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Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!
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Mayet
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 Jul 3 2015, 09:17 PM
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New Member
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Hi sifus,
I just bought a condo with a semi flexi loan that has 3 years locked in period. I am planning to start business in near future.
Assuming the property price goes up (i bought it at good deal) 100k above my selling price, can i refinance with the same bank to cash out for business start-up in that 3 years period?
I know there is no chance to refinance from different bank within that period.
Thank you.
This post has been edited by Mayet: Jul 3 2015, 09:19 PM
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Mayet
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Jul 4 2015, 01:53 PM
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New Member
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QUOTE(wild_card_my @ Jul 3 2015, 10:28 PM) When there is a lock-in in your loan agreement, it's not that there isn't any chance to refinance to a different bank within that period, only that you need to pay the penalty for doing that, usually 2 to 3% of the outstanding loan amount OR the original loan amount. But to answer your question, yes, you can talk to your bank to refinance or top-up, either to original loan amount, or to an amount equals to 90% of the new and increased price of the property. If you negotiate right, and depending on the bank, you can avoid paying the penalty, however, usually the lock-in period would reset itself back to 3 or 5 years, depending on the bank. Hope that helps! Thank you  |
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