Maximising your mortgage by refinance

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Maximising your mortgage by refinance Refinancing your mortgage can make a big difference in your finances. When the lock-in period of your mortgage ends, think about refinancing. Most banks charge a penalty if your repay within 2 years for floating rate and 3 years for fixed rate loans. Check your mortgage documents if you are unsure. […]

MAS restrict loan Tenure for Residential Properties

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Singapore, 5 October 2012…The Monetary Authority of Singapore (MAS) will restrict the tenure of loans granted by financial institutions for the purchase of residential properties. MAS’ move is part of the Government’s broader aim of avoiding a price bubble and fostering long term stability in the property market. 2   The maximum tenure of all new […]

Pay down housing loan with CPF

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Pay down housing loan with CPF Thinking of using your CPF to pay down your housing loan? Some mortgage advisors will suggest doing it when the prevailing housing interest rate is more than 2.5% p.a. Is this correct? Before we answer the question, let’s look at the interest rates in details. CPF Interest Rates For […]

How to start your refinance

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Thinking of refinancing and not sure how to start? Here’s a step by step guide to evaluate your current mortgage. Check your terms What interest rates are you paying for your mortgage? How much is your monthly instalment? If your interest rate is a floating rate, you may want to consider switching your interest rates […]

5 Top reasons to refinance your home loan

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There are many compelling reasons to refinance your home loan. Here are the top five: 1. Lower your monthly payment You can lower your monthly payment by lowering your interest rate and/ or stretching out your mortgage tenure over a longer term. For example, you can 2. Lower your interest rate Refinancing to a home […]

Bank Clauses in Housing Loans

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Most purchasers of property in Singapore rely on the bank to help finance the purchase of their dream home, office, shop or warehouse. In exchange for the money from the bank to buy that dream property, owners mortgage their properties to the bank. This relationship between the property owner and the bank usually lasts 20, […]

Refinancing considerations

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Your current housing loan is probably secured by a mortgage of your home based on the promotional rates offered by the bank at that time. Interest rates would have remained low during the first few years, but subsequently the rates would have gotten progressively higher. If you are concerned about paying more interest on your […]

Fixed or Variable Interest Rate, when is the best time?

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Fixed or Variable Interest Rate, when is the best time? Borrowers are always wondering when the best time to take up a fixed interest rate package. Fixed rates are generally higher than variable rates to take in account possible rises in the lending rates. When a borrower takes a fixed rate, he is predicting that […]

MoneyIQ approach to comparing loans

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Home owners looking for a mortgage in our small city of Singapore will be pampered by choices. There are at least 12 banks offering at least a total of 100 types of mortgages. Almost every package is different and it’s impossible to find a common denominator to do a comparison. Type of mortgages There are […]

 
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