i have loan from RHB RM120,000 since 1999..
the last statement i received, i still have balance RM123,XXX..
every months i pay is RM1030 (previously was RM967, one year ago)..
i still have 200 months to go..
why my balance more than the time i loan..

i heard if refinance can help me to save some money, is it true..
since i don't have time to go to bank..
so trying to get some information from here..
may be i can get some helpful information from some professional here..
thanks in advance..

This post has been edited by e_trade_pj: Mar 17 2009, 10:08 PM

dat bcos when BLR is high u still payin da same repayment amount whereby it shud be higher down the road bcos of the interest.

Now is the right time to refinance...but read carefully their clause

yes, this is what i heard from my friend too..

Hi TS,

You will definately be able to save and perhaps pay lower monthly installment as well if you refinance. If you want to know more you can call me up @ 012-3871138 (Theresa) for further enquiries or post it in the forum

Loan for 25 years?
Now then look at your statement after nearing a decade, wouldn't it be a bit too late?

hi, Theresa..
can you provide more details pls..
what should i prepare and what should i do..

Theresa ? PJ Old Town PBB branch?

Hi.

I plan to buy a house. Is fixed rate housing loan a good choice? Your advice is very much appreciated in advance...

What details do you want to know? It's better for you to ask questions so that I can answer.

Docs you should prepare if you are applying with a few banks:
1) photocopy of IC
2) S&P
3) loan repayment statement
4) latest 3 months salary slip
5) bank statement which ur salary is credited into/ EPF statement

If you are looking for a few banks I can help you apply with any banks you want. No xtra charges for you. I'll be the 1 running around submitting the cases for you.

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Added on March 17, 2009, 12:18 amNope. I'm a mortgage broker. So I have all of the popular banks in my hand.

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Added on March 17, 2009, 12:22 amNever did agree with fixed rate. With BLR now so low, why go for fixed? Always keep in mind that there is refinancing in 5 years after the lock-in-period.

This post has been edited by DriedIce: Mar 17 2009, 12:22 AM

Hi, DriedIce.

So, it is better to choose flexible rate now and refinance it to fixed rate in the future when the interest rate is high, right???

I liked fix rate before but after 5 years down the road, the average pay out is not really any better because the BLR has been dropping down. I just hope 20 years later I can laugh about my fix rate arrangement.

I think now is the best time to go for fix interest as BLR now is lower.....

correct me if im wrong

This post has been edited by ken6828: Mar 17 2009, 01:05 PM

or can any forumer can share your info..
for those who loaned RM120K(for 25 years)..how much is your monthly payment..

Thats 1 way of considering it but then you never know what is in the future. Bank may come up with a new product even better then fix. But for now I would say go for the fluctuating rates.

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Added on March 17, 2009, 1:19 pmAfter all the opportunity lost you want to recover that back 20 years later?? >.<" What is your fixed rate by the way?

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Added on March 17, 2009, 1:21 pmErm.. I think it should be go for BLR now since BLR is lower.. Why pay more when you can pay less?

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Added on March 17, 2009, 1:28 pmBased on your info and some assumptions made, if bank can offer you BLR-1.75%(based on prudent concept), your monthly installment would be RM621.

This post has been edited by DriedIce: Mar 17 2009, 01:28 PM

I would go for variable rates because current economic situation, BNM wont increase any rate at this moment. BNM is lowering the rates so more ppl can borrow, spend & boost the economy.

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Added on March 17, 2009, 5:28 pmLets say if BNM increase the rate, we can switch back to fixed rate if fixed rate is more favorable.

This post has been edited by Error404: Mar 17 2009, 05:28 PM

oooh..a lot of different...so if i want to arrange of refinance, where should i go fisrt..the bank i borrowed?

This post has been edited by e_trade_pj: Mar 17 2009, 05:58 PM

sharing my 2cents
cimb is offering BLR-1.95% at the moment for below 100k but with the legal fees financed.
ZEC for 100k~150k is BLR-1.85
their board rate

oooh..sound like the rate now is a lot of cheaper then i had..

You can approach the bank that you are currently with. But sometimes they might revise the rates to the rates that are competitive with other banks offering. But then again, if you are really comfortable with them.. why not..

If you want to refinance and approach other banks besides your current bank, I can help you submit to a few banks and help you nego with them for better rates. No charges on my side for my service..

"oooh..sound like the rate now is a lot of cheaper then i had.. "

Yes, the rates now should be cheaper then what you had the last time. Prolly your was BLR+?

i'm can't remember the BLR+?..when the time i sign..
thanks for your information too..