Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!
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 Sep 8 2014, 10:28 AM
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#1
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Junior Member
32 posts Joined: Mar 2013  
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I plan to refinance my property, outstanding around 250K & cashout of 300K which I may or may not utilize. Just need it as backup.
Is it better to finance everything as term loan (flexi or non-flexi) or should I convert the cashout portion to OD? I understand with secured OD, rates can be identical to term loan. This post has been edited by choywm: Sep 9 2014, 10:46 AM |
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Sep 18 2014, 06:24 AM
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#2
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Junior Member
32 posts Joined: Mar 2013
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QUOTE(JC999 @ Sep 8 2014, 11:53 PM) Hi Choi, refinancing to OD is slightly higher increase than TL, around BLR -2.0 to BLR -2.1. under individual name, however if you have no need for the money currently it is a better choice. Other wise take up a full flexi facility will also help in interest savings. For the OD portion you wont be able to take out such a large portion. Maybe you can work around 450k flexi loan and 100k OD. do PM me for further info. You mean interest for OD is around BLR - 2.1? How about the TL portion?Cheers,  |
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Sep 19 2014, 08:40 AM
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#3
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Junior Member
32 posts Joined: Mar 2013
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QUOTE(JC999 @ Sep 8 2014, 11:53 PM) Hi Choi, refinancing to OD is slightly higher increase than TL, around BLR -2.0 to BLR -2.1. under individual name, however if you have no need for the money currently it is a better choice. Other wise take up a full flexi facility will also help in interest savings. For the OD portion you wont be able to take out such a large portion. Maybe you can work around 450k flexi loan and 100k OD. do PM me for further info. How come most other loan officers here say OD is at BLR - 0%. Maybe just want easier job.Cheers, |
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Jul 31 2015, 12:29 PM
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#4
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Junior Member
32 posts Joined: Mar 2013
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I am looking to refinance with cashout.
Is there any banks that can offer the cashout as OD with term loan rates or close to it? Pls pm me. Not so keen on full flexi. |
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