QUOTE(Ekash @ Jan 19 2019, 04:21 PM)
Hi all sifus, would like to seek for some advices here. Appreciate it if you can help out.
Currently I have 2 properties under my name, one is landed (Johor) and another one is service apartment in Klang Valley. The residential loans are taken from 2 different banks as well, bank H* and bank M*.. With outstanding amount of 300k and 600k, different tenure left and with MRTA taken for both..
If I'm to consider the refinancing, can I choose to combine them under one residential loan only, say 900k loan if market value allowed? If yes, roughly how much would the refinancing fee be like?? Legal, valuation, and loan disbursement or stamp duty??
Would cancelling the old loans before expiry but after the lock in period, attract any legal cost??
Comments and inputs are welcomed.. Thx thx
@wild_card_my @lifebalance
1. The short answer is yes, you could, provided that the
"cash-out" of one of the refinancing could cover the loan balance of the property that you are going to "consolidate" into the one loan account.
2. At 900k?
Assume about 2% of the loan amount. To be sure, it is important to run some numbers with the law firm. The professional fees and stamp duty are fixed - for RM900k, they are RM8,692 and RM4,500 respectively. But there are other costs associated with the documents that will be put on you. Don't forget the valuation fees as well
For example:3. The good news is that, the "moving costs" can be financed on top of the 90% margin, making your margin about 92+%. All offers can be reviewed before signing. Most people mistake the "moving costs" financed by the banks as the actual costs, in reality, they are just the max amount to be financed,
if the actual amount is lower/higher, the firm(s) may withdraw less from the allocation, or you would have to top up
3. This is a good option actually, which I have covered in some of my articles.
Consolidating your mortgages for cash, to settle some other loans including another mortgage to free you from the 90% capping for only the first 2 residential properties.
4.
Discharging a property from mortgages always has a cost, be it to discharge so it would be charged to another bank (refinancing) or to fully discharge it as a full-settlement (the one you would pay off in cash), this would be "absorbed" (haha, no free lunch eh?) by the lawyer that will do your refinancing loan agreement (LA)
This post has been edited by wild_card_my: Jan 20 2019, 01:14 AM