Is It Time To Refinance Your Mortgage Loan?
Mortgage Interest Rates
How much interest are you paying for your mortgage loan? Is it time to refinance your mortgage loan?
Singapore mortgage loan are typically pegged to Singapore Interbank Offered Rate, or SIBOR in short. In recent years, home owners in Singapore have seen their mortgage installment increasing, this is due to the increase in SIBOR rates.
Singapore 3 Months Interbank Rates
From the graph, we can see that interest rates are rising. For home owners whose lock in period for their mortgage loan is over, I will strongly recommend that they do refinancing to get better rates for their housing loan if they are not intending to sell their house in the near future. If you are intending to sell your house, please give me a call. Refinancing your mortgage loan will help to bring down your monthly repayment amount as you will be paying lower interest rates. Why pay more when you can get lesser interest rates?
Mr Heng has an outstanding loan amount of $600k for 18 years.
Mortgage repayment a month with 2.5% interest > $3481
Mr Heng took a refinancing package for 18 years as well but with another bank with a lower interest rate of 1.9%
Mortgage repayment a month with 1.9% interest > $3282
Savings a month will be $199 per month and $2388 per year
Sghomes4u work with many banks in Singapore to get you competitive mortgage interest rates.
Drop me a message / call for a no obligations discussions, engage me for a fuss free transaction.
Do also read on in my blogs for more tips in buying and selling a property.