Can I refinance mortgages at the new rate in the works?

Interest rates plummeted and you’re seeking to get the new refinancing rate after looking at the percentage figure drop. Can you REFINANCE your WORKING mortgage at the NEW RATE?

Refinancing mortgages at a lower rate can help you save big bucks at the end of the day. But here’s the catch — Your refinancing mortgage interest rate will very much vary depending on your loan tenure, how many years you’ve paid off your old mortgage, and interest rate cut opportunities for cutting closing costs.

But that didn’t answer your question just yet: Can I refinance mortgages at the new rate (while the previous one is still left unpaid) and get the new interest rate cut?

Boy, you should take out your calculator now. Divide all costs of refinancing by monthly savings with your refinance. If you plan to be at least long enough to stay in a house, then you’ll have to measure the relevancy for yourself — Whether or not these home loans in Malaysia makes sense to you to refinance.

Or, you could also check out with home loan consultant and catch all of the action yourself without having someone stare blankly at you.

Usually, you can refinance your mortgages at a new rate, but with a nominal fee. It’s a surcharge of somekind since banks nowadays charge for almost every single transaction. Sounds too bad to be true? Here’s what’s worse.

What people usually pay for in a 10 year refinancing period is always the interest rate (speaking of in whole). While a 5.50%(Average Bank offer BLR-1.8%) interest rate may seem very dodgy at the moment, you SHOULD NOT WAIT any longer. Pick up your phone and call your home loan consultant NOW to know what are the rates. Rates could change the very next day and if you refinance today at 5.50% and tomorrow is 6.00%, you’ll be glad to not have to pay for probably 2 years.

Speaking of refinancing mortgages, here’s a 3 refinance mortgage tips you might want to read:

  1. How much should I pay for my refinancing?
  2. How much will I save by refinancing?
  3. Divide your savings into cost.

>> Read more about DEBTS & Retirement
>> Read more about Malaysia home loan & refinancing

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About the author

Malaysia Loan

4 Comments to Refinancing mortgages at a NEW RATE?

  1. shan kumar

    we have 2 bingalows wanting to refinace but have a cirriss record?
    how do i get refinance ,
    the property were purchased in 2005 , and have more then double.
    is there any bank that look at logic rather than cirriss record?
    also we are still paying the hiher earlier int rates of 6% and 7.5%
    please help

  2. shan kumar

    dear admin , the problem is not the outstanding (arrears) , this we had cleared and can clear all arrears and get a official letter from cimb .
    however this 6 mths – 1 year wait puts us in a dilemma.
    pls advise if you can
    shan kumar
    013 9564370


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