Refinance
Home Loan
Here’s an example of how it works.
Original home value: RM400,000
Present valuation of your home value: RM500,000
Amount you still owe in your original home loan: RM300,000
You carry out refinancing for 90% of the present value of your home: RM450,000
Amount of CASH you free up for personal use is RM450,000-RM300,000 = RM150,000.
There are many other reasons why people want to refinance their home loan. How do you go about it? Let us know your problem and we’ll guide you with the best option.
Refinance to Cash Out
Refinancing is when you already owned a home loan in Malaysia and you would like to change to another bank loan without moving home. For this process you need to access to your latest market value for your property. If the market value is higher than your existing bank loan, you can cash out some money by doing refinancing cash out. Talk to us today and we will guide you on the process.
Change Ownership
Changing the ownership can be done as below and is it still under mortgage loan.1. From parents to children (vice versa)2. Between spouses3. Between siblings4. Between business partners
Divorce
When you have a relationship breakdown and require financial planning on your home loan which is still under mortgage, we are here to help you.
Change Bank
Are you currently unhappy with your bank loan interest or their services? You can opt to change to another bank loan, just tell us your frustrations and we will do our best to assist you.
How to Refinance a Loan?
If you’re looking to refinance a loan, you should first examine the specifications of your current agreement to see how much you’re actually paying. You should also check if there is an early settlement penalty on your current loan, as the value of refinancing could potentially be outweighed by the early termination cost. After finding the value of your current loan, you can comparison shop between a few financial institutions to find the terms that best fit your financial goals.
Whether you’re looking to change term lengths or lower your interest rate, a variety of loan options are available on the markets today. With new online lenders looking to compete with traditional banks, there are services and packages tailored towards all financial goals. For the most qualified (good profile) borrowers, this competition can help cut the costs of a loan by hundreds or thousands.
Get in touch for consulting or advising to all of your questions.