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> House Refinancing, Kongsi info dan panduan..
mat.g™
kiriman Aug 12 2009, 12:20 AM
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Refinancing or re-mortgaging your house simply means switching your existing mortgage for a new and better deal, often to a new mortgage lender or bank.

There are a few reasons why refinancing may seem a good option for house owners; these are to free up some cash, consolidate debts or secure lower interest rates, among others .

Refinancing is beneficial especially when you are in need of extra cash. This is possible only if the current market value of your house exceeds the amount which you owe the bank.

For example, assuming that the house you bought three years ago is now valued at RM250,000 and the outstanding balance for loan is RM190,000. If you were to refinance your house, you could have RM50,000 extra cash after deducting legal and redemption fees for instance.

However, you should think carefully before you do so. If you plan to splurge on an exotic holiday or buying your dream car, you will actually be paying interest on the amount you spent for the rest of the mortgage term.

The money freed up is often used to consolidate debts. It is used to clear all outstanding balances on credit cards, personal loans and even overdrafts. As a result, you may be left with only one payment each month, the re-mortgage instalment, this makes it easier to manage your liabilities.

With financial institutions competing for a slice of the market share, consumers are spoilt for choice thanks to the lower interest rates offered compared to the normal house-loan package. Now is the time to secure lower interest rates.


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