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Thread: Interest Rate Falling?

  1. #1
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    Default Interest Rate Falling?

    Noticed my mortgage interest falling for the past 2 to 3 months. whats happening?
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

  2. #2
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    that is why you should not listen to the bankers and fixed your rate.

  3. #3
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    Every month, the world is printing hundred of billions of dollars. CM8 coming.

  4. #4
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    not only that, when u refinance, not only u get lower rate, you also get a "boosted valuation", banks are now desperate to lend u money
    Ride at your own risk !!!

  5. #5
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    Quote Originally Posted by Ringo33
    Noticed my mortgage interest falling for the past 2 to 3 months. whats happening?
    Pardon my ignorance. But how to monitor the monthly interest charged? Cos I only get one statement from the bank at the end of the year. Tia.

  6. #6
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    Quote Originally Posted by chiaseed
    Pardon my ignorance. But how to monitor the monthly interest charged? Cos I only get one statement from the bank at the end of the year. Tia.
    is yours fixed rate?

  7. #7
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    Quote Originally Posted by eng81157
    is yours fixed rate?
    Mine's = base rate + sibor. Is that considered fix rate?

  8. #8
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    Quote Originally Posted by chiaseed
    Mine's = base rate + sibor. Is that considered fix rate?
    hmm.. then at end of each sibor period, u should be receiving letter from bank informing you of the next effective interest rate...
    so if your loan is based on 1mth sibor, you will receive letter every month
    so if your loan is based on 3mth sibor, you will receive letter every 3mth
    so if your loan is based on 12mth sibor, you will receive letter every 12mth

    no letter so far ?

  9. #9
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    Quote Originally Posted by chiaseed
    Mine's = base rate + sibor. Is that considered fix rate?
    then should be getting a letter whenever the rate changes. call your bank up to check

  10. #10
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    Quote Originally Posted by taggy
    hmm.. then at end of each sibor period, u should be receiving letter from bank informing you of the next effective interest rate...
    so if your loan is based on 1mth sibor, you will receive letter every month
    so if your loan is based on 3mth sibor, you will receive letter every 3mth
    so if your loan is based on 12mth sibor, you will receive letter every 12mth

    no letter so far ?
    3 month sibor. But never get letter notifying of rate changes for the past few years. Maybe I should check with the bank.

  11. #11
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    low interest rate will be at least still 2020 according to our Helicopter ben, event 10y SGS yield is so low, what do u expect of short term rate like SIBOR

    Ride at your own risk !!!

  12. #12
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    Appreciate some advice on re-pricing and refinance.

    Call up UOB for refinance as 3 yr lock in is over.
    The banker told me a fee of $500 for re-pricing is needed.

    Any difference for re-pricing and refinance. in this case going for other banks will need to pay as well?

    Thanks.

  13. #13
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    Quote Originally Posted by sgp_condo
    Appreciate some advice on re-pricing and refinance.

    Call up UOB for refinance as 3 yr lock in is over.
    The banker told me a fee of $500 for re-pricing is needed.

    Any difference for re-pricing and refinance. in this case going for other banks will need to pay as well?

    Thanks.
    I had never been charged for repricing.

    I will avoid uob in future.

    Repriced-with same bank
    Refinance-with other bank

    Anyway, uob packages has not been attractive.

  14. #14
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    Quote Originally Posted by Rosy
    I had never been charged for repricing.

    I will avoid uob in future.

    Repriced-with same bank
    Refinance-with other bank
    is local bank or foreign bank more attractive? Foreign bank interest rate will spike faster? that is my thought and is there any true to this?

  15. #15
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    Quote Originally Posted by sgp_condo
    is local bank or foreign bank more attractive? Foreign bank interest rate will spike faster? that is my thought and is there any true to this?
    If u are taking sibor based loan, why would banks matter?

  16. #16
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    Quote Originally Posted by sgp_condo
    is local bank or foreign bank more attractive? Foreign bank interest rate will spike faster? that is my thought and is there any true to this?
    I got my loan last year. Foreign bank seems more attractive. Mine was 1 mth sibor + 0.75 throughout.

