Blog @ Mortgage Supermart Singapore

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login

FAQs For Refinancing Your Mortgage & Home Loan | Mortgage Supermart Singapore

Posted by on in Mortgage Supermart Singapore
  • Font size: Larger Smaller
  • Hits: 480
  • Subscribe to this entry
  • Print
  • Report this post

FAQs for refinancing your mortgage  home loan

 

Who is suitable for mortgage refinancing?

Anyone that would benefit from lower interest rates as compared to pre-existing, netting off applicable transfer cost like legal and valuation etc.

 

When should I refinance my mortgage?

The typical refinancing interval is of every 2-3 years depending on the tie-in period when you took up the loan. Customers with no lock in mortgages may still benefit as long as the savings outweigh the cost.

 

What are the cost to refinance my mortgage?

Typical cost to note are only legal and valuation fees. In many instances, some banks may provide subsidies to help you offset part of your cost.

Legal

Estimated Schedule of  Fees

HDB $1600 - $2300
Private Condos / Apartments $2000 - $3500
Landed Properties $2000 - $3500
Commercial / Industrial $2200 - $3500
   
Valuation Estimated Schedule of Fees
HDB $150 - $350
Private Condos / Apartments $200 - $750
Landed Properties $600 - $1200
Commercial / Industrial $400 - $800

 

How much can i save?

For every 0.1% lower in interest over a $100,000 mortgage at a typical 30 years tenure, your savings are about <$100 per annum.

 

Every $100,000 Minus (-) 0.10% in Interest
30 years $96
25 years $95
20 years $95
15 years $94
10 years $92

 

Why is it better to use a mortgage broker?

  • Independent
  • We aggregate and compare mortgages from 31 lenders.
  • We pick out, summarize and present the best selections for your consideration.
  • We provide comparative, cost-benefit and break-even analysis.
  • One-stop shop to save you time and money.
Rate this blog entry:
2

Comments