- May 25, 2020
- Posted by: avantmortgage
Mortgage Refinancing – Do you know that there is a lock in period of your mortgage loans and usually after the first 2 or 3 years package you have signed, you will see a sharp rise in your mortgage payment rates?
Lock-In periods for most banks are either 2, 3 or 5 years. And rates will be adjusted to floating amounts after this 2-3 years period.
Most bank packages have a intro or promotional rate for the first few years and will start charging higher rates after.
For most property owners, they will be wise to refinancing their mortgage loans so that they have a comparatively lower rate every 2-3 years.
This also help you to ensure that you get the best deal of that moment.
Another reason that property owners take up Mortgage Refinancing is when interest rates fall.
For the year of 2020, SIBOR has been falling with the pandemic affecting the general economy.
With that, interest rates fall and together with it the rates for mortgage, when this happens, both fixed rates and floating rates will likely fall and for those who have a much higher interest rate previously will see modest savings.
Take advantage of Mortgage Refinancing to help you lower the mortgage loan premiums you have to pay due to lower interest rate payments which can amount to a few hundred of even thousands a month.
You should always try to refinance when rates fall as it will likely rise again in the years to come.
This means money saved that can be reinvested in other forms.
Mortgage Refinancing is relatively easy, for persons who have previously approved loans, usually the refinancing is quite a clear cut case.
You will not need to pay for the services of the residential property mortgage broker.
Avant Mortgage Brokers will love to work with you every 2 to 3 years to assist you with this process. Contact us now so we can assist an experienced Mortgage Broker on our team to assist you and your case and sit down with you to understand your requirements and also situation. We know that every case is unique and we will love to listen out and provide tailored advice for you.
We also assist our customers with New Home Loans and also Property Cash out services if you require the following.