how does refinance work, refinance
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 Mar 1 2021, 01:56 PM
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#1
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Senior Member
1,325 posts Joined: Jan 2007 From: Selangor  
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QUOTE(Pac Lease @ Feb 17 2021, 03:24 PM) any refinance loan inquiry are welcome to ask here. I have this thought in my mind, my current house is quite run down after 20+ years. I wish to refinance and cash out for renovation. In this case, is it better to go with top up loan or refinancing it? I'm on the old BLR -2.4 rate. What is the wiser things to do? |
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Mar 1 2021, 03:14 PM
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#2
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Senior Member
1,325 posts Joined: Jan 2007 From: Selangor
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QUOTE(Pac Lease @ Mar 1 2021, 02:38 PM) you can apply for top up loan instead of refinance the whole loan. BLR-2.4% is depend what is your effective rate now. Now market interest rate is around 3% to 4.9% I'm not very well verse on how top up loan work. Is there any example? |
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Mar 1 2021, 05:39 PM
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#3
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Senior Member
1,325 posts Joined: Jan 2007 From: Selangor
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QUOTE(Pac Lease @ Mar 1 2021, 04:15 PM) example, your house value at 500k, outstanding loan is 250k. Hence, Margin of finance is 90% which is 450k. I see. well i need to check with my mortgage bank and see if they offer such instrument. thanks for your explanation. 450k-250=200k So you can apply top up loan for 200k. Subject to your house value and your income and commitment.  |
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