Refinance

Refinance is the process of paying off a portion or the entire amount of the existing loan with the intention of obtaining another loan from the same or another financial institution secured by the same property.

There are times when it makes sense to refinance your housing loan. It is important to have a clear financial objective in mind so that you are more able to choose the most appropriate loan. Ultimately, the decision is up to you to decide when it is best for you to refinance, based on your individual financial situation.

It is important to have a clear objective in mind when refinancing. Here are the most common reasons why homeowners refinance. Which one is right for your situation? Get more about information on refinancing your housing loan and learn about everything from when you should refinance to how you can increase the value of your home.
 

Why Refinance?

The Benefits of Refinancing:

• Lower Your Repayment (Cut your monthly loan repayment)
• Shortern Your Loan Term (Enables you to build equity in your homes faster)
• Consolidate Your Debt (Pay off your high-interest debt with the right loan)
• Get Cash from Your Home (Learn how to use the equity in your home)
• Keep Your Repayment from Rising (Lock in your interest rate and repayment before they go up)
• Get Cash from Your Investment Property (Refinance your investment property to use toward whatever you need)

When considering whether to refinance, you need to consider the following questions:

• What are your reasons for refinancing?
• How long do you plan to stay in your home?
• How much equity do you have in your home?
• What is the interest rate of the existing loan?
• What is the interest rate of the new loan?
• What is your current income and credit status?
• How much will it cost to refinance?
• How long will it take you to recoup the cost of refinancing, and is it an acceptable period of time?

Free quotation! Check out how much interest you can save by refinancing your existing housing loan to ING Home Loan. Please provide the the information for your existing housing loan by filling in the form below:

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