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Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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persona93
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 Jun 25 2024, 11:35 AM
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hi good day
got an offer of 3.85% for 949k full flexi but MRTA 54k, total loan 1003m
what would be a good value to reduce it to? i understand that MRTA is another type of insurance incase of death but i have already got life insurance
and is it possible to pay the MRTA value in cash rather than parking in under the loan?
thank you very much from a first time buyer
This post has been edited by persona93: Jun 25 2024, 11:35 AM
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persona93
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Jun 26 2024, 04:26 PM
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QUOTE(contestchris @ Jun 26 2024, 01:44 AM) MRTA is not necessary. Discuss with the loan officer what’s the absolute lowest. You can shop around too. Some will allow as low as 10 years for half the loan amount. hi thanks for replying yes have gotten reduction and now MRTA is now 20k  but only covers half of the house value This post has been edited by persona93: Jun 26 2024, 04:27 PM |
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persona93
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Jul 2 2024, 03:26 PM
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QUOTE(persona93 @ Jun 26 2024, 04:26 PM) hi thanks for replying yes have gotten reduction and now MRTA is now 20k but only covers half of the house value referring to my above , got another offer for 3.8% (subject to 4 layer approval) so i have 2 banks now 1) 3.85% for 90% loan + 20k MRTA <--- confirmed offer 2) 3.8% for 90% loan + 30k MRTT <------- subject to approval on interest rate is it wrong for me to try asking the 1st banker for 3.8%? This post has been edited by persona93: Jul 2 2024, 03:50 PM |
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persona93
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Jul 3 2024, 09:04 AM
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QUOTE(contestchris @ Jul 3 2024, 01:48 AM) Which bank offering 3.8% now? Q4 last year, lowest I got was 3.85%. One bank offered 3.83% after nego mati² HLB , condition must take their CC first , after 6 months can cancel |
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persona93
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Jul 4 2024, 08:38 AM
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QUOTE(ahkit123 @ Jul 2 2024, 08:06 PM) just for added info, the 3.8% is a semi flexi loan while the 3.85% is a full flexi loan heavily inclined to the full flexi loan after much advice from family wanna know what you guys think QUOTE 1) Full flexi 3.85% for 90% loan + 20k MRTA (now changed to 19k CLTA)
2) Semi flexi 3.8% for 90% loan + 30k MRTT |
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persona93
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Jul 4 2024, 10:11 AM
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QUOTE(Pac Lease @ Jul 4 2024, 10:08 AM) you already got the answer, go for semilflex so at the end of the day the interest rate is the deciding factor eh? |
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persona93
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Jul 4 2024, 10:32 AM
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QUOTE(Pac Lease @ Jul 4 2024, 10:17 AM) otherwise you wont apply few bank and compare their loan package. Most of the thread here you will find out client is asking for which bank offer lowest interest rate in the market instead of asking what is the suitable package offer to them. i'm in the Mortgage industry for more than 10 years so I know it. some client even asking got bank offer interest rate lower than 3.8%. okay got it, thank you very much for your input  |
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