QUOTE(giggsy @ Apr 8 2016, 12:09 PM)
Hi,
Need advice from sifus.
I have 2 prop, 1 with about 300K outstanding (total value ~750k) and the other 400K (market value ~750k). I'm planning to refinance the 2nd property to pay off the 1st property, and plan to dispose it. Does this idea make sense?
Thanks for your advice. One more thing, you mentioned
"I would suggest you to get no lock in period for your refinance loan so you can quickly dispose it once the loan is disbursed to pay off your 1st prop"
I'm refinancing on my 2nd property. Why would it matter to get a no-lock in period to pay off my 1st prop? Doesnt the new loan lock in period only affect the 2nd prop?
Dear giggsy,
1. This only make sense if you are about to but 3rd property to get 90% margin of finance.
However, investing perspective, if you use the cash to pay off First property, isn't it better you use it to pay 30% down payment for 3rd property 70% margin of finance?
3rd property cost RM500k, 70%, Downpayment= RM150,000
Refinance 2nd property to pay off the RM150k, better than paying off your first Property outstanding....
If you are purchasing RM2MIL property, 70% downpayment RM600K. Then it makes sense to pay off first property to get 90% margin of finance on your 3rd property.
2. I need to look at your profile only I could suggest you the best way for your strategy, either to refinance settle or refinace cash out for 3rd property downpayment, or ......
Do provide me below details, so that I could assess your max cash out and your max loan eligibility:
CODE
1.Borrower
a.age
b. No. of borrowers
c. no. of housing loan
2. Income (borrower)
a. Gross salary
A:
B:
b.Variable income for business (6months latest)
"1.
2.
3.
4.
5.
6."
c. OT
d. Fixed allowance
e. Variable Allowance (6months latest)
"1.
2.
3.
4.
5.
6."
f. Bonus contractual (1 year bonus amount)
g. Bonus performance (2 years bonus amount)
h. Comission (6 months, each month amount from the earliest)
"1.
2.
3.
4.
5.
6."
3. Supporting income (borrower)
-Tenancy agreement rental (6months)
"1.
2.
3.
4.
5.
6."
i. ASB ( 2 years total DIV)
j. Shares dividend
k. Fixed deposit
4. Debt / commitment (borrower) "joint or indiv"
a. Hire purchase loan (Borrowed amount example: *Initially borrowed RM300K from bank at year 2011*)*
b. Housing loan (Borrowed amount example: *Initially borrowed RM300K from bank at year 2011*)*
c. Personal loan (Borrowed amount example: *Initially borrowed RM300K from bank at year 2011*)*
d. PTPTN (Borrowed amount example: *Initially borrowed RM300K from bank at year 2011*)*
e. Credit card (Outstanding/usage)
(Every card credit limit and outstanding)
f. ASB loan (Borrowed amount example: *Initially borrowed RM300K from bank at year 2011*)*
g. Overdraft (Borrowed amount example: *Initially borrowed RM300K from bank at year 2011*)*
4. Background (borrower)
a. Occupation
b. age
c. currently staying at?
5. Property
a. purchase price
b. subsales or underconstruction
c. freehold or leasehold
d. 1 borrower or joint borrower
e. Strata title or master title
Cheers
Apr 6 2016, 06:07 PM
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