Currently have a mortgage loan with HL and the rate seems risen up to 4.29%
served for 8 years and the balance only reduced like less than 10%
Is it recommended to refinance? currently looking at Maybank and estimate can get 3.95% (max)

You can try asking for zero moving cost package at some bank like HSBC or SC.
Might save you 5 figure interest.

dont, just continue

2 months ago, there was an almost similar tread, ...maybe can obtain some info from it while continue to try get info from here.

Refinancing Housing Loan, Seeking advice
https://forum.lowyat.net/topic/5333916

Unless your loan amount is in the millions i doubt the hassle is worth it.

Base on loan calculator, if your remaining loan amount is around 250k, it might save you RM15,000 with zero moving cost.

That is provided borrower completes the tenure. If borrower sells b4 that, unlikely he benefits and the best part is few I know done refinancing will eventually sell the property sooner than later.

Is better to try part settling the loan to reduce interest payment.

The difference is only minisicule while you need to check on the transfer the charges as it will costs you more than you save 🤦‍♀️

Unless it is fixed rate with reducing balance interest then it is possible to venture and evaluate

Suggest you to so earlier settlement instead while borrowing at lower charges

Ts will save on interest if new loan tenure is shorter else is penny wise pounds foolish.

Definite it will be shorter because of age.factor.

10 year ago ..... 35 years

Now .... 25 years

only you can do the maths n compare... don't forget to include all the fees...

everyone else here opinions only no hard facts... talk like no talk... hahaha

haha actually just 1 particular uncle always spreading negative comment in property section as if im asking 'show me how smart u are'

so actually ok lah since im not pro so asking with humble atitute to see how is the response lean toward

If you know Excel functions, you can calculate the principal amount paid every instalment - the initial years, the principal amount is miniscule - you just pay the additional principal amount every instalment - your loan will be settled in half the time - there BLR management in a nutshell.

Can use bonus to paydown the principal amount to finish the loan faster, no need to refinance also can save interest.

Refinancing is NOT only about interest rates.

If borrower bought the property with cashback, rebates, 100% finanncing, freebies etc, more likely the refinancing property valuation will be less than the outstanding loan.

Borrower will receive a lower loan sum based on valuation and to settle the differential sum in cash. If that is the scenario, better to take the cash to part settle the existing loan and pay less interest.

Refinancing will involve new purchase of mrta, if applicable. Premium will be much higher because of age factor. Not forgetting other cost like legal and valuation fees plus another round of stamp duty.

Refinancing will be an option for some to cashout due to appreciation of property value and they have also paid a high down initially plus have cleared substantial part of the loan principal sum and nevermind for a higher interest rate.

In short ... he needed the cash and never bother about interest rates as long is cheaper than PL or CC.

The most important factor is that it must be zero moving cost.

Hi TS, please continue your discussion here https://forum.lowyat.net/topic/3437581