Most banks eager for your business will offer a legal subsidy or cash rebate of up to $2,000 if you move your loan over. And when you refinance through us, we add a $150 gift card (Fairprice) subject to min loan of $500,000:
Legal subsidy/rebate: $1,800-2,000 (from bank)
Valuation fee offset: $150* Fairprice gift card (from us)
We give a token gift of $150, not in cash, but in form of Fairprice gift card which helps to offset some of your transaction costs, subject to min loan $500,000. The new bank will also give you a legal subsidy or cash rebate depending on your outstanding loan amount (usually not less than $500,000), provided you stay with them for not less than 3 years (clawback period).
Total maximum benefits for average homeowner = $2,000+150 = $2,150
(when you refinance through us here at MortgageWise)