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When it comes to housing loans, many individuals do not refinance. A large number are oblivious they have the choice of shifting their loan to another financier; others are simply apathetic. They stick with their very first lender and the “reward” for such loyalty tends to be higher interest rates. Due to the magnitude of mortgages and the tenure that the loan is amortized over, the interest we are speaking about here can easily extend from thousands to 100,000’s of dollars. Take a look at the following components to see whether it’s time for you to consider refinancing.
Current Mortgage Interest Rate
It is definitely a positive indication for you to explore refinancing when your current interest rate is higher than available home loan packages on the market. A first step to take is to go back to your current banking company or financial institution and ask them to revise your package, otherwise known as repricing. If your lender comes back with an offer, it will commonly be better than your existing one. You can then compare this offer with offers from other lenders to see whether you should switch or stay put.
Lock-in and Clawback Periods
When you take up a housing loan, there may be a lock-in period where your housing lender will charge you a penalty fee, ordinarily a percentage of your outstanding loan amount, if you were to fully repay your housing loan. Almost all home loans also come with a clawback period where the lender will claim back “freebies”, such as legal expenses, that they “gave” you when you take up your loan (Note: lock-in period is separate from clawback period). It may not be valuable for you to refinance due to such costs.
Loan Quantum
The larger your home loan amount, the greater your savings for the same decrease in interest rates. For example, 1% on a loan of S$100,000 is much less than 1% on a loan of S$500,000. However, fixed cost to refinancing, which comprises mainly of legal fees, do not vary much with loan quantum. The difference between your current and refinancing interest rates, therefore, has to be bigger for a relatively smaller loan as fixed cost eats into a more substantial part of your interest rate savings.
Perceived Interest Rate Movements
Your view on how interest rates is moving can be a factor when considering whether you should refinance. If you are currently on a fixed rate package and believe interest rates are dropping, you may want to refinance to a floating rate package. Conversely, if you are on floating rates and believe interest rates are rocketing, converting to fixed rates may be a positive choice.
Individual Financial Assessment
If there is a change in your financial state, you may want to vary your package details via refinancing. For instance, you are beginning your own business organisation and do not want unpredictability in other areas. Give some consideration to taking up a fixed rate package. Maybe you want cash to invest in different place. Consider increasing your loan quantum. Or your monthly income has increased and you want to minimise interest loan payments. Consider reducing your loan tenure.
If looking through this article is giving your a headache or you simply want to save yourself the trouble, contact us for a non-obligatory housing loan interview. Our professional consultants not only frees up your time but also do not charge any fees to help you get the best deal. Refinancing does not have to be a irksome procedure.