Refinancing my mortgage had been on the back of my mind for some time. I previously had a mortgage with HDB at 2.6%, but the packages offered by the banks did not have a large enough spread. The upfront refinancing costs wouldn’t really offset the savings from the zero-point-something percent difference in rates.
Recently, with interest rates falling off a cliff, I took another look at what banks were offering. Interest rates have fallen low enough that even with refinancing costs, I would recoup the cost relatively quickly.
Before going into how I made my decision, here’s a quick primer on home mortgages.
