Refinancing is about saving your money.
We design this easy-to-use calculator to provide you an estimated saving amount, comparing between your existing interest rate (or near future higher interest rate) AND a new interest rate, which is available in the market.
If we find the saving sum is not significantly great, we will advise you to seek re-pricing with your current bank.
Normally, if the outstanding mortgage principal amount is low, you won’t get a significant saving of money.
RICHCO-SPACE Prefer loan size for refinancing to the other bank:
| Residential Mortgage | Industrial, Commercial & Hotel |
| More than $400,000 | More than $300,000 |
If your mortgage is below our preferred size, you may want to explore the possibility of equity cash out <link or button>.
First three years saving.
In our view, comparison of mortgage packages beyond 4th year onward is not necessary as most of the bank mortgage packages are designed with lower interest rate in the first 2 – 3 years and higher interest rate from 3 – 4 years onward.
When to apply refinancing?
Our clients, especially those with mortgages ranging from few hundreds thousands to millions, always review their loan package every 2 – 3 years interval. The right timing should be a few months before the mortgage crosses the anniversary date.
The first 2 – 3 years lower interest rate always come with a lock-in period.
Always ensure the lock-in period criteria before applying for refinancing. <link or button>
When NOT to apply refinancing?
- Within the lock-in period.
- If you plan to sell your property in the next few months.
Since most of the mortgage packages (including repricing packages) come with a lock-in period, it is not advisable to enter into a new mortgage contract.
You are required to pay for the penalty, normally 1.5% – 2%, if you fully redeem the loan.
Selling of property results in full redemption of the loan.
Refinancing & Equity Cash Out at the same time.
Assuming your property market price has gone up and there is enough & meaningful sum of value, you could always apply for refinancing & equity cash out concurrently.
To learn about equity cash out click here <link to equity cash learning page>.
To approach consultant for equity cash out <link to request>
Other
No Additional Fee payable to RICHCO-SPACE if you apply for a bank mortgage via RICHCO-SPACE.
We assure you that all your information will be kept confidential.
