Re-Pricing vs Re-Financing

[richwang]

My Friend has a Bank loan for HDB, the outstanding amount is about $90k. She has just got the letter from the bank to change the rates from 2.38% to 4.35%!
I have checked with other banks for refinancing, they are not keen because the amount is less than $100k.
I then asked the bank for repricimg, they say it can offer below 2%.
We are going to the bank to do the paper work next Monday. What are the catches we need to watch out? (Lock in? Floating? Etc)
How about if my Friend just pay it in full?

Thanks a lot!

[Kelonguni]

Pay off then sell and buy another one or change to private to restretch the loan and get lower rates.


My Friend has a Bank loan for HDB, the outstanding amount is about $90k. She has just got the letter from the bank to change the rates from 2.38% to 4.35%!
I have checked with other banks for refinancing, they are not keen because the amount is less than $100k.
I then asked the bank for repricimg, they say it can offer below 2%.
We are going to the bank to do the paper work next Monday. What are the catches we need to watch out? (Lock in? Floating? Etc)
How about if my Friend just pay it in full?

Thanks a lot!

[Arcachon]

1. We are going to the bank to do the paperwork next Monday. What are the catches we need to watch out? (Lock in? Floating? Etc)

2. How about if my Friend just pays it in full?

Thanks a lot!

1. Should ask what is your friend need instead? Is your friend going to sell or stay?

2. Should ask what return can your friend do to the money if don't pay it in full.

[richwang]

She is staying there. Bank eventually offer her reprice at 2%+
If less than 80k loan, it will be harder.
So get ready to pay full when falling Low.