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Hunter, for best deal is depends on d refinance loan amt. How long have u been paying your home loan? If more than 3yrs, u can write in a request to reduce int rate from ur existing bank. Generally, most bank only refinance completed property so until u take VP or CF been issued.
Oh I've been told that the market value of the property is now 260k. I have paid progressive payment for more than three years and starting full installment this month and I already have VP although the building has yet to receive CF. One bank so far offer me BLR-1.7 . Anything better than this? Yup I'm also considering interest reduction but has yet to write in to the Bank.
Guess the best rate is much lower than the quoted figure.
Unless your rates are able to be extended to 40 years or so, in my opinion, refinancing rate should be lower since the duration of a loan whether it be for first financing or otherwise, is statistically influenced by the BLR and the bank interests are variable in accordance to how the BLR and other factors effecting upon the property market and loan performance overall.
So far, no statistic have been disclosed on how the BLR performs and effect the loan performance by looking at the consumers' interests in the past 10 years or so.
Firstly, what is the current int rate that u r paying? So I can do comparison on how much u can save on int if u refinance. U can check with the developer when CF will be rdy. Some bank are offering in a range of BLR-1.90% to BLR-2.10%
Hi Hunter u should seriously look into refinancing! your major problem now is the CF and did the developer issued individual title?
You can easily save more that 3% if you decide to refinance as the current bank giving great rates! Depending on your loan size.
My personally opinion you try appeal from your current bank and see if they willing to give you a better deal. Failing with, you have to consider other banks that can give you a better rates.
Alway try more than one bank as customer always have the right to choose and decide. Letme know if you need further opinion.
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easier to explain to u the details u wish to know on phone
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