legal fee clawback

[marktkt22]

i am with dbs mortg package, 3m sibor +0.8, no lock in.
But to refinance with another bank eg scb, citi or HSBC, there be legal fee clawback.
Any advice? Thx

[spyro]

i am with dbs mortg package, 3m sibor +0.8, no lock in.
But to refinance with another bank eg scb, citi or HSBC, there be legal fee clawback.
Any advice? Thx

pay bk lor or ask the other bank u gonna sign up with subsidise?

[devilplate]

i am with dbs mortg package, 3m sibor +0.8, no lock in.
But to refinance with another bank eg scb, citi or HSBC, there be legal fee clawback.
Any advice? Thx

Y refinance?

[kingkong1984]

Y refinance?

lock in low rates? fixed for 5 yrs?

[propertyguru]

lock in low rates? fixed for 5 yrs?

I don't think it makes any sense for him to refinance at this point. FED has just indicated that it will keep rates low for an extended period, so unless something dramatic happens, I believe we are looking at another year of low rates. Even if rates rise, how much higher can they go within a year? May not be worthwhile to be locked-in to a 1.6% rate for the next year, and correct me if I am wrong, but I don't believe there are 5-year-packages with under 2% rates at the moment. The only basis for refinancing is if the savings are more than the legal subsidy.

[kingkong1984]

I don't think it makes any sense for him to refinance at this point. FED has just indicated that it will keep rates low for an extended period, so unless something dramatic happens, I believe we are looking at another year of low rates. Even if rates rise, how much higher can they go within a year? May not be worthwhile to be locked-in to a 1.6% rate for the next year, and correct me if I am wrong, but I don't believe there are 5-year-packages with under 2% rates at the moment. The only basis for refinancing is if the savings are more than the legal subsidy.

The answer lies with him. Yup, first 2 yes below 2 percent, then above it later.

It's a gamble. 1 yr quite clear, 2 yr clear, 3 yr not so. better buy insurance?

[newbie11]

i am with dbs mortg package, 3m sibor +0.8, no lock in.
But to refinance with another bank eg scb, citi or HSBC, there be legal fee clawback.
Any advice? Thx

how low can you refin to? lowest yr1 spread of 0.55 assuming u meet the criteria? can savings offset the legal clawback within 3years?

[devilplate]

tink twice b4 refinance....u will incur another new set of legal fees and goto wait for another 3yrs for the new legal clawbck to expire.....ur loading is 0.8% which is quite ok wif no lock in....lowest wif no lock in probably 0.65 now....not much savings n not worth the hassle unless ur loan is huge like 3-4mil

[marktkt22]

Thanks to all for advice,
Actually,i am targetting scb , to consolidate all my banking need, for convenient
Let c how it go,

[devilplate]

Thanks to all for advice,
Actually,i am targetting scb , to consolidate all my banking need, for convenient
Let c how it go,

oh ya...scb goodie...u got visa infinite cards as well? every mth earn free points for ur mortgage loans...hehe

[marktkt22]

Yeap, if they reimbursed the clawback,
Then i will start the account with them.

oh ya...scb goodie...u got visa infinite cards as well? every mth earn free points for ur mortgage loans...hehe

[DC33_2008]

Cannot finish redeeming the points. At one time, HSBC gives 1% or up to a maximum of $4000 to pay for penalty due to taking the loan with them. That was an attractive deal.

oh ya...scb goodie...u got visa infinite cards as well? every mth earn free points for ur mortgage loans...hehe