise your interest rate.
Are u in the 3rd yr of your loan or soon? If yes, you should be or will be paying 2-3% interest while the current market is only paying 1-1.5% in terms of interest.