I am excited and happy to announce our latest initiative for clients – a “zero-cost” option for refinancing home loan with minimum of just $500,000. Terms apply.
Since we started our operations back in 2014, we have scored quite a number of firsts in the market as we continually seek to create value for clients who choose to work with us. We started with a monthly lucky draw where winners walked away with legal fees fully paid for that ended in mid-2017. We then launched our unbeatable condo purchase legal fee of $1,800 all-in (inclusive mortgage stamp duty) for private properties up to a purchase price of $3m. This translates into an immediate savings of $700 (market rate is $2,500 for purchase legal fee) when clients decide to work with us for the same packages from all the banks.
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The picture is now complete with our latest privilege for the refinancing clients. For those who refinance a home loan of more than $500,000 through us, we provide you with a “zero-cost” option as follows:
- Enjoy a $1,800 all-in refinancing legal fee from our partner law firms (for standard refinancing transaction only, see our terms).
- Receive a $250 Tangs voucher on us. No “up to”, no gimmicks.
- Refinance to one of 5 banks which form 90% of the market: DBS home loan, OCBC home loan, UOB home loan, and finally HSBC & Maybank
- If your property is a condo unit with valuation of no more than $1.5m or a size of no more than 1,300 sqft (dependant on the bank’s valuation pricing guidelines), we have worked with our bankers from these 5 banks to keep your valuation fee to no more than $450.
- With a legal fee at only $1,800 you enjoy a savings of $200 from the cash rebate given by the new bank (usually $2,000 for loan above $500,000), and together with our $250 Tangs voucher which helps to offset your costs, the total value created by working with us is $450 which means there is no out-of-pocket expenses when you refinance through MortgageWise!
Unlike purchase where one needs to apply for an IPA (in-principle approval) before putting down the option fee for that dream home, we understand the efforts involved in researching for a home loan and coming to a refinancing decision. It is already such a hassle calling up one’s existing bank to ask for a repricing quote, which incidentally, is what we always encourage our clients here to do at MortgageWise. Not to mention then there are documents to submit to the new bank.
Besides showing you all the best rates out there including “deviated rates” from time to time, and how easy all this paperwork can be done, we like to level the playing field for all clients who choose to work with MortgageWise, by offering you this “no-cost” alternative.
Now, do not get us wrong. We are not saying that you always need to switch banks, much to the ire of our bank partners really. Still in a open market economy and in an information age, the onus is really not on us brokers, but on the repricing banks to make sure they have a competitive offer to retain their customers. Our job is to provide clients who are seeking for the best rates in the market with the most complete and accurate information and make the process a breeze should he decides to move.
By making it a level-playing field now with transaction costs removed, what is left now is a decision based on the loan features itself and who can provide the best offer on the best terms win the day. This is afterall the essence and beauty of free market which we embraced here at MortgageWise.
So speak to our consultants today and lock down the lowest fixed rates with our zero-cost option! Terms apply. There is no better time than now to do a review on your Singapore home loan interest costs.
Since 2014, MortgageWise.sg has provided thought leadership in the mortgage planning space in Singapore, taking deep dives into the latest trends in the industry, providing useful mortgage tips, and making sense of rate movements. We aim to build trust with clients for longer term partnership and not just do product-pushing for a one-time deal unlike bankers. That’s why we always present “whole-of-market” perspective including packages that banks do not pay us. That’s why many have chosen to work with us in the end notwithstanding the sheer number of brokers and agents out there.