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Refinancing Housing Loan, Seeking advice
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TSAssclown
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 Nov 29 2022, 03:22 PM, updated 4y ago
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Hi guys,
I have a housing loan with OCBC which has a 4.95% mortgage lending rate. Somehow the rate stayed the same from its last updated date which was in July 2014. The balance is about 129k, monthly 930, with 17 years to go.
I was thinking if I should refinance and get a better rate of say 3.8%. But the risk would be that the new loan will end up having same or higher interest rate in the future. Of course, would have to take into account the legal fees, stamp duty, etc.
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TSAssclown
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Nov 29 2022, 04:50 PM
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QUOTE(MUM @ Nov 29 2022, 03:30 PM) has this repayment rate of 930 been constant since the beginning of your loan? last few years, the interest rate for your loan "should" have reduced too as OPR had reduced. if your repayment of 930 had been constant, then your actual loan balance "should" have reduced as you had been payment more since that interest charged had been lesser. check with your OCBC of the current actual interest rate for housing loan? Yes, the payment has been constant and the current actual interest rate is 4.95% |
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TSAssclown
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Nov 29 2022, 08:38 PM
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QUOTE(daniellehu @ Nov 29 2022, 08:33 PM) Check out HSBC latest offering with free legal fee. Will check it out, thanks |
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