Fed slashes rates to near zero, rolls out massive stimulus in emergency coronavirus move MAR 16, 2020, 5:09 AM SGT
UPDATED MAR 16, 2020, 2:21 PM
Refinancing home loan is the process of transferring your outstanding loan from Bank A to Bank B. After the refinance process, you need to service your monthly installments to Bank B instead of Bank A.
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Mr Tan was paying 2.5% for his Singapore housing loan of with Bank A.
After assessing his needs, we assisted him to refinance with Bank B in this low interest rate times and his new mortgage loan’s rate was at 1.6%✅ His mortgage loan tenure remains at 30 years
His instalment was reduced by a whooping more than $2,000! in that year ✅
Case 2 – Client’s existing mortgage loan under lock in period
Mrs Sim was paying 3.5% interest for her $900,000 mortgage loan with Bank A. She wants to refinance her mortgage loan but it is still within the lock-in penalty period. The penalty is 1.5% of her mortgage’s outstanding loan amount.
We speak to banks and financial institutions on your behalf. After speaking to the right bank on her mortgage situation, we managed to get Bank B to absorb the penalty amount of 1.5% for her.
Mrs Sim enjoyed a 1% reduction and on top of that did not pay the 1.5% for the termination of contract with Bank A as it’s absorbed by Bank B. In summary, she enjoys an indicative savings of $17,817 for the next 2 years!
Maximise your Savings! – It is possible to get banks to absorb your penalty if you speak to the right bank.
Contact us today for your refinance eligibility and start saving! Think of what you could do with the thousands of dollars saved! Whatsapp any of us today!