I really don't understand what it means by "Zero Moving Cost" when asking for refinancing. Anyone can elaborate more on this issue. Thanks in advance

Like the word implies, it is ZERO COST.

When applying for refinance/loan, you don't need to pay for the legal fees and disbursements on loan documentations. It can be quite costly. Thus, the banks are offering you an "easy way out", BUT at a certain "costs" at higher interest rates, and etc. Get a mortgage consultant to speak to you for free. They can advise you best.

Also, check on the Mortgage Reducing Term Assurance (MRTA) which will be borne by the purchaser/loan applicant (chargor).

Usually the MRTA which is supported by one time payment from the loan applicant is secured by way of a lien to the bank and hence, in a situation of refinancing, the first lien will be revoked. Don't think it is possible to transfer the unexhausted remaining portion of the terms of years on the MRTA of the applicant to another insurance company.

However you may try to find this out with the bank which you are seeking refinancing. May be the unexhausted portion of the MRTA which is covered under your life term can be of use and whether the same insurance company can accomodate your request in your quest for refinancing is a thought to consider.

Hooe you can share your experience.

Thanks guy for the clear explanatin. Cheers!