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Refinance for dummy, help! I need extra cash every month!

 
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Lawrence Law



Joined: 04 Apr 2009
Posts: 1

PostPosted: Fri Apr 10, 2009 12:20 am    Post subject: Refinance for dummy, help! I need extra cash every month! Reply with quote

Hello all the refinance guru out there, please help to answer my questions, thank you very much.

1. My house loan now left about 150K.

2. My loan is with AIA fixed 30 years @ 5.89% for 163K.

3. No lock in. They say can settle any time.

4. I have to buy investment link every year for RM 1.8K until my loan is fully paid, which I don't wish to... but what to do.... I prefer unit trust from Public Bank....

5. I am paying RM 960 monthly to service my loan, and I have been paying for about 2 1/2 years.

6. I am 32 and have been paying installments without failed.

7. My property is condo unit near Ara Damansara, worth about 210K at the moment, but I don't wish to loan more. (is the information enough?)

My question 1 , is the offer from AIA good deal, can continue and no need to refinance?

My question 2, if I refinance, what costs I will need to incur? And it comes to about how much?

My question 3 , I just wish to pay lesser every month, it is quite a burden to me..... any advice for refinance and which is the best deal? I would really appreciate if any guru out there willing to call or meet up....

Thank you very much.

from: Lawrence
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Mr_Gan



Joined: 10 Mar 2009
Posts: 16

PostPosted: Fri Apr 10, 2009 2:21 am    Post subject: Re: Refinance for dummy, help! I need extra cash every month Reply with quote

Lawrence Law wrote:
Hello all the refinance guru out there, please help to answer my questions, thank you very much.

1. My house loan now left about 150K.

2. My loan is with AIA fixed 30 years @ 5.89% for 163K.

3. No lock in. They say can settle any time.

4. I have to buy investment link every year for RM 1.8K until my loan is fully paid, which I don't wish to... but what to do.... I prefer unit trust from Public Bank....

5. I am paying RM 960 monthly to service my loan, and I have been paying for about 2 1/2 years.

6. I am 32 and have been paying installments without failed.

7. My property is condo unit near Ara Damansara, worth about 210K at the moment, but I don't wish to loan more. (is the information enough?)

My question 1 , is the offer from AIA good deal, can continue and no need to refinance?

My question 2, if I refinance, what costs I will need to incur? And it comes to about how much?

My question 3 , I just wish to pay lesser every month, it is quite a burden to me..... any advice for refinance and which is the best deal? I would really appreciate if any guru out there willing to call or meet up....

Thank you very much.

from: Lawrence


Dear Lawrence,

I do some analysis, you decide it

Loan RM150k, Interest 3.55% (BLR-2%), Tenure 18 years
Monthly Installment is RM941

or

Loan RM150k, Interest 3.55% (BLR-2%), Tenure 38 years (max age 70)
Monthly Installment is RM678

The above two plans compare to your existing AIA Package,
How do you think?

You can refinance by taking Free Legal Package
All the fees will be borne by Bank

*I doubt about "3. No lock in. They say can settle any time. "

Can contact me if interested Wink
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Gan @ Public Bank
MSN = malaysia101@hotmail.com
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leezhernyuen1



Joined: 17 Mar 2009
Posts: 25

PostPosted: Sun Apr 12, 2009 5:49 am    Post subject: Reply with quote

dear lawrence,

AIA clause says "can settle any time" but refinancing/redemption thorugh refinancing will incur penalty between 2-4%. Pls confirm with AIA hotline.

good luck

regards

Lee Zhern Yuen
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lee.zhernyuen@eonbank.com.my
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bzsrwh



Joined: 28 Aug 2008
Posts: 56

PostPosted: Sun Apr 12, 2009 11:51 pm    Post subject: Reply with quote

Hi Lawrence,

You can contact me if you wish to refinance with SCB fully flexi MortgageOne. Thanks

Regards,
Tan
kend7328@yahoo.com
0123652902
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larry



Joined: 21 May 2008
Posts: 18

PostPosted: Mon Apr 13, 2009 9:37 am    Post subject: Reply with quote

Hi Lawrence,

I'm Larry from CIMB Bank. Provide best Mortgage services and rates in Housing Loan and Commercial Loan.
Under-construction /completed property for New Financing or existing property for Refinancing.

Best Refinance Package!! Zero Moving Cost and low rates...

*REFINANCE YOUR PROPERTY NOW & SAVE MORE ....

Current rates for Zero Moving Cost
BLR - 2%

For further Info/Advice...
Please feel free to contact me Larry Chia at 012-2539063 or email larry.chia@cimb.com

I will get back to you as soon as possible.

[b]Best Regards
Larry Chia (012-253 9063)
Assistant Sales Manager
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ys126



Joined: 23 May 2007
Posts: 440

PostPosted: Wed Apr 15, 2009 11:26 am    Post subject: Re: Refinance for dummy, help! I need extra cash every month Reply with quote

Hi Lawrence,
I think you need to check with AIA whether the "no bonding period" is valid if you refinance out. Cause what i know is you may fully settle your loan anytime with your own cash, but not refinance it. If refinance it there will be early settlement penalty which is around 3%.
If you need further info just feel free to contact me. Wink
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hp: 012-9359477
email: ystan126@gmail.com
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calista



Joined: 18 May 2009
Posts: 32

PostPosted: Tue May 19, 2009 11:50 pm    Post subject: Reply with quote

Hi! I'm Lihui from Citibank Mortgage dept. If you want to know more details about Citibank Housing Loan, pls contact me at 012-3288966, or sms me your contact number and I'll call you back. Thanks!
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larry



Joined: 21 May 2008
Posts: 18

PostPosted: Tue Feb 22, 2011 3:49 pm    Post subject: Reply with quote

larry wrote:
Hi Lawrence,

I'm Larry from CIMB Bank. Provide best Mortgage services and rates in Housing Loan and Commercial Loan.
Under-construction /completed property for New Financing or existing property for Refinancing.

Best Refinance Package!! Zero Moving Cost and low rates...

*REFINANCE YOUR PROPERTY NOW & SAVE MORE ....

Current rates for Zero Moving Cost
BLR - 2%

For further Info/Advice...
Please feel free to contact me Larry Chia at 012-2539063
I will get back to you as soon as possible.

[b]Best Regards
Larry Chia (012-253 9063)
Assistant Sales Manager
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