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Condo loan refinance advice.

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Old 11-10-2019, 10:31 PM   #1
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Condo loan refinance advice.

Due to refinance soon. as my property value has increase est 130-150k can i take out a loan from the bank base on my appreciate value to pay off the principal of the loan or is that the same thing. i heard ppl saying they normally take out to invest in another property. any advice? thanks
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Old 11-10-2019, 11:07 PM   #2
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Might be possible. First pay $300~ to do valuation of your home. Private house only. Pm me for more info.
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Old 11-10-2019, 11:08 PM   #3
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You can try “gearing”. Not a housing loan so not LTV nonsense. It is a term loan so no CPF. Technically your term loan cannot be used to buy another property but as u said it, people use it for the downpayment of a second investment property (or commercial property or industrial).
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Old 12-10-2019, 01:27 AM   #4
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Depending on how much outstanding, and how much cpf you have utilized, you may not be able to take out much if the appreciation is only 130-150k. The term loan amount will be 75% of new valuation (assuming first loan) - outstanding loan - total amount of cpf utilized.
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