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Thread: SOR rate holder- Its high time to manage your loan!

  1. #41
    Junior

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    thanks for sharing your role as a broker. I think 1.25 to 1.55 for the next 3 yrs is pretty attractive as we believe the rate is going up but how high and how fast, yet to be seen and no one knows. The more concern part is after the 3rd year, it is going to be 2.5 and above??
    Unless there is no lock in period which then could works towards our advantage and be flexible to change. Is there a lock in period?



    Quote Originally Posted by MortgageGuru View Post
    Just to share with you guys as a mortgage broker,

    I've seen many many countless property owners that think they're very clever, telling us that they have their own 'special rates' with the bank because they have business relationship with the bank.
    Most of the time, it turns out that the interest they're paying is ridiculously high, the reason why they hold on to it is because they're afraid other bank won't loan them the money they wanted.
    In the end, most of them turned their back and came to us asking for help to refinance their loans to other bank as they realised having a Relationship Manager(RM) doesn't actually gives them much benefit.
    So don't always have a prejudice view on any matters as you won't be sure what good it can help to you.
    For most of you who called maybank and get 1.25,1.45,1.55,
    I can even get the banker down to your home anytime you like and assist you on your loan immediately at a even lower rate.
    This is the difference between using a broker and going to the bank directly.
    If you encounter TDSR issue, we help you reduce your commitment percentage to below 60% with our expertise in this area so that you won't have problems taking up the loan.
    All these done being FOC.
    If you're using maybank directly, you can check with the banker which broker just gave them a $10million case from one of the established interior design firm in Singapore.
    Now, you see the difference between a broker and DIY.
    We care for your pocket, we fight for your pocket because we got negotiation power.

  2. #42
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    Quote Originally Posted by lajia View Post
    thanks for sharing your role as a broker. I think 1.25 to 1.55 for the next 3 yrs is pretty attractive as we believe the rate is going up but how high and how fast, yet to be seen and no one knows. The more concern part is after the 3rd year, it is going to be 2.5 and above??
    Unless there is no lock in period which then could works towards our advantage and be flexible to change. Is there a lock in period?

    Yes, after 3rd year will be at 2.5% (board rate -1.25%)
    By then interest will be stable down and will be a good time to refinance to floating rates since it's forecast to 2017-18 the hike will stop.
    If you want more benefits for taking up the loan, can PM me as we can negotiate even lower rates.

  3. #43
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    thanks for sharing! why didn't u join the forum earlier?!?!?!?! :0 then all our condosingapore.com members can collectively loan at super low rates during the 2009 low.


    Quote Originally Posted by MortgageGuru View Post
    Just to share with you guys as a mortgage broker,

    I've seen many many countless property owners that think they're very clever, telling us that they have their own 'special rates' with the bank because they have business relationship with the bank.
    Most of the time, it turns out that the interest they're paying is ridiculously high, the reason why they hold on to it is because they're afraid other bank won't loan them the money they wanted.
    In the end, most of them turned their back and came to us asking for help to refinance their loans to other bank as they realised having a Relationship Manager(RM) doesn't actually gives them much benefit.
    So don't always have a prejudice view on any matters as you won't be sure what good it can help to you.
    For most of you who called maybank and get 1.25,1.45,1.55,
    I can even get the banker down to your home anytime you like and assist you on your loan immediately at a even lower rate.
    This is the difference between using a broker and going to the bank directly.
    If you encounter TDSR issue, we help you reduce your commitment percentage to below 60% with our expertise in this area so that you won't have problems taking up the loan.
    All these done being FOC.
    If you're using maybank directly, you can check with the banker which broker just gave them a $10million case from one of the established interior design firm in Singapore.
    Now, you see the difference between a broker and DIY.
    We care for your pocket, we fight for your pocket because we got negotiation power.

  4. #44
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    Quote Originally Posted by bargain hunter View Post
    thanks for sharing! why didn't u join the forum earlier?!?!?!?! :0 then all our condosingapore.com members can collectively loan at super low rates during the 2009 low.
    I wish to too!
    But right now you all are still eligible for it!
    Thanks for your recognition too, makes me feel worthy for these postings!

  5. #45
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    Hi everyone, I just received information from Banker that they'll remove the low rate from Maybank tomorrow.
    Please do contact me soonest possible if you have intention to refinance to Maybank.

  6. #46
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    Quote Originally Posted by MortgageGuru View Post
    Hi everyone, I just received information from Banker that they'll remove the low rate from Maybank tomorrow.
    Please do contact me soonest possible if you have intention to refinance to Maybank.
    I have really quite a few PMs from you guys and I'm sorry if I left out on any of you.
    I'll reply soonest possible and it will be good to quote your nick so I know who are you.
    Hopefully everyone can avoid the interest hike together!

  7. #47
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    Quote Originally Posted by Ling Ping View Post
    Well said. Those who said waste time to refinance are perhaps those who cant refinance.
    If a person have huge cash buffer then that person will go for fixed rate to buy themselves a peace of mind instead of "gamling" on float rate hoping to gain on small savings.
    Think you should read all my previous posts. Since you just joined this forum, let me tell you that I'm one who long predicted QE was ending and interest rates is on its way up. Since that's the case it's no for small gains. I'm just not cheapskate as some who tries to save a few hundred to go on a holiday. If that's an issue, I suggest you do not get yourself into that million dollar mess/loan. I keep my bankers happy by taking up a loan and with all honesty I don't care about the interest rates I'm paying. If it goes up, I can redeem it.

