What to take note of when refinancing your mortgage?

What to take note of when refinancing your mortgage?

1. Check your credit score and credit history. This will give you an idea of how much you can borrow and what interest rate you may be able to get.

You may not be able to refinance your house if the credit score you have has fallen or may not be good enough to carry this out.

2. Compare interest rates from different lenders. This can help you find the best deal on your mortgage refinance.

The best deals are usually known to mortgage brokers, you are able to save time on comparing by using a mortgage broker.

3. Get a commitment in principle from the lender. This will give you an idea of how much your refinance will cost.

Approval in Principle are a great way to find out if you will get approved by the bank when you carry out the refinancing and also at what rates.

4. Get a home appraisal. This will ensure that the value of your home is still enough to cover the cost of your mortgage refinance.

Some banks may want to do a valuation or appraisal again to find out if your property price has risen.

For most properties in Singapore, usually prices will go up.

5. Finalize the paperwork and close on the loan. This will complete the process and you will be a new homeowner!

When refinancing your mortgage, it is important to take note of a few key things. First, you will want to check your credit score and credit history to get an idea of how much you can borrow and what interest rate you may be able to get. You should also compare interest rates from different lenders to find the best deal on your mortgage refinance. Once you have found a lender you are interested in, get a commitment in principle so you know how much the refinance will cost. Next, get a home appraisal to ensure that the value of your home is still enough to cover the cost of your mortgage refinance. Finally, close on the loan and you will be a new homeowner!


Avant Mortgage is a leading Mortgage Refinancing Broker in Singapore.

What to take note of when refinancing your mortgage?