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 how does refinance work, refinance

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Rinth
post Aug 14 2024, 11:07 AM

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QUOTE(TongCN @ Aug 14 2024, 10:25 AM)
Actually compare CC cash out (example 3.29% p.a. yesterday standard chartered called) vs re-finance (example 3.85% p.a.) at amount of RM30k.

Which one is better ?
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QUOTE(Pac Lease @ Aug 14 2024, 10:42 AM)
CC cash out is better.
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3.29% probably is flat rate, means effective rate 6%++

Property rates 3.85% is effective rate.

So which better? of course we're comparing rates now, not others such as legal fee, time consume for disbursement etc etc
Rinth
post Aug 14 2024, 11:21 AM

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QUOTE(Pac Lease @ Aug 14 2024, 11:16 AM)
CC cash out is better.
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why?

pay more interest is better?
Rinth
post Aug 14 2024, 11:30 AM

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QUOTE(Rinth @ Aug 14 2024, 11:07 AM)
3.29% probably is flat rate, means effective rate 6%++

Property rates 3.85% is effective rate.

So which better? of course we're comparing rates now, not others such as legal fee, time consume for disbursement etc etc
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QUOTE(victorian @ Aug 14 2024, 11:25 AM)
*Edit- typo

CC cash out is at fixed rate, housing loan is at effective rate. At this rate, interest for refinancing is cheaper.

But judging by the legal incurred for refinancing, it will not be worth it either.

Better look for 0% cash advance or 0% BT
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QUOTE(Pac Lease @ Aug 14 2024, 11:26 AM)
Hi, give me 5. you got my point.
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QUOTE(victorian @ Aug 14 2024, 11:27 AM)
3.29% fixed rate pays more interest than 3.85% effective rate bro
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Both of you know what you guys are talking or not lol. You guys are confusing eveyone

ok you've edited...so now we know CC Fixed interest rate i3.29% s higher then refinancing 3.85%.

so TS why CC Cash out still better?

This post has been edited by Rinth: Aug 14 2024, 11:31 AM
Rinth
post Aug 14 2024, 04:17 PM

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QUOTE(TongCN @ Aug 14 2024, 03:23 PM)
Except right now i cant go for top-up / refinance method as CC overspent   sweat.gif

But the RM5,047 (Effective rate) method not yet include those fees, right ?
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if take 0 moving cost 4.25%, means no legal fee etc etc, interest still at RM 5589 only vs fixed rate RM 8225

This post has been edited by Rinth: Aug 14 2024, 04:18 PM
Rinth
post Aug 14 2024, 05:05 PM

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QUOTE(TongCN @ Aug 14 2024, 04:58 PM)
What's this ?
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some bank bear your moving cost up to RM 15k, but higher interest rate. normally at 4.2-4.25%
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