Could I refinance with the same bank?

[plliuxyh]

Greeting,
My 300K DBS home loan just reached three years of lock up time. The new rate is 2.13. Could I get a three years fixed rate deal with DBS?
Thanks
Plliuxyh

[nav14]

Greeting,
My 300K DBS home loan just reached three years of lock up time. The new rate is 2.13. Could I get a three years fixed rate deal with DBS?
Thanks
Plliuxyh

For same bank it will be called repricing. Pay $500 fees. Sometimes they will allow you to reprice even before the lock in period is up.

[plliuxyh]

Greeting,
Thanks a lot!
Plliuxyh

[CondoWE]

For same bank it will be called repricing. Pay $500 fees. Sometimes they will allow you to reprice even before the lock in period is up.

You can try nego to waive off the 500 .

[CondoWE]

Greeting,
My 300K DBS home loan just reached three years of lock up time. The new rate is 2.13. Could I get a three years fixed rate deal with DBS?
Thanks
Plliuxyh

Yes. Same bank , Do the it(repricing) one month b4 the lockin period expired. If refinance from other bank, you need 3 months.

[nav14]

You can try nego to waive off the 500 .

Yes can try but sometimes they refuse to waive.

[CondoWE]

Greeting,
My 300K DBS home loan just reached three years of lock up time. The new rate is 2.13. Could I get a three years fixed rate deal with DBS?
Thanks
Plliuxyh

Yes. Same bank , Do the it(repricing) one month b4 the lockin period expired. As mentioned by bro nav14, there is fee of 500 but some bank can be nego to waive off so try it. If refinance from other bank, you need 3 months.

[cnud]

New CM affect re-pricing?

[CondoWE]

Yes can try but sometimes they refuse to waive.

Switch bank if they reject lor.. . Anyway, DBS is not the best in town.. .

[buttercarp]

Yes. Same bank , Do the it(repricing) one month b4 the lockin period expired. If refinance from other bank, you need 3 months.

Another good piece of advice which I will print and keep it with my loan agreement. Thank condoWE!

[nav14]

Yes. Same bank , Do the it(repricing) one month b4 the lockin period expired. As mentioned by bro nav14, there is fee of 500 but some bank can be nego to waive off so try it. If refinance from other bank, you need 3 months.

Recently repriced with DBS and effective date of repricing was a month before the lock in period ended. They said no problem. Next time will try my luck earlier if rates are lower.

[nav14]

New CM affect re-pricing?

No. Only if refinanced. Re-pricing only locking in new rates.

[lifeline]

Another good piece of advice which I will print and keep it with my loan agreement. Thank condoWE!

remember dates of lockin period and top date may be different.
if top date before lockin, may have free top conversion.
also take note project top is usually few weeks before you get notified to collect keys. banks usu agree for conversion after top cos most earmarked loan already disbursed - so max out the interest charged to us already.

[einnoc]

may i know if reprice and refinance are two different things?

[cnud]

may i know if reprice and refinance are two different things?

Re-price = same bank.

Re-finance = change bank.

[newbie11]

you may find these helpful to compare repricing vs refinancing

http://www.findahomeloan.sg/componen...-valuation-etc

http://www.findahomeloan.sg/componen...y-and-freebies

[einnoc]

Thank you all

[flxcat]

No. Only if refinanced. Re-pricing only locking in new rates.

Just to add
The new CM only affect the loan cannot be >35yrs from first loan disbursement and not the LTV.
So should not be a concern to most unless your loan tenure is very the long.

That is what I understood so far

[einnoc]

reprice = must pay 500 admin fee first

how abt refinance with another bank? any idea?

[nav14]

reprice = must pay 500 admin fee first

how abt refinance with another bank? any idea?

Refinancing is just like taking a new loan - have to pay legal fees of $2500 - $2700, which most banks are no longer are subsidising now.

[vip]

For my properties, I've done "refinancing" and switched to another bank three times when:

1) the lock-in period involves "claw back", e.g. legal subsidy, cash rebate, etc.; or

2) negotiation on reasonable rates failed.

I also did "repricing" (mainly with DBS) for many times when:

1) the bank informs me about increase in interest rate (either due to market situation or the start of year 2, 3, ...)

2) I learn that the bank offers a new package with more attractive rates. (Ask them to match!)

The $500 repricing fee is always negotiable. I've paid $200 or $300 before. Anway, it's nothing compared with the monthly payment saved in a year.

More tips for repricing:

1) The revised rate is effective only after one month. So plan it and call 2 months in advance before the start of year 2, 3, etc.

2) It's most efficient to call the home mortgage repricing team over the phone. Remember the name of that staff you talk to and ask to speak to the same person every time.

3) They usually won't get back to you (at least for a long time). Call back a week or two to ask for the progress.

4) If you find signing the new contract and mailiing it back too troublesome, you can also "verbally" agree with it over the phone. Just repeat after the staff over the phone when he/she reads out each contract term.

Hope this help (you to save money)

[buttercarp]

For my properties, I've done "refinancing" and switched to another bank three times when:

1) the lock-in period involves "claw back", e.g. legal subsidy, cash rebate, etc.; or

2) negotiation on reasonable rates failed.

I also did "repricing" (mainly with DBS) for many times when:

1) the bank informs me about increase in interest rate (either due to market situation or the start of year 2, 3, ...)

2) I learn that the bank offers a new package with more attractive rates. (Ask them to match!)

The $500 repricing fee is always negotiable. I've paid $200 or $300 before. Anway, it's nothing compared with the monthly payment saved in a year.

More tips for repricing:

1) The revised rate is effective only after one month. So plan it and call 2 months in advance before the start of year 2, 3, etc.

2) It's most efficient to call the home mortgage repricing team over the phone. Remember the name of that staff you talk to and ask to speak to the same person every time.

3) They usually won't get back to you (at least for a long time). Call back a week or two to ask for the progress.

4) If you find signing the new contract and mailiing it back too troublesome, you can also "verbally" agree with it over the phone. Just repeat after the staff over the phone when he/she reads out each contract term.

Hope this help (you to save money)

Like as though you say the marriage vow ?

[vip]

Exactly hahaha ...

[cnud]

Website going down again...

[wildfaye29]

Hi gurus, can reprice reduce loan tenor?

[may2012]

Just to add
The new CM only affect the loan cannot be >35yrs from first loan disbursement and not the LTV.
So should not be a concern to most unless your loan tenure is very the long.

That is what I understood so far

Not exactly, if ur loan stretch beyond 65yo even if tenor is only 30years, refinacing will affect the LTV percentage.

And since most bank uses 75yo to calculate ur tenor in the past, many will be affected if refinance.

[newbie11]

Yes. Same bank , Do the it(repricing) one month b4 the lockin period expired. If refinance from other bank, you need 3 months.

more than 3 months is fine.. some banks allow up to 1 year in advance and lock in current rates.