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Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!
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lowyat101
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 Sep 24 2018, 11:27 AM
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Hi guys, just a quick question about housing loan. Currently I have almost fully paid off my current house (still under bank but since it's semi-flexi, I have overpaid all except for RM200 left in the loan amount). I'm looking to purchase another house (2nd hand one) which worth about 100k more than my current one. So shall I applied for a new loan for the new house? Or refinance my current house and pay cash for the house to be purchased? For info, i'm planning to let go my current house once the "new" house is ready as don't want to commit to any loan. Thanks p/s - both the houses are leasehold and located at the same area, in case it's relevant  This post has been edited by lowyat101: Sep 24 2018, 11:30 AM |
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lowyat101
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Sep 24 2018, 12:45 PM
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QUOTE(lifebalance @ Sep 24 2018, 11:31 AM) Depends on your financial capability, if you can handle 2 loans and don't mind the monthly installment, I would suggest you to take 2 loans together. But if you intend to sell off the old one once the new one is ready ,then I guess just apply for the new housing loan and once it's ready, sell the old one, no need to refinance. Thanks for the advice. Ya sounds like better to apply for a new loan since it's more clear cut later when selling the old house. May I know what will be the loan procedure of buying a 2nd hand house? Do I look for the SPA lawyer first before asking for the loan? And using the same SPA lawyer for the loan agreement? Or it's the other way round? Thanks |
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lowyat101
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Sep 24 2018, 01:40 PM
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QUOTE(lifebalance @ Sep 24 2018, 01:06 PM) secure the loan first, SPA can be done thereafter. If no loan approve, how you want to proceed with the purchase ? OK. Is it possible to know what's the maximum loan amount I can get for that particular house? What are the info needed for the bank to assess this value? |
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lowyat101
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Sep 25 2018, 07:45 PM
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QUOTE(kevyeoh @ Sep 24 2018, 08:20 PM) If your loan is old one... I think high chance the rate is high.. so try to get current new rate ... which probably can be lower ... since you got intention to sell your current house... means you can afford 30% down payment ... there are banks offering 4.4% now for loan financing 70% and below ... 4.4% imho is quite low and cheap ... So between S&P and loan... for your case... you can go ahead with S&P first if you need to lock down the purchase... since you got your 1st house loan with cash you can withdraw ... worst case if your new loan approved for a small amount ... you can just withdraw the money from 1st house loan to cover the purchase or top up for 2nd loan as required ... Just giving some inputs on other options since you almost settle your 1st loan ... got a few options to consider... if you really need to lock down your purchase by signing the S&P... go ahead and sign first ... Good luck ... thanks for your view |
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