- April 14, 2020
- Posted by: avantconsulting
- Category: Mortgage Loan
Refinancing your Mortgage Loan with lower interest rates in 2020 – 2020 was a very hopeful year for many but it has turn into something of a disaster with the Covid-19 outbreak that is killing and hospitalizing many people across the world. The world economy has come to a complete standstill with many people working from home and only essential services allowed to function and go on with business.
Interest rates have fallen in the USA when the Federal Reserve decided to cut rates to support the economy through more borrowing and also a stimulus package to buy more bonds of the USA government. With this we have seen many other major economy following suit including Singapore.
Interest rates have fallen across board and also with it the Mortgage Loan Rates in Singapore. Singapore is seeing its economy also slowing down drastically with the fall in tourism and also with the closing of malls, the fall of retail sales.
We will expect this to last till Q3 and sales to continuously to fall. We do not expect interest rates to be moving up much with this economy in such a bad shape from the whole onset of this virus. We are looking at a prolonged slowdown in the economy and this will definitely hit businesses.
During this period we also saw the mortgage loan rates for the banks falling to very low amounts and now for fixed rates we are seeing 1.72%.
We would like to recommend anyone who has yet to get their Singapore Mortgage Loan Refinancing done to get to it now so that they can save a few hundred a month and over the course of 2 years they can save up to thousands for a small loan amount.
Mortgage Refinancing can be quite a tough thing to do with so many banks and so many Singapore Mortgage Loan Packages being offered.
Avant Consulting works closely with SME owners to assist them with SME Loan Applications and also with their mortgage loan needs in Singapore. If you require help you can speak to us and we will assist you with your needs.