Free Advice/Discussion on Bank Mortgage loan

benong84

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Hi unbiasedsg,

Can you PM me the best available rates currently? Planning to take a loan of estimate $800k. Thanks!
 

macos080

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What is the chances for a discharged bankrupt to obtain mortgage of 200k. Monthly combined income with spouse 11k
 

Forever84

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Hi,

I have a question, I want to borrow a 900k BUC loan but I'm thinking of paying off 300-400k of that loan amount when the project hits TOP or CSC.

Is it possible to do that without having penalties? I always see early repayment penalties of 1.5%

If I refinance, can I lower the loan amount? Thanks!
 

Unbiasedsg_

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Hi,

I have a question, I want to borrow a 900k BUC loan but I'm thinking of paying off 300-400k of that loan amount when the project hits TOP or CSC.

Is it possible to do that without having penalties? I always see early repayment penalties of 1.5%

If I refinance, can I lower the loan amount? Thanks!
We have structured deals for our clients without early repayment penalties and as well as refinancing at zero cost for legal fees.
 

Tuscani888

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Hi unbiasedsg,
Looking for refinacing ASAP as ocbc switched my ref rate from time deposit to mortgage board which I,m uncomfortable with.

Appreciate you can PM me the best fixed rate on market now & contact for a discussion.

Thanks
 

popeyes

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Hi, looking to buy a resale condo. Will like to have approve in principle loan amt first, can help?
 

chopra

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Pokémon;118940944 said:
For the first 3 rule, I am not sure if it is still applicable, now that your downpayment has gone up to 25% instead of 20%.

As for the 5 rule, personally, I would place it against the loan amount rather than the purchase price. Not everyone gets loan at 75%.
ya i m thinking the 5 rule should be loan amount too.

thank you to everyone's reply
 

Tuscani888

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Hi unbiasedsg,
Looking for refinacing ASAP as ocbc switched my ref rate from time deposit to mortgage board which I,m uncomfortable with.

Appreciate you can PM me the best fixed rate on market now & contact for a discussion.

Thanks

Bro, got ur pm but not able to reply due to low post count.
Mine is private condo. Please pm me your email so that I can touch base with u.
Thanks.
 

harveyss

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Hi everyone

Just want to share my experience as I was recently looking for bank loan for my newly bought resale flat.

I contacted a couple of mortgage brokers but I realised that their rates are not the most attractive, particularly for floating.

In the end I called up one of the banks myself and asked them for a quote for floating, they gave me 1m sibor + 0.3% for the whole term, which is even cheaper than the cheapest option I got from the mortgage broker (it was +0.3% for first two years only, then steps up to +0.7%!!). Not sure whether it is because I said I was referred by one of my friend that has a current mortgage under that bank, so they gave a better rate? But I think no harm to try calling one or two banks directly, don't trust the mortgage brokers' quote completely, you really never know.

Some don't like sibor because of the volatility but for me part of my deposits are earning sibor-linked rates, hence it is somewhat hedged ba. Anyway, I prefer the transparency.

The reason why I didn't go for fixed is because the 2.18% will become Hong Leong's board rate from year 3, and there is not much transparency on that. The next cheapest fixed rate is 2.4% by DBS for 5 years, but my loan quantum is too small, otherwise think it is quite a good deal.

Of course, the legal subsidy etc might make a difference but my loan quantum is so small (<$200k) that I don't qualify for those at all, so I was only looking at the headline interest rate.

Hope this helps!
 

Unbiasedsg_

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Hi everyone

Just want to share my experience as I was recently looking for bank loan for my newly bought resale flat.

I contacted a couple of mortgage brokers but I realised that their rates are not the most attractive, particularly for floating.

In the end I called up one of the banks myself and asked them for a quote for floating, they gave me 1m sibor + 0.3% for the whole term, which is even cheaper than the cheapest option I got from the mortgage broker (it was +0.3% for first two years only, then steps up to +0.7%!!). Not sure whether it is because I said I was referred by one of my friend that has a current mortgage under that bank, so they gave a better rate? But I think no harm to try calling one or two banks directly, don't trust the mortgage brokers' quote completely, you really never know.

Some don't like sibor because of the volatility but for me part of my deposits are earning sibor-linked rates, hence it is somewhat hedged ba. Anyway, I prefer the transparency.

The reason why I didn't go for fixed is because the 2.18% will become Hong Leong's board rate from year 3, and there is not much transparency on that. The next cheapest fixed rate is 2.4% by DBS for 5 years, but my loan quantum is too small, otherwise think it is quite a good deal.

Of course, the legal subsidy etc might make a difference but my loan quantum is so small (<$200k) that I don't qualify for those at all, so I was only looking at the headline interest rate.

Hope this helps!
I'm surprised that your mortgage broker did not assist you to put up a waiver for the 1.88% fixed 2 years package.

Just sharing the experience for several HWZ members which experienced huge interest rate hikes recently. We managed to get 1.88% fixed 2 years for ALL of them.

We are not the "generalists" type of brokers. We endeavour to get the best deal for our clients, period. Most of the time, if the quantum is sizeable, we will fight hard to put the necessary waivers to get the privilege banking rates that are available to the selected few.
Yes, it's quite true that when your quantum is small. The rates may not be as attractive compared to loans above $800k onwards. I believe the rates you mentioned is HSBC for the floating rate, and yes generally it's quite true that rates are awesome during the locked in period. Banks operate closely like telco companies. They want to lock you in another 2 years by offering cheap phones or even free phones so that there's recurring business. On the hand, other bank there are hungry for your business, may even offer full legal subsides.
 
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pegs19

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Hi I am looking to refinance my home loan with OCBC asap as the interest rate has increased to 2.4% recently. Loan quantum is close to $1m. Can you please pm your contact details to discuss? Thanks.
 

skylinekmh

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Hi Unbiased, interested to discuss with you on refinancing options. Appreciate if you can PM with contact number. Thanks!
 

Unbiasedsg_

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Hi,
skylinekmh
pegs19
__eMo__

Do check your inbox, I've PM you guys the contact details to further discuss on your situation.
 

kaypohmeow

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About to take up a bank loan very soon. Following are the offers from bank:

OCBC- MBR + 0.4%, 1.95%

DBS - FHR8 + 1.275%, 1.95%

Which is a better offer? Or should I say which one higher chance will up their rate?
 
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