MortgageGuru
20-06-15, 22:50
With second half of the year to go, impending interest hike from US is looming and inevitable.
And here's sharing information on how refinancing process will be if you're one of those facing interest higher than 1.8% right now, mainly UOB and OCBC borrowers.
Q: What are the fees that’s applicable?
- Valuation & Legal Fee
- Fire Insurance/Mortgage Insurance
Q: When will the valuation report be done?
-After refinancing is done, valuation will be conducted by appraiser. Once report is up, they’ll send a copy to the law firm and you’ll be entitled to have a copy of it from the law firm if you wish to have it.
Q: When will I start servicing my loan at the new bank?
-3 months after notice being served, or the next SIBOR/SOR Reset Date as per Letter of Offer, whichever later. If Lock-In is applicable, it will only be after Lock-In ends before the above takes place.
Q: How many months should I prepare myself ahead if I were to refinance?
-Always prepare 7 months in advance before your loan is out of Lock-In period or your interest spread is on the rise as bank usually allows a maximum 6 month drawdown date which means you have the luxury of 3 months to serve notice on top of the usual 3 months’ notice.
-The additional 1 month earlier preparation is to get your statement from banks as it usually takes up at least 5 working days for them to mail you the statement as bank do not gives you directly from the branch.
Q: What are the documents that I’ll be unable to retrieve via Singpass?
-Identification
-Last 3 months salary slips
-Outstanding loan balance
-Outstanding credit card statement
-Letter of Offer from existing bank
-New bank signed application form
-Tenancy Agreement with at least 6 months lease & Stamp Certificate
Note that all documents is to be stated with your name on it, otherwise bank can’t determine the credibility of the documents.
Q: What are the documents that I’ll be unable to retrieve via Singpass?
-Latest year Notice of Assessment (IRAS portal, view correspondence/notices>NOA 2015)
-Last 15 month CPF contribution history from employer (My statement>Section B)
-CPF withdrawal statement (My statement>Section C>Property>PDF file)
Q: How long does it takes for the bank to approve my loan?
-Upon receipt of full document, it’ll usually take about 7 working days for your loan to be approved, usually earlier.
-Letter of Offer will then be churned out and to be signed. This offer will only valid for 7 days, failure to sign will have to submit a new application and facing chances of rates not being the same anymore.
Q: What’s the next step upon signing of the loan?
-Law firm will contact you for an appointment for conveyancing matters, as well as payment of the fees applicable.
And with that, its considered done and just waiting to start servicing to your new financier!
And here's sharing information on how refinancing process will be if you're one of those facing interest higher than 1.8% right now, mainly UOB and OCBC borrowers.
Q: What are the fees that’s applicable?
- Valuation & Legal Fee
- Fire Insurance/Mortgage Insurance
Q: When will the valuation report be done?
-After refinancing is done, valuation will be conducted by appraiser. Once report is up, they’ll send a copy to the law firm and you’ll be entitled to have a copy of it from the law firm if you wish to have it.
Q: When will I start servicing my loan at the new bank?
-3 months after notice being served, or the next SIBOR/SOR Reset Date as per Letter of Offer, whichever later. If Lock-In is applicable, it will only be after Lock-In ends before the above takes place.
Q: How many months should I prepare myself ahead if I were to refinance?
-Always prepare 7 months in advance before your loan is out of Lock-In period or your interest spread is on the rise as bank usually allows a maximum 6 month drawdown date which means you have the luxury of 3 months to serve notice on top of the usual 3 months’ notice.
-The additional 1 month earlier preparation is to get your statement from banks as it usually takes up at least 5 working days for them to mail you the statement as bank do not gives you directly from the branch.
Q: What are the documents that I’ll be unable to retrieve via Singpass?
-Identification
-Last 3 months salary slips
-Outstanding loan balance
-Outstanding credit card statement
-Letter of Offer from existing bank
-New bank signed application form
-Tenancy Agreement with at least 6 months lease & Stamp Certificate
Note that all documents is to be stated with your name on it, otherwise bank can’t determine the credibility of the documents.
Q: What are the documents that I’ll be unable to retrieve via Singpass?
-Latest year Notice of Assessment (IRAS portal, view correspondence/notices>NOA 2015)
-Last 15 month CPF contribution history from employer (My statement>Section B)
-CPF withdrawal statement (My statement>Section C>Property>PDF file)
Q: How long does it takes for the bank to approve my loan?
-Upon receipt of full document, it’ll usually take about 7 working days for your loan to be approved, usually earlier.
-Letter of Offer will then be churned out and to be signed. This offer will only valid for 7 days, failure to sign will have to submit a new application and facing chances of rates not being the same anymore.
Q: What’s the next step upon signing of the loan?
-Law firm will contact you for an appointment for conveyancing matters, as well as payment of the fees applicable.
And with that, its considered done and just waiting to start servicing to your new financier!