dear all, wondering wats the refinancing procedure for home loan? consult tru friends friend, apparently hes freelance agent, however not sure whether wats the actual procedure, document need to prepare? just imagine pass your ic,salary slip as well as S&P agreement to strangers... just to be sure, just in case.

another question is when is the soonest or roughly waiting period for the refinanceing procedure to be done, say after documents submited? meaning if i do refinancing for cash out, how long it should take for the new banker to released sum to my existing banker, as well as the cash that can be usable???

anyone with such refinacing experience??? appreciate input/feedback from all sifus... thx.

if refinancing clean property less than a month,
cash out around 3+ months

Once collection of document completed, bank will take around 1 week to process the letter offer. Then after you sign it, wait around 1 to 2 weeks for lawyer to prepare the loan agreement. Then after you sign the loan agreement, normally 3 month for the bank to release the money to your old bank and bank in the extra cash to YOUR account at new bank.

So roughly it will take 4months to have the cash in hand. Fastest i think can be done in 3months.

This post has been edited by onnying88: Sep 23 2009, 03:58 AM

Another point to note.
leasehold property will take longer in my experience

Yup, but also different from case to case. Just normally leasehold will longer.

The fastest and easiest way is ask your existing bank to refianance it and renegotiate for a better rate.

A good resource for anything related to loans: www.money3.com

However, depending on your objective of doing the refinancing and age of your loan, it may be simpler to just request a lower rate, or a top-up loan, or both from your existing bank.

Request for lower rate and top up from existing bank normally will only take 2 weeks.