Home Mortgage Loan Refinance Calculator
Refinancing a home can be useful in reducing the interest rate on your mortgage. Since banks change their rates frequently, our home calculator helps you compare up-to-date refinancing rates to help you get the best deal. If you want to learn more about refinancing your home loan, check out our FAQ.
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Home Loan Refinancing FAQ
Have questions about refinancing your home loan? We have answers.
Home loans can be refinanced once you've passed your loan's lock-in period. Refinancing usually makes sense if you are able to find a competitive rate that decreases your monthly payments and total cost of borrowing.
Finding a new home loans can be a daunting. Not only do home loan interest rates change frequently, but the cheapest loan type can also change depending on trends in the lending market. Because of this the best refinancing packages change frequently. To find out the best refinancing package, we recommend that you speak to our mortgage broker partners and compare current refinancing rates across multiple banks with our refinancing tool.
While refinancing seems like a great option because it promises lower interest rates and monthly payments, there are still fees and penalties associated with cutting your current loan contract and starting a new one.
Various Fees Involved in Refinancing
| Miscellaneous Fees In Refinancing | Cost | Banks That Provide Subsidies |
|---|---|---|
| Legal Fee | S$2,500 | DBS, POSB, Citi, UOB, Maybank, OCBC, SCB, RHB |
| Valuation fee | S$500-S$1,000 | SBI, HLF |
| Fire Insurance | S$120/annum | SBI |
| Partial/Full Redemption Fees | 1.5% | Many do not charge for BUC |
| Cancellation Fees | 1.5% | Only 1% @ SBI |
| Pricing Reset Date Penalty | 0.5%-1.5% of amount prepaid | *Charged by Citi and Maybank |
No, refinancing means you will be moving your outstanding loan to a new bank. Repricing means you will stay with the same bank but get a different loan. You should compare rates, fees and expected savings before settling on one or the other. Repricing typically gives you the new loan package within a month, while refinancing can take 3 months or longer to go into effect. Furthermore, you should compare fees. Repricing usually carries a fee of around S$800 while refinancing may cost a couple thousand dollars.
Finding a new home loans can be a daunting. Not only do home loan interest rates change frequently, but the cheapest loan type can also change depending on trends in the lending market. Because of this the best refinancing packages change frequently. To find out the best refinancing package, we recommend that you speak to our mortgage broker partners and compare current refinancing rates across multiple banks with our refinancing tool.
Home loans can be refinanced once you've passed your loan's lock-in period. Refinancing usually makes sense if you are able to find a competitive rate that decreases your monthly payments and total cost of borrowing.
While refinancing seems like a great option because it promises lower interest rates and monthly payments, there are still fees and penalties associated with cutting your current loan contract and starting a new one.
Various Fees Involved in Refinancing
| Miscellaneous Fees In Refinancing | Cost | Banks That Provide Subsidies |
|---|---|---|
| Legal Fee | S$2,500 | DBS, POSB, Citi, UOB, Maybank, OCBC, SCB, RHB |
| Valuation fee | S$500-S$1,000 | SBI, HLF |
| Fire Insurance | S$120/annum | SBI |
| Partial/Full Redemption Fees | 1.5% | Many do not charge for BUC |
| Cancellation Fees | 1.5% | Only 1% @ SBI |
| Pricing Reset Date Penalty | 0.5%-1.5% of amount prepaid | *Charged by Citi and Maybank |
No, refinancing means you will be moving your outstanding loan to a new bank. Repricing means you will stay with the same bank but get a different loan. You should compare rates, fees and expected savings before settling on one or the other. Repricing typically gives you the new loan package within a month, while refinancing can take 3 months or longer to go into effect. Furthermore, you should compare fees. Repricing usually carries a fee of around S$800 while refinancing may cost a couple thousand dollars.