Mortgage Refinancing Loan

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Ever envision stepping into your new home with your new husband or wife as you start your life together? Of course we all want to have our dream home with our dream man. But unless you have a lot of money lying around enough to buy a home, getting your dream house may take ages. Even with your wife’s help, between your earnings both, it will be a long time before you can actually buy a small house, let alone your dream home. That’s when housing loans come in.

Housing loan is like saving up for the house you already live in. There’s no need to wait for years or decades any longer. But before you and your honey get too charged up and pick out a house, see first the most practical one you two can afford. It is a loan, true, which means you would be saddled with the payments for the rest of your life so it’s better to pick out the one that is light in the pockets. So make sure you are ready to give a large chunk of both your wages every month to continue with the payment.

While you are still living separately, save up for the deposit. There are places you can buy that doesn’t need deposit, but your options are limited. And besides, deposits would mean lower loan needed.

In order to start anew with each other, you both need to get your financial matters settled. From the cost of your engagement ring and wedding rings to the wedding event itself and the honeymoon trip, everything smells of dollars. Unless you paid cash, you surely have been left with a lot of credit card debts. Sort them out before anything else. It would be best if you can eliminate them entirely before combining your funds together. Husbands and wives with high debt may get a tougher time being approved for a home loan. Plus, because mortgage lenders take your debts into account, you may end up with higher interest rate.

Ask a house loan advisor to help you determine the price range you can afford. You may be eyeing that stylish condo or that suburban two-storey, but whatever you buy should also depend on what you can afford.

Remember, everything affects your house loan terms. If you have high debts and very little savings, you will most likely wind up with small housing loan. And because you are applying as a pair, both of your records are going to be considered.

It is best that before you and your partner commit to a major purchase together, such as your home, settle each of your own financial affairs first. Buying a house isn’t just like purchasing a pair of expensive boots. You two are going to pay for it for the better part of your lives, so make sure both of you are really committed to that long-term responsibility.

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Foreigners in Singapore discover that it is dreadfully expensive to rent a hotel room when they plan to stay for a significant length of time in the city-state. One solution to this expensive predicament is purchasing a residential property in the country.

The Singapore government officials do not prevent foreigners from acquiring residential properties in the country.

The Residential Property Act of Singapore essentially assists Singapore nationals in their acquisition of their own residential properties by giving affordable rates. In addition, this Act supports foreigners who are thought of by the Singapore government to have made important contributions to the economy of the city-state in their desire to acquire residential properties within the country.

Non-restricted residential properties can be purchased by foreign nationals even with no prior approval from the Singapore government. Below are some examples of non-restricted residential properties:

- apartment units within a building that is not more than six floors in height – condominium units in approved condominium development properties under the Planning Act – a lease agreement on a restricted property; the agreement must not go beyond 7 years

Foreigners who want to acquire all units in an apartment or condominium in an accredited development site must have prior approval from Singapore\’s Minister for Law.

Likewise, a foreign national who has no prior official sanction from Singapore\’s Minister of Law cannot buy residential properties that are classified as restricted.

The following are considered restricted residential properties by the Residential Property Act of Singapore:

- a vacant residential land – townhouses, separate or semi-linked homes, or terraced houses standing on residential lands – properties not authorised for condo development under the Planning Act

The foreign national who intends to own a restricted residential property must fill out a form and then send this, along with the necessary supporting papers, to the Singapore Land Authority. The agency is responsible for appraising the expatriate\’s merits to purchase a restricted residential property and for granting the approval if it finds the expat\’s qualifications satisfactory.

Find out more about a premier housing loan advisory firm, providing housing loans with free mortgage broking. Get a totally unique version of this article from our article submission service

Even though refinancing a mortgage can save you thousands of dollars you will be stunned that not that many individuals in reality take the time to do it. If you considered the time it requires and figure out the cost saving and equate that to how much you get paid per hour it could be like not going to work for several weeks. Consider the following aspects so that you can see how easy it is to refinance your home loan today.

Current Mortgage Interest Rate

It is decidedly a good indication for you to research refinancing when your current interest rate is higher than available mortgage packages on the market. A first step to take is to go back to your current bank or financial institution and ask them to revise your package, otherwise known as repricing. If your lender comes back with an offer, it will ordinarily be better than your existing one. You can then compare this offer with offers from other lenders to see whether you should switch or stay put.

Lock-in and Clawback Periods

When you take up a mortgage, there may be a lock-in period where your housing lender will charge you a penalty fee, normally a percentage of your outstanding loan amount, if you were to fully repay your home loan. Almost all mortgages also come with a clawback period where the lender will claim back \”freebies\”, such as legal expenses, that they \”gave\” you when you take up your loan (Note: lock-in period is separate from clawback period). It may not be worthwhile for you to refinance due to such costs.

