- February 15, 2020
- Posted by: avantconsulting
Mortgage Refinancing in Singapore – For someone who owns a property in Singapore, you can either be owning it for your own use and stay or you could be using it as an investment tool and renting it out right now to someone who needs a place to rent.
The fact is that most people in Singapore is very unlikely to pay for the property in full and instead will be paying a down payment which forms a percentage of the whole property price, you will then take a Singapore Mortgage Loan with the banks in Singapore so that you can use the funds you have on hand for better purpose.
Mortgage Loans in Singapore usually are at very low rates. And with the current Covid-19 climate, rates are as low at 1.3% per annum for some banks.
For those who have in the past taken Mortgage Loans in Singapore, they can also take advantage of this low rates. Usually, there is lock in period of 2 or 3 years depending on the packages you chose. Once the deadline is up and you do not have the high penalties, you can consider the act of Mortgage Refinancing in Singapore.
Mortgage Refinancing in Singapore can be extremely daunting. You try to ease your financial burden by replacing your current loan with another, but how sure are you that you are getting the better end of the stick?
Hidden costs, longer loan tenors and additional expenses are some of the most common grouses among borrowers who refinance, so it’s really important to exercise prudence when you embark on your mortgage refinancing.
The reason many people work with a Singapore Mortgage Broker for your Mortgage Refinancing in Singapore is as follows:
- Saves you time from comparing across all banks
- Advisor will guide you on what document you need
- Get advise based on your current financial and job situation (TDSR is a big issue nowadays)
- The services is free since the bank pays the commissions
The good thing about using a Singapore Mortgage Loan Broker is also the fact that you do not need to pay for the services of the Singapore Home Loan Broker because they are paid some fees by the banks for their introductions.
This is a win-win for you and them and this is also great for the consumer that will get the best advice they can get.
Speak to our Mortgage Loan Brokers and Advisors so that we can guide you through the different terms and also tenors. The interest rates may differ wildly between each package and banks and this is something that requires an experienced Mortgage Loan Broker to assist you with.