Refinancing Your Home Loan in Singapore
Owning your own home always brings with it a wonderful feeling and after a few years, you get attached to it. The time always comes when you have to make a decision whether or not you would be refinancing your home loan in Singapore or not.
Refinancing your home loan takes more than picking a few numbers from a brochure. It requires some due diligence so that you are able to understand the home loan refinance process and get the best out of your refinance mortgage.
Why Should You Refinance Your Home?
There are many good reasons why refinancing your home loan is a great thing to do. Usually, mortgage rates have reduced and so you might be able to get a better deal on your loan. Try to determine how much you would be saving each month based on the new interest rate before committing to it. Figuring out your savings might be tough, speak to mortgage advisor whenever you can.
Another good reason to refinance your housing loan is to reduce your monthly payments. By refinancing your home loan to a longer tenure than what you currently have remaining on the mortgage, you can end up with lower monthly payments and more money to do other things.
Lastly, if you have been on time with your payments, you would most likely have a much better credit score and overall rating than when you first purchased the house and so you may qualify for better interest rates that will save you money.
Things to Think About When Refinancing Your Home Loan
Now that your home loan interest rate is not as attractive as it used to be, you need to ask yourself whether you would be able to get a better deal this time around. Home loan comparison in Singapore can be time-consuming due to the amount of information involved so you are better off leaving it to a company like Savvy Home Loans Singapore to help you make the best housing loan refinancing decision.
- What are you eligible for? – Refinancing your home loan requires a lot of information from your current loan.
- Lock-in period – Be sure that if you choose to refinance your loan, you are not doing so within your current loan’s lock-in period. This may subject you to a pre-payment penalty which can drive up the cost of your loan refinancing.
- Cancellation fees – Confirm how much you would be pay in the event you do not accept the loan that you were offered. You should ensure that you are able to exit from the loan agreement whenever you can.
Refinancing Your Home Loan is a Breeze with Savvy Home Loans
Do you want the best home loan refinancing rates in Singapore? Make an appointment to use our free home loan rate comparison service today with one of our Mortgage Specialists. We at Savvy Home Loans Singapore will help you save money on your interest repayments and make it a worthwhile financial move for you.
Call us at +65 9619 2300 or email us at email@example.com