For those who have never been exposed to the concept of “refinancing”, home loan refinancing may seem like a baffling notion. After all, what good could possibly come from getting a new home loan… just to pay off your old one? Wouldn't you just go back to square one after the whole process? These could be some of the questions you’re asking yourselves, and understandably so.
In reality, home loan refinancing is a widely-adopted practice with many potential benefits. Home buyers far and wide undertake it in order to lower the interest they’re paying on their home loans, reduce their monthly loan repayment amounts, and generally alter their loan terms to better suit their financial needs. In fact, some even refinance to free up cash riding on the inherent values of their properties!
Want to refinance your home loan in Malaysia?
Click here to compare different rates by different banks. Courtesy of: iMoney.my
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ReplyDeleteSome borrowers refinance to settle personal/car/vehicle loan. Before deciding whether to refinance or not for these readons, there are few things to consider.
ReplyDeletethe key to the answer is to compare the effective interest rate saved via full settlement against FD interest rates, or an investment vehicle of the same nature. For example, if you can save an effective interest rate of 5% p.a. versus an FD rate of 3.5% p.a., you should settle your loan early.
See thorough tips at http://loanstreet.com.my/learning-centre/refinance-settle-car-personal-loan
If you’re up to your ears in credit card debt, lenders will probably think twice before offering you a loan because both your credit utilization ratio and your debt-to-income ratio will be high. That’s why it’s very important to start paying off those balances before sending out any home loan applications.
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