FAQ
We Heard You. And We Have Answered.
FREQUENTLY ASKED QUESTIONS
Should I go directly to the bank instead of working with RefinanceGuru?
We work with all major banks in Singapore for your refinancing needs. There is no different whether you pick up the loan directly from the bank or through us; the loan packages are exactly the same. In fact, having us as your go-to refinancing solution provider, you do not need to visit the bank one-by-one or wait for a bank loan specialist to return your call.
Since we are able to work with all the banks, you can be rest assured we will be able to provide you a comprehensive comparison of the refinance rates. In addition, we do all the leg-works to get the document done for you. The best part is: You do not need to pay us anything. It is absolutely FREE. We get our commission from the bank.
Is Refinance worth the efforts?
As we always say “Refinancing is not a matter of should or should not. It is a matter of when.” When timed correctly, refinancing your home loan can save your precious hard-earned money.
Use our rates comparison to see how much you can save from refinancing. We think any savings is worth the efforts. And we make that easy for you.
What is the best refinance rate now?
The best interest rate can vary because of one’s needs. It can also be a view on market forces that you may take thereby deciding on a type of interest rate; floating or fixed rate.
Floating rate is generally preferred when interest rate is expected to fall or remain low. Fixed rate is favoured when interest rate is likely to rise. However there could be other considerations such as cash flow and loan amount of the individual. Talk to us. We would love to assist you in making an informed decision.
Which is the best refinance bank now?
We would think the best bank is the one that fits your refinancing needs. Bank’s rate changes everyday and their offers changes from time to time. Some people have their preferred banking relationship with certain bank.
Therefore do check in our rates comparison page regularly to see what are the latest offers by the banks. If you plan your refinancing early, you can sign a refinance agreement as early as 6 months before the expiry of your lock-in period with your current lender.
RefinanceGuru will help you find the best bank cater to your needs. Feel free to reach out to us.
What is the cost to refinance?
There are cost payable to your lending bank and the refinancing bank. In general, if you refinance on or after your lock-in period, there is no fee payable to your lending bank. If your loan amount is $500,000 or above, the refinancing bank usually waives any fee payable. For amount lower than $500,000 it will be on a case-by-case basis. Reach out to us for so we can help you get a quote. Our service to you comes at zero cost.
Please visit our about refinance page which provides further details to the costs and savings of refinancing.
Can I refinance my HDB loan?
Yes, you can refinance your HDB loan with another refinancing bank or institution. However please note that this is an irreversible process as you cannot refinance with HDB subsequently.
If you are looking at cash out refinance for your HDB home, please note you will NOT be able to do that as this type of refinance is only available to private properties.
When is the best time to refinance?
The best time to refinance is when you plan it properly. Technically speaking, this best time would mean having to save money from refinancing. This happens typically after your lock-in period with your current lender.
For cash-out refinance, the best time is subjective based on needs. The cashing out and its quantum can outweigh the costs of cash-out refinance. Have a chat with us. We will advise you the best time for your refinance.
What is the process of refinancing my home loan?
Our refinance process page explains the details of our approach. You can start by contacting us to apply for a loan. You have to provide us some information so we can get you a quote for both fixed and floating refinancing rate. We will go through the refinancing options with you and find the package that best suit your needs.
After that is done, the rest are documentation works. We will need you to furnish certain documents to us to help you complete your loan.
We will continue to monitor the market for you and inform you when you are about time for another refinancing.
What is cash out and non cash-out refinancing?
Cash out refinance happens with you can take cash out from your current property by putting your property as a collateral with the bank. This is only available to private properties. Some term it as reverse mortgage or equity refinance or cash back refinance.
Non cash-out refinance is the majority refinance deals in the market. You convert your remaining principle with your current lender to another bank. You can change the loan amount, the tenure and decide on the new refinancing rate and type.
Should I consider refinancing or re-pricing?
Refinancing is a process of switching a mortgage from one bank to another. You get to save money on your interest when timed properly. The fee is usually waived for loan amount of $500,000 and above. For loan amount lesser than $500,000, the fee could be between $300-$500.
Re-pricing is similar to refinancing. But instead of refinancing with a different bank, you refinance with your current bank by taking up a different loan package. Re-pricing fees can range from $500-$800 or more.
Refinancing is usually preferred because of the interest savings you can enjoy by switching your loan to the refinancing bank. The loan packages are pretty limited for re-pricing.
Which is better? Floating or Fixed rate?
Deciding between floating or fixed rate is subjective. It depends on the refinancing interest rate and your view of the market forces which can favour either interest rate type.
In general, floating rate is favoured when you view interest rate is falling or likely to remain low. Fixed rate is good when you view interest rate is going to rise. There could be other considerations too. Have a chat with us if you need any assistance.
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