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Thread: If you yet to refinance your loan yet...

  1. #1
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    Default If you yet to refinance your loan yet...

    Despite missing on the low interest now and complaining about the new rates of 1.65,1.75,1.85 being high with not much savings.
    Start to prepare yourself to pay above 2% monthly on your instalment.
    I'll update you guys on which rate to go for if you've missed the current boat.
    Please PM me to see how I can help you avoid the next jump on interest.

  2. #2
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    Below is a few important documents you'll need to get ready when you refinance.

    If your loan has 3 people name, you'll need all 3 of their information.
    If its 2, you'll need 2 then.
    How many people's name is in it, you'll have to get all of them, as simple as that.

    Next, I'll do a list point on the information that you'll need.

    •singpass, very important!
    This helps you to get all your documents from government portal.

    •Identification
    Straightforward!

    •last 3 month's payslip
    Simple, straightforward, just make sure has your company header and is recognised.

    •Notice of Assesment
    Make sure you report your income tax!

    •outstanding loan statement balance
    Always keep a copy of the statement sent to you by the bank.keep it in a file.
    Having all the documents in standby will help your refinance go a long way!
    Note: if you're using I-banking, make sure it states your name in it and the relevant mortgage loan with the name on it. Some bank do not have your name on it and the mortgage loan property as well.
    So it's better to keep your hard copy!

    •credit card
    Always pay your credit card on time, if you don't, you risk the wrath of having a bad credit.
    Having a bad credit reputation means you're having a higher chance of rejection for your loan.
    Make sure you keep a copy of the statement that bank send to you monthly.
    And cancel away all other credit card facility if you do not use them.
    No statement for your credit card will mean you're subjected to 2-4 times of your salary multiply by 3% as your commitment which result in a higher percentage of breaching TDSR.

    •Tenancy agreement
    Always make sure your tenancy is more than six month,
    If its not, then get ready to recruit new tenant so that you don't miss out any rental income.
    This help your TDSR very much!
    Note: rental income is only considered 70%.

    •Loan statement
    Be it housing loan, car loan, study loan and so on. Get all your loan statement standby as without any of it, you definitely can't take up the loan.

    •Letter of Offer
    The most important document to have when you want to refinance, if you don't have it, we won't know if you are still in any lock-in or any conditions. After acceptance of your new loan, you'll be paying the penalty if there's any.
    Note: your new bank won't be bothered if you're in any lock-in as it does not concern them, their objective is just for you to sign it and earn your money.

    Lastly, signing of any forms does not bind you anything as its all not legal binding until you sign your new LO!
    And always monitor your loan, and ask yourself if its time to manage it when it's out of lock-in.
    Hopefully this information helps you guys.
    Cheers!

  3. #3
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    Locked in at 1.38% with DBS recently. Last I heard they no longer offer this rate.

  4. #4
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    Quote Originally Posted by Regulators View Post
    Locked in at 1.38% with DBS recently. Last I heard they no longer offer this rate.
    Yes! No more!

    Good rate in this current market, at least cover yourself well so cash flow not affected!

  5. #5
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    Quote Originally Posted by Regulators View Post
    Locked in at 1.38% with DBS recently. Last I heard they no longer offer this rate.
    I locked in at the same rate too last year. However, its only for 3 years. On hindsight, should have chosen the 5 years fixed rate at 1.68%

  6. #6
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    just to add on:

    tenancy agreement must be stamped to be recognised. got to show the certificate of stamp duty.

  7. #7
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    i've heard of this from the banker before but not sure what it means. does it mean the tenancy agreement itself must be brought to iras and stamped? or they will issue u a seperate certificate of stamp duty? how much is the fee?

    Quote Originally Posted by lifeline View Post
    just to add on:

    tenancy agreement must be stamped to be recognised. got to show the certificate of stamp duty.

  8. #8
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    Quote Originally Posted by bargain hunter View Post
    i've heard of this from the banker before but not sure what it means. does it mean the tenancy agreement itself must be brought to iras and stamped? or they will issue u a seperate certificate of stamp duty? how much is the fee?
    Yes! Forgotten about the stamp duty!
    You'll need stamp duty which is usually paid by the tenant.
    You can ask your agent to send to you. They definitely will have it.
    Unless you didn't get it stamped when you lease out.

  9. #9
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    Quote Originally Posted by bargain hunter View Post
    i've heard of this from the banker before but not sure what it means. does it mean the tenancy agreement itself must be brought to iras and stamped? or they will issue u a seperate certificate of stamp duty? how much is the fee?

    stamp duty on tenancy is paid by tenant to iras. agent will get it paid... can be done online. then agent will email you the pdf copy.

    http://www.iras.gov.sg/irasHome/page04.aspx?id=2132

  10. #10
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    thanks for the prompt reply bros. should be no issue. will look for mortgageguru in 2017.

  11. #11
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    Quote Originally Posted by bargain hunter View Post
    thanks for the prompt reply bros. should be no issue. will look for mortgageguru in 2017.
    6 months in advance before you're out of lock-in

    Remember there's a need to serve 3 month notice in general cases.

  12. #12
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    I regretted not going for floating past few years. The ideal situation would have been to do floating all the way till now and convert to fix thereafter.

    Quote Originally Posted by bullman View Post
    I locked in at the same rate too last year. However, its only for 3 years. On hindsight, should have chosen the 5 years fixed rate at 1.68%

  13. #13
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    its really hard to time, i think last year would have been alright. but by then max we can fix is 3 years at low rates? 5 years fixed rates had increased by then.

