When is it a Good Time to Refinance Your Home Loan?

If you’ve just purchased your first home, congratulations! Not only do you now have a new position of your own, however you also have a 25-30 year loan in your control that’ll take up the lion’s share of your budget.

Mercifully, there’s a means for you to reduce your monthly repayments and increase the capital gains in case you wish to sell your home in the future – through refinancing. You’re still several years away from refinancing (every 3 years), but it doesn’t hurt to learn about it now.

What’s Refinancing?
When you refinance, you’re choosing to end your existing loan program with your present bank by continuing your repayments with another bank that offers a better loan package.

For example:

Let’s say you’ve a 1.95% SIBOR bundle from your present bank. By refinancing your loan with the bank offering a loan bundle that is better, you’ll be able to make lower monthly repayments.

Recall, there’s not any such thing as a “loyalty” discount for staying with your present bank. It’s in your best interest to refinance to save cash if another bank offers a better loan bundle.

How Does Refinancing Compare to Repricing?
Both words sound similar, but they mean something different. The biggest difference between the two is the fact that repricing is when you switch from one loan package to another within the exact same bank.

For example:

Let us say you’ve a 1.95% SIBOR package from your bank, and after a few years it offers a new 1.65 SIBOR bundle. You’d be repricing because you switched loan bundles within precisely the same bank in case you changed bundles.

You ought to also not that some banks offer “free” repricing, enabling you to change packages without incurring any “management fee,” that’s usually around $500.

How Much Does Refinancing Cost?
Refinancing is not without its prices. By simply requiring all banks to discontinue paying subsidies on valuation, legal fees, and fire insurance mAS made sure of that. That means you will have to pay those fees to the bank whenever you want to refinance, and that can mean $2,000 – $3,000 . Thankfully, you can use you CPF to pay these fees.

Moreover, some banks have a lock-in clause that survives from 2 – 5 years. So it is best to wait until the lock-in period finishes to refinance.

Important Note: In case you purchased your house before October 2012, you may recall the bank paid specific subsidies on your home loan including legal costs, valuation, and fire insurance.

When Should You Refinance?
Depending on your situation, you will have to hesitate until either the “clawback” or lock-in period in your home loan has ended to refinance. However, what about when that period passes and it’s safe to refinance without any extra fees?

You’ll know it’s the perfect time to refinance when:

A better bundle is offered: The Andrew Residences Potong Pasir – Home loan packages change from month to month. If you managed to get a good home loan deal, it won’t stay a good deal forever. So once you can refinance (generally after 3 years), be sure to search for financing package that’s at least 0.5% less than your present rate. Don’t forget, the lower your interest, the lower your repayments.
You should alter you loan’s tenure: Refinancing can help, if you are a borrower who is not worried regarding the total cost of your loan, but the cost of making monthly repayments. So if your loan’s tenure is 25 years, you can refinance it to 30 years, that will decrease your own monthly repayments, but raise your overall cost.
Your savings matches or exceeds your cost within a year: Before you refinance, ensure you calculate whether your savings is more than the cost in a year. In this case it is 15 months, so it is advisable to find a better deal.

The Criterion EC

It’s only a stone throw away from Yishun Stadium in addition to Orchid Country Club. Future residents will soon have the capacity to reach the nearby eateries as nicely as nicely as Khatib MRT Station.

The Criterion, an approaching EC in Yishun

The Criterion Executive Condominium – Transport

For they are able to arrive in about 20 minutes’ time utilizing the CTE through the SLE at the CBD.

This connectivity also enables future residents in order to get in about 17 minutes of driving to the Orchard Shopping region. The SLE additionally links to the KPE, the TPE as well as the BKE – making driving round the isle a wind.

The Criterion Executive Condominium –

This new EC, The Criterion is only minutes’ walk to Yishun Mall, a neighbour bunch of retail stores, eating outlets and supermarkets where its future residents can locate a broad selection of goods and services including clinics, beauty salons, clothes, groceries and other household products that will have the capacity to fulfill their daily needs and requirements.
For getting also fine and economic local treats and fresh market produce, future residents will only have to take a brief drive down to the nearby Chong Pang City where the marketplace and food center is situated. For more shopping, amusement, leisure and dining facilities, future residents can get to the Northpoint Shopping Centre found beside Yishun MRT station.

