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> Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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chloelingeelin
post Dec 12 2014, 09:41 AM

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Hi, good day to you. I have some questions regarding my intention to refinance my house. I currently own 3 houses which I intend to refinance one of my houses, was told by the officer that in order for me to get 90%, I have to prove that the 3rd house I purchase is with 70% loan amount, is this true? I'm doing the refinancing with the same bank, usually how long it takes for the bank to disburse the money?


chloelingeelin
post Dec 12 2014, 11:30 AM

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QUOTE(cfa28 @ Dec 12 2014, 10:56 AM)
AFAIK, BNM rules state that the max LTV for the 3rd and subsequent Loan is 70%.  Based on this, it does not matter what is the LTV of the First and Second HL, whether its 90% of even 50%.

Also, it does not matter what is the remaining principal amount, you may have only 10% left for the first 2 HL, the 3rd will be capped at 70%

But lets wait for our other sifus here to explain. I could be wrong.
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thanks for the explanation, appreciate it very much. Btw do you have any idea usually how long it takes for the bank to disburse the money after approval of refinancing?

 

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