If you have been on the lookout for a home this year, you’ve probably heard this many times by now. Now is a good time to buy, as the costs of borrowing money is so much lower. Put simply, a $1 million mortgage spread over 30 years based on the current interest rates of 1.3% would mean monthly repayments of $3,356. Compare this to when interest rates were at 2% – your monthly repayments would have been $3,696 instead, which is a 10 per cent decrease. In fact, cheap mortgages are even cited as a contributing factor to the rise in private home prices. Check the news, and you’ll see there’s some truth to it. As early as July 2020, Singaporean home owners were crowding bank and loan comparison websites to refinance. This is when homeowners switch from their existing loan packages to new ones, to keep the interest rate low; and many are willing to do it despite the cost ($2,500 to $3,000) and inconvenience....