The Criterion Executive Condominium – Educational Institutions

With many local schooling facilities found within new EC’s, the area of The Criterion, parents with school going kids do not need to be concerned about their kid’s schooling needs.

Sol Acres EC

Sol Acres @ Choa Chu Kang is a new executive condominium found at Choa Chu Kang Grove in District 23, Singapore. Its exclusive units will definitely provide you with an extraordinary lifestyle you’ve been deraming of.

Sol Acres offers spacious components that can absolutely be capable accomodate to different form of tenants. Each unit is uniquely designed to offer maximum comfort regular at your own dwelling. With topnotch facilities, satisfaction and your pleasure is guaranteed. The appliances that are branded also adds great convenience for you personally and your family.

There are multitudinous number of amenities nearby which lets you’ve got an innumerable selections. There are shopping malls, schools, parks and more. Seeking a location to relish shopping with families and friends? Visit the nearby shopping malls like Sunshine Plaza, Keat Hong Shopping Centre, Junction 10, Bukit Panjang Plaza and Lot One Shoppers’ Mall.

Schools that are prestigiously understood to offer exceptional quality of schooling are just within reach.

You can even enjoy a variety of dishes from different restaurants and food centers nearby to get a fantastic dining experience. Try and taste the yummy dishies from Seafood. Great satisfaction to your tummy.

Catch your opportunity to be in possession of a component in this cozy, tasteful and modern condominium that assures to offer you a brilliant lifestyle. Live the life you desire here at Sol Acres @ Choa Chu Kang.

Sol Acres @ Choa Chu Kang Place
Commuters via LRT can access Sol Acres as stations for example Keat Hong LRT and Teck Whye LRT are in close proximity to the property which allows you to reach innumerable amenities for your every day actions. With major expressways connected like Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE), you’ll be able to conveniently drive to any important destinations in Singapore such as the Orchard Shopping Belt and Central Business District which are less that 20 minutes away from Sol Acres.

Sol Acres @ Choa Chu Kang Place
Sol Acres could be accessed by commuters via LRT as stations such as Teck Whye LRT and Keat Hong LRT are in close proximity to the property allowing you to reach innumerable comforts for your every day tasks.

Sol Acres @ Choa Chu Kang Floor Plan
Sol Acres @ Choa Chu Kang floor plan offers designed units that can cater any kind of tenants mabe it is a huge or small family. It can offer you the needed spaces to conveniently suit your lifestyle. Its elegant interior combined with the high quality finishes permits one to have a luxurious house where you are able to relax comfortably following a tiring day at work. Luxury and space joined in your residence is good for every single property-seekers.

Optimal living at Westwood Residences

Westwood Residences, an upcoming executive condominium brought to you by Koh Brothers and Heeton Homes and slated to open at Westwood Avenue in mid-2018, will combine luxurious living spaces, unparalleled amenities, and optimal location to offer residents a premiere lifestyle. Located in Jurong West, Westwood Residence will have a variety of floor plans to accommodate families of all sizes, allowing residents to choose between three, four, or five bedroom units facing Jalan Bahar or Jurong West Avenue with a number of units offering beautiful, unobstructed views. Residents will also have access to a generous amount of on-site amenities. On-site locations, such as the clubhouse or the BBQ area dining, are available to residents and will satisfy all entertainment needs.

The executive condominium’s clubhouse, indoor gym, tennis court, 50 meter pool, and outdoor fitness area, offers individuals the chance to stay fit within a walking distance from their door. Furthermore, Westwood Residences’ excellent location also provides many exciting off-site opportunities for residents seeking to relax by shopping or leisure, including Jurong Bird Park and Jurong West Sports and Recreation Centre.

Residents of Westwood Residences will also have the benefit of being able to take advantage of the nearby world-class educational institutes, including Nanyang Technological University, Jurong Junior College, and Westwood Primary School. These executive condominiums are easily accessible by both car, via the Pan Island Expressway (PIE), and mass rapid transit (MRT), via the Pioneer and Boon Lay MRT Stations, making Westwood Residences an outstanding choice to live for commuters.

In addition to the impressive amount of on-site and local attractions, residents will still be able to appreciate a unique and tranquil residence while still being close to all of their shopping, business, and entertainment needs. Westwood Residences executive condominium will provide an enjoyable and memorable living experience for you and your loved ones.