Dearl all Sifu here,

i need the money to settle all credit cards and loan... i have one new house just one year old..can i refinance the house? Some of my fren said tht...if i refinance then have to pay bck to bank...i get nothing ! izzit true ?

if the value has gone up, then can..

moreover,
if u took 90% loan, last time round, a bit susah

it's too early laaa...

you have lock-in period which cost you about 3% penalty.

Then you have to pay S&P and lawyer fees..

between 1 yr refinance ?
dunno bank allow or not

It can be done... can choose to switch bank.. but the issue is, like what airline mention, if MOF is 90%, its damn hard, and depends how much the property has been appreciated in a year time..

Lock in penalty is another factor.. if switch bank, MRTA is another cost (although refundable partially from previous loan)

with regards of the house :

1. How much loan outstanding
2. Current market value?

the house is RM238000 ..and 90% loan from bank..
current market value is RM270000..maybe more...

there's a lot of other factors ur not seeing...

1) for 1st year, what ur paying mostly is interest...very little on the principal..even if ur current market value is 270k, ur able to get max of 90% of that, which is around 243000...u took a loan of 214200...that being said, actual house value only can be determine after a proper valuation is done - by pro valuer i.e. paid services..

2) loan interest 1year ago is very much more attractive compared to now which is B-1.8...you might end up paying higher interest rate.

assuming ur able to get a refinancing
3) u first need to go to your bank to request for a redemption statement, which will let you know precisely how much u need to pay to 'settle' the loan, including penalty fees (roughly 2-3% of your MOF) redemption statement is RM50

4) need to pay valuation fees...around RM1k

5) need to pay lawyer fees...around RM1k

6) wait for 2-3 months for all transfers to be settled.

7) not sure ur able to get back alot of money from refinancing...i honestly dont think so..plus, those money you've paid for past one year, gone with the wind...

my 2 cents - not worth refinancing now (after only 1 year)..best time is after 5 years.....