The interest rate is subject to fluctuation and it can certainly go up this can make the process of getting a refinance home loan Singapore subject to investigation. In order to save some money on the mortgage, one has to take care of the interest rate and it is necessary to find the lowest interest rate to save money. The process of refinancing home loan is to save the trouble of losing a lot of money on the monthly repayment and possibility of reducing the life of the loan. Home Loan Whiz follows the principle of 3 R’s that is- recall, realize and review the savings.
Realize that includes evaluation of numbers. There are packages that come with a lock-in system that means one has to pay the loan under the mentioned lock-in year. The service of Home Loan Whiz brings the right guidance through the process of home loan refinance by making sure a person doesn’t lose a huge amount of money.
For every 1 million dollar loan, there is an expected increase of 0.1% in interest equalizing to extra 1,000 dollars a year as an interest payment. If the interest rate rises by 1%, the increased amount will be dollar 10,000 in interest payments each year in respect to a dollar million loan. If there is an increase in interest rate by 0.1% means there will be dollar 2,000 annual interest increase. In accordance with the fluctuation, this is an estimated calculation.