Equity loan from private property

[sgdividends]

Can I check that if I take an equity loan with an existing bank who holds my title deed, all I have to pay is a processing fee ( up to 800) and the interest rates will be the same as my current mortgage rates?

 

[SBC]

Awaiting for experts. Keen to know more too.

 

[civicguy]

I know for sure the interest rate is NOT the same as your mortgage rate. It is much higher.

 

[Mecisteus]

Yeah it is quite obvious that the loan will be higher than mortgage rate.

 

[existential_reality]

I've done this before with DBS, the original loan on the property and then I took an equity loan couple years later when I refinanced. Interest rate for both were the same as per the package

Can I check that if I take an equity loan with an existing bank who holds my title deed, all I have to pay is a processing fee ( up to 800) and the interest rates will be the same as my current mortgage rates?

 

[sgdividends]

I've done this before with DBS, the original loan on the property and then I took an equity loan couple years later when I refinanced. Interest rate for both were the same as per the package

Thanks, that's what I verified with a mortgage consultant also...

 

[sgdividends]

I know for sure the interest rate is NOT the same as your mortgage rate. It is much higher.

How come your experience is different ? Which bank?

 

[raychoy]

I think the difference is if its total refinance ,meaning total new loan reset VS an existing loan and a add on new equity loan. If its the latter, rate will be higher for the addon.
The devil is in the lock in period condition.

 

[sgdividends]

I think the difference is if its total refinance ,meaning total new loan reset VS an existing loan and a add on new equity loan. If its the latter, rate will be higher for the addon.
The devil is in the lock in period condition.

Makes sense. Will need to check again.

Can u share about the lock in condition ?

 

[ocs_woodlands]

If refinance with new bank can do equity loan up to 80% or is it another limit?

Posted with Common Sense HardwareZone Forums app

 

[SBC]

If refinance with new bank can do equity loan up to 80% or is it another limit?

Posted with Common Sense HardwareZone Forums app

Borrowed the last outstanding amount. But managed to switch from 22 year loan period to 30. Reduced monthly payment from 4k plus to 2.8k.

My response is normal re-price (same bank) without equity loan.

Like to find out how much equity loan one is entitled.

 

[existential_reality]

Max I believe is 80% or what ever TDSR dictates, so long as the borrower has a good record banks would want to loan out as much allowed to max their revenue stream

Borrowed the last outstanding amount. But managed to switch from 22 year loan period to 30. Reduced monthly payment from 4k plus to 2.8k.

My response is normal re-price (same bank) without equity loan.

Like to find out how much equity loan one is entitled.