Summary
How can you save on your mortgage loan amid the COVID-19 economic recession? Bank interest rates for housing loans are at an all-time low after the US Federal Reserve cut its rates to close to zero. Whether you’re on a fixed rate or floating rate pegged to the Singapore Interbank Offered Rates (SIBOR), you should consider reworking your mortgage now.
But should you refinance with another bank, or reprice your current loan with the same bank? Factors to consider include the lock-in period, administrative costs, and processes such as credit assessment.
Personal Takeaway
1.Mortgage Loan would be your biggest monthly recurring payment
2.Two method:Refinance and Reprice
3.Factor to consider:Loan 'Age',process and administrative cost, potential saving
