How to save on interest with Mortgage Refinancing Singapore

How to save on interest with Mortgage Refinancing Singapore

How to save on interest with Mortgage Refinancing Singapore – Buying a property for own stay or for investment is the dream for many people. Asian are also a group of people who love to own their own properties so that they have something to pass on to their later generations.

When you buy a property, the location matters, the price matters but you need to realize something. The cost of ownership can increase if your Mortgage Loan interest is high. You might end up spending a few hundred or thousand dollars more per month if you are not sure if you are getting the best packages available in the market.

When you are someone who is planning to own one or two property this is going to save you quite a budget.

If you are instead an investor, this will cost you even more in the long term.

The fact that Mortgage Loans can be saved if you refinance them once every 2 to 3 years means that you have to do it to make sure you are always getting the lowest rates available in the market.

The mortgage loan rates in Singapore are at the lowest it has ever been.

For residential property, fixed rates can go to as low as 1.25% whereas commercial property you can get 1.5% per annum for interest.

So if you are someone who will work with Mortgage Brokers in Singapore to get your Singapore Mortgage Refinancing done, you can definitely save quite a sum of money in the long term.

For anyone who wishes to get their Mortgage Refinancing Singapore done, you can work with our friends from Avant Mortgage.

They are the professionals in this market and if you need new home loan in Singapore you can also go to them for help!


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How to save on interest with Mortgage Refinancing Singapore

How does the economy affect Singapore Mortgage Loan Rates?

How does the economy affect Singapore Mortgage Loan Rates?

How does the economy affect Singapore Mortgage Loan Rates? – There are many reasons that will affect the rates of a mortgage loan. This is quite similar across the world and even more so for a financial hub and capital like Singapore. Singapore is a very open economy and relies a lot on trading and exports for the income of the nation.

The economy is affected strongly by the use of a few economic tools and the main one is the interest rates of the banks that is set forth by the central bank of the country, Monetary Authority of Singapore. When the economy is not doing very well, the central bank will usually lower interest rates to encourage borrowing. When businesses borrow, they will invest it into the economy and pay more salaries that will push up the economic activity, people who save will also be more interested in placing money elsewhere because of low interest rates.

Due to Covid-19, we have seen the USA through its Federal Reserves lower its interest rates. With this the Monetary Authority of Singapore followed suit and also started to lower its rates. With the economy is such bad shape at this current moment, there is a high demand for loans and to ensure businesses can survive this period of downturn, we expect to see the interest rates to get even lower or maintain at such low rates.

So how does this affect Singapore Mortgage Loan rates?

When there is a lower interest rate across the board for most of the economy, the interbank loan rates will also fall. Interbank loan rates are what the banks will charge each other for loaning money between them. This will allow the banks to give out loans when they are able to inject money through loaning into the system.

With this the loan rates will fall and with it the interest that a borrower will need to pay when they are trying to buy a new home or they are trying to refinance a Mortgage.

Singapore Mortgage Loan rates are currently at a very low rate hovering just slightly above 1% for most parts and with the fixed rates at about 1.5% they have never been this low for a long time.

Singapore economy is likely to slide and we will see a tougher period during this few months to a year.

If you are looking for a new home loan broker in Singapore, or Singapore Mortgage Refinancing you can talk to our partners at Avant Mortgage, they are experienced and able to give you a good idea for your property, what you can go for to help you to save money overall.


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Why you should consider refinancing your Singapore Mortgage Loans now

Why you should consider refinancing your Singapore Mortgage Loans now – There are many things you should watch out during a downturn and a recession. Most of the time recession causes job losses and therefore a drastic fall in income. When this happens, people spends less which triggers an even deeper recession.

Why you should consider refinancing your Singapore Mortgage Loans now

One of the good things that do happen during such a situation is when government wants to promote the flow of cash and money in the financial system, they will low interest rates. Interest rates that are lowered will mean people borrowing more to buy things and also to invest into their businesses. This means that more money will end up flowing and keeping the economic system from tanking.

When interest rates fall, the banks will follow suit to reduce their interest rates across board. Which means your savings will actually get lesser interest and also at the same time the loaning rates will also fall.

In a good economy, rates for mortgage loans in Singapore can be around 2.x% and this is quite common in a good economy. Now with the rates of the loans going for 1.7x% for some banks, you can expect the mortgage economy to be quite low for a period of time.

For most residential property owners, they will choose to refinance their mortgages so that they can save on interest rates. This is because mortgage loans in Singapore will increase after their lock in period of 2 or 3 years and this is something that is very common across Singapore and the rest of the world.

The interest rates are usually that thing that will make sure your property investment is a money making or a money losing venture and when we are looking into mortgage refinancing, this is one of the key ways that you can save on money that will have been paid to the bank if you did not do changes to your mortgage rates.

We are able to sit down with you to guide you on how you can actually save more money in the long term by making some adjustments to your payment.

We are also able to give you the best packages available to you and your investments today.

Speak to us so we can assist you with your Home Loan Brokering work.

For our clients that work closely with us, they will know that we strongly recommend Avant Mortgage as their Mortgage Refinancing Singapore advisory and also for those who require help with Mortgage Advisory Singapore, you can also speak to them.

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Why you should consider refinancing your Singapore Mortgage Loans now