  17. #17
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    Good to know Sibor and SOR are both down. Interest is now only 1% for those who have entered two years ago.

  18. #18
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    Quote Originally Posted by Rosy
    If u are taking sibor based loan, why would banks matter?
    I should engage you to explain to clients who don't think so

  19. #19
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    Quote Originally Posted by sgp_condo
    Appreciate some advice on re-pricing and refinance.

    Call up UOB for refinance as 3 yr lock in is over.
    The banker told me a fee of $500 for re-pricing is needed.

    Any difference for re-pricing and refinance. in this case going for other banks will need to pay as well?

    Thanks.
    Refinance to this bank don't need any fees if loan is min 500k

  20. #20
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    Quote Originally Posted by BigBoy
    I got my loan last year. Foreign bank seems more attractive. Mine was 1 mth sibor + 0.75 throughout.
    You've got a very good deal. Need legal fee?

  21. #21
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    Quote Originally Posted by newbie11
    Refinance to this bank don't need any fees if loan is min 500k
    Thanks. I'm looking through.

  22. #22
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    Quote Originally Posted by phantom_opera
    low interest rate will be at least still 2020 according to our Helicopter ben, event 10y SGS yield is so low, what do u expect of short term rate like SIBOR

    Hi, need advice on interest rate matters.
    Have repriced to a 1+1 @1.18% 10 mths ago (paid a negotiated lump sum penalty for switching from a 3 yr fixed at 1.99%).
    Was told that need to confirm with bank again at end yr 1 for next 1.18%.
    Qn: is this fixed 1.18% more favorable compared to 0.75+3mth sibor down the year 2013-14 in your opinion?

  23. #23
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    Quote Originally Posted by Reisor
    Hi, need advice on interest rate matters.
    Have repriced to a 1+1 @1.18% 10 mths ago (paid a negotiated lump sum penalty for switching from a 3 yr fixed at 1.99%).
    Was told that need to confirm with bank again at end yr 1 for next 1.18%.
    Qn: is this fixed 1.18% more favorable compared to 0.75+3mth sibor down the year 2013-14 in your opinion?
    Go on .XX+SIbor for throughout tenure..once interest rate rises banks wilol increase .XX amount.. better to get the lowest spread while the part lasts

  24. #24
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    Quote Originally Posted by Reisor
    Hi, need advice on interest rate matters.
    Have repriced to a 1+1 @1.18% 10 mths ago (paid a negotiated lump sum penalty for switching from a 3 yr fixed at 1.99%).
    Was told that need to confirm with bank again at end yr 1 for next 1.18%.
    Qn: is this fixed 1.18% more favorable compared to 0.75+3mth sibor down the year 2013-14 in your opinion?

    with one option, you have a peace of mind that the rates are fixed. with the other, you potentially stand to save with lower rates.

    depends what you want. do a comparison and see whether it is worth paying the difference for having a peace of mind. if it's a couple of hundreds, i would go for it

  25. #25
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    1.18% fixed is the best deal in town.

  26. #26
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    1.18% fixed for the whole tenure period?
    Quote Originally Posted by Rosy
    1.18% fixed is the best deal in town.

  27. #27
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    Quote Originally Posted by DC33_2008
    1.18% fixed for the whole tenure period?
    I would not mind 1.5% fixed throughout.

  28. #28
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    Wait long long

    Quote Originally Posted by DC33_2008
    1.18% fixed for the whole tenure period?
    Ditto!

    Quote Originally Posted by Rosy
    I would not mind 1.5% fixed throughout.

  29. #29
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    Have been paying 1% of less for sometime. Hope to continue for another 2 years.
    Quote Originally Posted by starrynight
    Wait long long



    Ditto!

  30. #30
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    Thank you all for your reply. Looks like it's still a safe call either way as increase / decrease will not be wild. Hoping that 1.18% offer can hold or go lower

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