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Friday, May 18, 2012
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Refinancing of Mortgage Loan / Re-Mortgage / Fresh Mortgage

Published on 13 April 2010
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With the low interest rates currently offered by Banks and Finance Companies for Housing Loans, property owners may be considering switching their existing Mortgage to another Bank or Finance Company which is offering more attractive loan packages. Refinancing of private properties has seen a phenomenon growth in the mid 1990s.
   
If  your property is currently not mortgaged, you may wish to obtain credit facilities from a Bank which is to be secured by a fresh Mortgage over your property in favour of the Bank.
   
In a refinancing/mortgage of a property, there are usually the following stages (not exhaustive):-

1. Redemption of Existing Mortgage (Property with existing Mortgage)
2. Approval from CPF Board & Documentation (Property with existing CPF Board's Charge)
3. Fresh Mortgage with new Mortgagee
   

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