  8. #48
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    Quote Originally Posted by MortgageGuru View Post
    I believe you didn't make a good calculation on it.
    Just for 3 years the savings can even hit 10k and above for some case.
    It's pretty simple calculation, if your monthly instalment is $2000, $800 goes to interest and only $1200 goes to your principle.. Against another package at $1800 monthly instalment, $500 goes into your interest and $1300 pays off your principle.
    It's obvious isn't it? Especially interest that you're paying is at a all time low and the only way is up.
    If you want to be a smart aleck that pays additional few hundreds a month or rather few thousands a year to the bank just to keep your bank happy, I rather you bring your family for a holiday every month, this will then be the one that's worth making happy.
    Bank don't give shit about who you are, however rich you are, there's someone richer.
    If you have to be cheapskate and stinge on a fraction of a percent, you don't have the criteria to be a property investor. Which I suspect alot of ppl on this forum are and are living on the edge. In that case, a rise in interest rates of 1% would definitely push them over. Also in that case, this is the best place for you to market your product!

  9. #49
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    Quote Originally Posted by pmet View Post
    If you have to be cheapskate and stinge on a fraction of a percent, you don't have the criteria to be a property investor. Which I suspect alot of ppl on this forum are and are living on the edge. In that case, a rise in interest rates of 1% would definitely push them over. Also in that case, this is the best place for you to market your product!
    Good day to you.
    If you're interested, I can meet you up and show you how one of the established ID firm managed to refinance and save half a million for their loan.
    Lastly, the last known investor or rather, all the investor that I've met, I remember they all shared the same character, humility.

  10. #50
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    Hi guys,

    received confirmation from Maybank Banker rates changed to 1.65,1.75,1.85.
    If there's intention to capitalise on the previous low rate, have to submit application soonest possible.

  11. #51
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    Quote Originally Posted by MortgageGuru View Post
    Good day to you.
    If you're interested, I can meet you up and show you how one of the established ID firm managed to refinance and save half a million for their loan.
    Lastly, the last known investor or rather, all the investor that I've met, I remember they all shared the same character, humility.

    well said!!

    In fact when people get richer, they will also get smarter and "tighter" with their money, especially comes to borrowing cost.

  12. #52
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    Hi everyone I've just cleared my PM.
    You can try send in again.

  13. #53
    Ultimate Underdog

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    Quote Originally Posted by Poloclub View Post
    well said!!

    In fact when people get richer, they will also get smarter and "tighter" with their money, especially comes to borrowing cost.
    I agree on this. The people who really pay the highest interest rates at the current climate pay 2.6%. But with a sort of a guarantee that their home can never be taken away from them.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  14. #54
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    Quote Originally Posted by Kelonguni View Post
    I agree on this. The people who really pay the highest interest rates at the current climate pay 2.6%. But with a sort of a guarantee that their home can never be taken away from them.
    You will be shock some that are paying above 3% and they still don't know about it.
    I've met some bosses and they're just like 'why the hell am I paying so much and yet my loan still have a long way to go' until they realized most of the monthly installment goes into their interest payment which is for absolutely nothing,worst still, they're tagged with a RM.

  15. #55
    Ultimate Underdog

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    Quote Originally Posted by MortgageGuru View Post
    You will be shock some that are paying above 3% and they still don't know about it.
    I've met some bosses and they're just like 'why the hell am I paying so much and yet my loan still have a long way to go' until they realized most of the monthly installment goes into their interest payment which is for absolutely nothing,worst still, they're tagged with a RM.
    Yes I truly am. Usually the realization kicks in only when they counted how much extra they paid over the years.

    It really depends on the quantum loaned and the tenure. But typically the loan is over 500K over 25 years or more, so even a 0.5% interest hike could translate into a few thousand difference every year. Better to use it to pay maintenance or to pare down loan. The loans I am involved in are fixed between 1.2 to 1.5% for the next 3 years. Until then...
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  16. #56
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    Quote Originally Posted by Kelonguni View Post
    Yes I truly am. Usually the realization kicks in only when they counted how much extra they paid over the years.

    It really depends on the quantum loaned and the tenure. But typically the loan is over 500K over 25 years or more, so even a 0.5% interest hike could translate into a few thousand difference every year. Better to use it to pay maintenance or to pare down loan. The loans I am involved in are fixed between 1.2 to 1.5% for the next 3 years. Until then...
    You done your homework pretty well!
    congrats on securing a low interest loan!
    cheers!

  17. #57
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    Hi, I just kena 1.92% (1 + SOR)! It just so happens my quarterly reprice day was on the most expensive day! OUCH!

    I have a 40year 1mil loan that has completed 4 years now w OCBC.

    Can I still refinance?

  18. #58
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    Hi , Mai I know if I need to engage a lawyer to full settle a private housing loan or I can simply tell the bank myself

  19. #59
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    You need to serve 1-3 months written notice depending on your condition from the LO.

  20. #60
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    Thanks. Can I do it myself by instructing the bank, or must I engage a lawyer to do it?

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