Yes, please refinance! If you can save money in the long-term by refinancing, it really is a no brainer.
However please take note of the following first (or let Mortgage Master check it for you):
Are you out of lock-in period? If you are still within the lock-in period, there may be a penalty when you refinance.
Is there any clawback clause or other penalties in your current home loan? As with the lock-in period, refinancing may not be worth the upfront cost.
Is the NETT savings from refinancing worth the hassle?
Here's what I mean:
A = Difference between current instalment vs new installment
B = Bank legal subsidy and rebates
C = Legal fees and valuation fees
If A + B C, then you should refinance
If A + B < C, means you should not refinance
If A + B C but the difference between the two is too insignificant, then it's probably not worth the extra effort of refinancing
Still unsure? Hit us up at our website and we will do the math for you =)
Yes, please refinance! If you can save money in the long-term by refinancing, it really is a no brainer.
However please take note of the following first (or let Mortgage Master check it for you):
Are you out of lock-in period? If you are still within the lock-in period, there may be a penalty when you refinance.
Is there any clawback clause or other penalties in your current home loan? As with the lock-in period, refinancing may not be worth the upfront cost.
Is the NETT savings from refinancing worth the hassle?
Here's what I mean:
A = Difference between current instalment vs new installment
B = Bank legal subsidy and rebates
C = Legal fees and valuation fees
If A + B C, then you should refinance
If A + B < C, means you should not refinance
If A + B C but the difference between the two is too insignificant, then it's probably not worth the extra effort of refinancing
Still unsure? Hit us up at our website and we will do the math for you =)