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$150 Gift Card To Offset Your Costs

Refinance for Free (almost..)

That’s correct.  Many thought that it would be too much of a hassle to submit income documents again to a new bank, or that they will need to pay costs to switch banks.  But the truth is – it can be almost free when you work with us (see below) – plus you get to save at least $1,000-2,000 in interests.  Otherwise we will not ask you switch.  That’s why we always start our consultation by asking you to check with your existing bank for repricing offer.

Why make the big banks richer when you can pamper yourself and your family with an extra weekend of Staycation?

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What You Need To Know

Interest Rate Cycle

More than anything else, you need to know where are we in the entire interest rate cycle.  That’s the basis of all our recommendations be it fixed or floating.

Few bankers or even mortgage brokers walk you through this but that makes all the difference.  And that’s also how we get almost 90% of our advisory spot-on, helping clients like you save $$ more than any vouchers or cash back.

See Interest Rate Cycle

Let’s show you the costs vs benefit and why it’s almost free when you refinance through us.

What You Pay

Costs

For those new to refinancing, there are always two costs involved: Legal fees and valuation fees.

Legal fee: $1,800/1,600 (for private/hdb)

Valuation fee: $400/200 (for private/hdb)

The fees above serves as a guide on the average costs for outstanding loan balances of below $3m and for private properties valued usually at no more than $1.5m or smaller than 1300 sqft.  Note valuation fees can range between $350 to $550 for condo units and even higher for landed properties.  Still, most banks will be able to get valuation at around $400 for typical condo sizes.

Total costs for average homeowner = $1,800+400 = $2,200

(Legal fees can be paid via CPF in some cases so cash outlay is reduced)

What You Get

Benefits

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)

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