    Quote Originally Posted by Regulators View Post
    I regretted not going for floating past few years. The ideal situation would have been to do floating all the way till now and convert to fix thereafter.

  14. #14
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    Would like to check on fixed rate packages using local banks' board rates.

    OCBC quote board rate of 4.5% (unchanged for a decade) less a discount.

    Currently its 3 year lock-in @ 1.28%, 1.48%, 1.78%.

    Other banks have such a package using their own board rates too.

    Question is, will this rate move? In this economic uncertainty?

    Any insight from the gurus' here?

    Thanks All!

  15. #15
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    Quote Originally Posted by wildfaye29 View Post
    Would like to check on fixed rate packages using local banks' board rates.

    OCBC quote board rate of 4.5% (unchanged for a decade) less a discount.

    Currently its 3 year lock-in @ 1.28%, 1.48%, 1.78%.

    Other banks have such a package using their own board rates too.

    Question is, will this rate move? In this economic uncertainty?

    Any insight from the gurus' here?

    Thanks All!
    Board rate in general is quite stable, not often that they revise it.

    Most bank offers board rate too, its a norm in commercial loan that borrowers take up a board rate, its also called variable as well.

    The only catch is you definitely have to refinance after your 3rd year as it will be much higher that the market rate.

    For example, most of you who took up board rate for BUC property, you definitely have to do a refinance when you're out of lock-in, else you'll be paying unnecessary to the bank, most owner perceived that when bank revised the interest rate higher, they're paying abit higher on the monthly instalment, but don't know that its actually taking more of the principle amount to pay on the interest which is plain stupid.

    This only helps the rich to get richer while the poor are actually the heroes behind the great time stories the rich enjoyed.

  16. #16
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    Quote Originally Posted by bargain hunter View Post
    its really hard to time, i think last year would have been alright. but by then max we can fix is 3 years at low rates? 5 years fixed rates had increased by then.
    The 5 years @1.68% promotion floated in and out of the market. I was able to fix 2 loans at that rate but was too late for the 3rd one. Will be subjected to the wrath of the market rate in 2017.

  17. #17
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    Quote Originally Posted by bullman View Post
    The 5 years @1.68% promotion floated in and out of the market. I was able to fix 2 loans at that rate but was too late for the 3rd one. Will be subjected to the wrath of the market rate in 2017.
    You can still get yourself into fixed rate now!

  18. #18
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    I hope the 5 years fixed rate @ 1.68% will become available when my turn to refinance.

    SOR seems to have come back down though.

  19. #19
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    what was the lowest fixed rate last yr, any idea?

    Quote Originally Posted by bargain hunter View Post
    its really hard to time, i think last year would have been alright. but by then max we can fix is 3 years at low rates? 5 years fixed rates had increased by then.

  20. #20
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    Based on current market, maybank is no longer the best package to take up.

  21. #21
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    So which bank has the best rate now?

  22. #22
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    You can try asking dbs if they can still offer you 1.38% 2yr fixed

    Quote Originally Posted by wildfaye29 View Post
    So which bank has the best rate now?

  23. #23
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    DBS can't get 1.38 anymore.
    They yet to finalise on the new rate too.

  24. #24
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    Quote Originally Posted by MortgageGuru View Post
    DBS can't get 1.38 anymore.
    They yet to finalise on the new rate too.
    Hi,Does anyone know about UOB best rates for re-pricing ? thanks

  25. #25
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    Quote Originally Posted by ahsoh88 View Post
    Hi,Does anyone know about UOB best rates for re-pricing ? thanks
    Re-pricing is usually up to the bank to quote you, different people have different pricing.
    What's the rate UOB quote you and how much do you have to pay for the admin fees?

  26. #26
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    not sure if mortgageguru could have gotten a better rate then but if u walk in, it would have been 1.2, 1.3, 1.5 for 1st 3 years.

    Quote Originally Posted by lajia View Post
    what was the lowest fixed rate last yr, any idea?

  27. #27
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    Quote Originally Posted by MortgageGuru View Post
    Re-pricing is usually up to the bank to quote you, different people have different pricing.
    What's the rate UOB quote you and how much do you have to pay for the admin fees?
    Currently quoted lock in for 2years based on board rate at 1st year 1.28% , 2nd year 1.68%, 3rd year 2.65%
    for fixed rate package is 1.88% for 2 years and 3.75% (3rd year). what is yr advise ? thanks

  28. #28
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    Quote Originally Posted by ahsoh88 View Post
    Currently quoted lock in for 2years based on board rate at 1st year 1.28% , 2nd year 1.68%, 3rd year 2.65%
    for fixed rate package is 1.88% for 2 years and 3.75% (3rd year). what is yr advise ? thanks
    Just the third year itself is a definite no already.
    You still yet to take into consideration that there'll be $800 admin fee too.

  29. #29
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    This fee can be negotiated to a lower sum. I got mine reduced to $500.

    Quote Originally Posted by MortgageGuru View Post
    Just the third year itself is a definite no already.
    You still yet to take into consideration that there'll be $800 admin fee too.

  30. #30
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    According to my UOB Banker,
    They just launched a BUC Package that claimed to be strongest in the Market now..

    No Lock In
    1st Year: 1.1%
    2nd Year: 1.22%
    3rd Year: 1.28%
    4th Year: 1.40%
    5th Year Onwards: 1.98%

    With 2 free conversions meaning client can convert to another package once the loan is disbursed and second time will be between the 3months after TOP.

    PM me if this helps.. Will refer you to my banker!

    **Sorry Mortgageguru, I chose my Moneyguru nick without knowing your nick exists! I'm a ppty salesperson, so hope ppl don't confuse us

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