Loan Quantum

The larger your loan amount, the greater your savings for the same decrease in interest rates. For instance, 1% on a loan of S$100,000 is much less than 1% on a loan of S$500,000. However, fixed cost to refinancing, which represents mainly of legal fees, do not vary much with loan quantum. The difference between your current and refinancing interest rates, therefore, has to be bigger for a relatively smaller mortgage as fixed cost eats into a more substantial portion of your interest rate savings.

Perceived Interest Rate Movements

Your view on how interest rates is moving can be a factor when thinking whether you should refinance. If you are presently on a fixed rate package and think interest rates are dropping, you may want to refinance to a floating rate package. Conversely, if you are on floating rates and believe interest rates are skyrocketing, converting to fixed rates may be a solid choice.

Personal Financial Assessment

If there is a change in your financial state, you may want to vary your package details via refinancing. For instance, you are opening your own company and do not want unpredictability in other areas. Give some consideration to taking up a fixed rate package. Maybe you want cash to invest in another property. Consider increasing your loan quantum. Or your monthly income has increased and you want to reduce interest loan payments. Consider reducing your loan tenure.

Consider calling us today if you are looking for refinancing in Singapore. We can save you a lot of money plus give you the latest advice all for free.

Article Source: Singapore Refinancing Your Home

In Singapore, housing loan packages have two categories: fixed rates or floating (variable) rates.

Singapore fixed rate packages are noramally tendered for up to 3 years, but there are some lenders that cover up to 5 years fixed rates or even 10 years. This is different from many Western countries where rates can be fixed throughout the loan tenure.

On the other hand, floating rates are classified into published rates or board rates. Like Singapore Interbank Offered Rate (SIBOR) or Singapore Swap Offer Rate (SOR), published rates are normally rates that are published daily. Meanwhile, board rates are set by the respective bank or financial institution. Most lenders attach their board rates to certain financial benchmarks such as the SIBOR but the exact factors are often confusing and variations in board rates tend to be versatile.

In general, there are no confinements on emigrants obtaining housing loans in Singapore but do pay attention of the following.

Loan to Value

In Singapore, the maximum loan to value (LTV) is 90% of the purchase price or valuation, whichever is smaller. Some loaners do not give maximum LTV to emigrants, thus, housing loan packages for 90% financing are limited. Loan approval for 90% financing is also tighter than for LTV 80% and below.

Proof of Income

A letter of appointment from your local employer or your latest income tax assessment is asked for housing loan. Tax assessments from some countries may not be honoured by the local mortgage lenders.

Landed Property

Before an emigrant can buy restricted properties like vacant lot or landed properties such as bungalows, semi-detached, and terrace houses, the approval from Singapore Land Authority is needed.

In-principle Approval

Try to apply for an in-principle approval before carrying on with a purchase, since loan applications are more complicated for emigrants. Think of hiring a respected and professional housing loan consultant. This may help you save time and money with your loan approval.

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Once you resolve to avail a housing loan, the immediate matter that storms your brain is selecting between fixed and floating rate of interest. It is easy to get dumbfounded at this point if you are not financially trained.

If the media and banks are screaming about increased interest rates you make feel pressed to go and rush into fixing your home loan rates. Your bank or financial consultant may even recommend this.

Now ideally as it should be, we assume that once you choose fixed rate plan for yourself the rate of interest will remain unchanged for the entire period you have fixed the interest rate for irrespective of any incidental increase in the same. But actually this is not necessarily the situation.

Here we demystify the nature of fixed interest rate mortgage transaction for you so that you can make an educated decision over the matter.

* Check the small print of a loan. The bank has the right to serve you 30 or 60-days notice that it intends to increase its rates.

* The bank\’s first-year rates are binding on the bank only for that short period of 1 or 2 months. The 2nd-year home loan rates are not binding at all. Neither are the bank\’s 3rd-year loan rates.

* Force Majeure Clause

So, while you read your mortgage contract, you can spot statement like this:

\”Provided further that from time to time, the bank may in its sole discretion alter the rate of interest suitably and prospectively on account of change in the internal policies or if unforeseen or extraordinary changes in the money market conditions take place during the period of the agreement.\”

This is called Force Majeure Clause that enables the lender to undertake appropriate modifications in the interest rates on home loans they sanction to their borrowers.

So remember to look at refinancing every couple of years so that you do not pay too much. If you select a good mortgage broker company you can save a lot of money over the life of your housing loan and in most cases the consultation cost is free.

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