Hi guys,

I have 2 mortgage loans, with EIR of 4.25% and 4.3% respectively.

I'm wondering if these rates are considered reasonable and if it is better for me to refinance them at lower loan packages, if there is any?

Thanks for your advice!

This post has been edited by blackie19: Sep 15 2023, 12:58 PM

The current rate seems reasonable and considering all the cost of refinancing, I doubt it will worth it.

You got cheap rate. Mine currently 4.8% home loan hlb

What are the costs if you want to refinance?

You need to pay all the legal fee, disbursement fee, stamp duty, valuation fee, mrta again.

U already have a good rate, i doubt u can get lower than that now

How much is that roughly? For 600k property

Around RM12k-15k. Not including mrta.

I wonder if there's any bank that can waive all these charges and offer a low interest rate.

May try ask for a quote. But I doubt they can offer lower interest than your current rate.

https://www.sc.com/my/promotions/zero-moving-cost-promotion/

I doubt it. They probably dump all the fee into your loan.


MRTA - getting older you get higher MRTA
The only way to reduce installment in to extend loan period, only if you are not max your loan period
Even you get slightly lower rate you still have to pay for lawyer and stamp duty

Just did a refinance to SCB for 3.8/3.9% from 4.32%. Suggest you can look into it.

Thanks for the info. Much appreciated.

If you're seriously looking for it, prolly you can give me you number. I'll ask my agent to contact you.

a few months back i also got 3.85/3.9% offers for new house.
I'm not sure about the refinancing fee though.

I just clicked on the link posted earlier in the thread and submitted my info, i assume that's the same SC bank mortgage offer that you received.

I'll wait for SC to contact me and if I do not hear from them within 5 working days, i will contact you.

Thanks!

Just had to deal with bank lawyer fees. Have a personal contact for that so it was quite a good rate. I am using the extra money to cover my other loan which is at 4.55% so it works out pretty well for the long run.

Damm lol. My existing loan is 4.x too lol

Your refinance is zero moving cost? If cam get 3.8 or 3.9, it's very good and don't think other banks can offer it .

Just the Lawyer fees and SPA stamp duty. I save alot more in the long run.

mine is 4.89%... do you ever think of refinance?

i just feel 4.89% very high

For me anything above 3.8 for long term loan is considered high.
Crossed my mind but I'm not knowledgeable enough to do my own research on it. Afraid might end up with same total cost at the end of tenure. My past experience with banks made me conclude they are not filled with honest people.

Hi, anyone looking for refinance or free consultation on your current mortgage loan, can pm me ya. I can provide free consultation and calculation for you.

4.89 is very high, i can help you look into details, have dropped you a pm

4.89 is very high, i can help you look into details, have dropped you a pm

SCB called me, apparently for their offer of 3.8/3.9% you would need to foot the bill for all costs, i.e legal fee et al.

If the bank were to absorb the fee to make it total zero moving cost, the interest rate would be 4.2%.

May I know for your case, was it total zero moving cost for you when you moved to SCB?

I also get the same offer, my current loan interest at 4.5%. So choosing either 1 also benefitted.

Now is whether choose lower interest rate without zero moving cost or choose higher interest with zero moving cost….. I do some rough calculation, if we choose to serve the loan more than 10years, then should choose lower interest, if we do more principal prepayment and might settle the loan within 10 years, then should choose zero moving cost.

I did have to foot the legal fee but in the grand scheme of things which I have a 450k loan on a 4.55% rate that I can pay off with the extra money I get, I reckon it is a good deal for me.

Anyone looking for info on refinancing / cash out / loan advice, can pm me for free consultation ya.

I have an existing loan of 260k which I plan refinance. Current rate is at 4.3% n I heard the current rate can go as low as 3.8%. But I also wish to learn more on the cost for refinancing. Anyone can enlighten me?