REFINANCING LOAN CALCULATOR
This is an intuitive refinancing loan calculator that can compare monthly payments, interest rates and loan packages offered by Singapore banks.
All interest rates shown below originate from the source banks and the rates are updated as and when there are fresh loan packages from Singapore banks. To get a loan comparsion report and first hand updates on refinancing loans, please contact a certified mortgage consultant. This complimentary service is brought to you by Happy Homes powered by icompareloan.
Questions Frequently Asked
It is about taking out a home loan with another financial institution. Typically home owners can consider refinancing when the exisitng home loan has completed the lock-in period with the current financial institution. It is wise to start browsing for other banks’ loan packages three months before the end of lock-in period.
Refinancing your home mortgage can save you money – or cost money when you miss the big picture. Many factors affect the decision, to refinance or not. Consider the length of time you plan to live there, current interest rates, incidental costs outlay like conveyancing fee, valuation cost, etc. With most economies gearing up for a Covid19 recovery comeback in year 2021, home owners should attempt to refinance for a lower rate before interest rates trend upwards.
It makes money sense to refinance when you can lower your interest rate in a falling mortgage rate environment. You should also plan to stay in current home long enough to breakeven the costs of refinancing. Some banks could offer cash discounts, or promotions to offset some costs of refinancing but may impose certain restrictions. Do approach a qualified mortgage consultant who can go through the fine details of the bank’s terms and penalty clauses.
The Singapore dollar 3-month Sibor dropped from 2% in June 2019 to 0.54% same June 2020. That drop translates to 60-70 basis point, almost $7,000 per year for a million loan outstanding – quite substantial savings in monthly mortgage payments.
Our mortgage consultants are qualified and trained to explain reports of live rates for your comparsion across all Singapore banks. We do not represent a specific bank. In this way, you can be assured of unbiased and timely advice. Our time and efforts are compensated by the bank of your final choice as such there is no cost on your side. Our mortgage consultants will do the heavy lifting, that includes scouting for the latest promotions, ongoing offers from various banks and potential savings for our clients.