Read how Compounding Interest grows your money across different Interest Rates and Time Range. Also understand the Rule of 72.
If you have been checking out the local news lately, you would have noticed that one of the local bank (starting with O) has just… Read More »The 360 Account Or The Bonus Saving Account If You Have $25,000?
With the property market a very hot topic now, along with it comes with many questions especially from first time buyers with regards to loans, e.g. pre approved loans, refinanced loans and etc.
And because I am not from Banks, it’s very hard for me to give them a proper answer, so I decide to relook back into a site that I have previously came across and reviewed as well – CreditSesame.com.
CreditSesame Gives Quite A Good Overview Of What Refinancing of Loan Is All About
Because of the lack of availability of its tools in Singapore, I cannot take advantage of what CreditSesame can offer, but once you are over at that site, it does give you a good overview of:
– What is Refinance
– The Benefits of Refinancing
– How It Works
There’s even an overview of a typical Refinance Process which I believe is applicable to most banking institutions (even for those in Singapore)
But if you can create an account with CreditSesame and make use of the services, you can consider using it to help you find the best mortgage rates and help you to save big as well.
Why Refinancing Your Loan Is A Good Idea
Are you prepared for your Retirement?
Most people will say no, that’s no surprise, because to these people, Retirement Planning starts only at the last 5-10 years of their working life. Whatever they have by then will determine the kind of lifestyle they will live during their Retirement. And also a risk factor to consider is that a sudden high expenditure during Retirement will deplete this amount drastically, leaving the future really uncertain…
So should you be noticing this kind of situation, and you do not wish to be in it, then it’s time to take into considerations to a comfortable retirement.
The Factors To A Comfortable Retirement:
2. The Interest Rate
3. The Lump Sum Amount
The First Factor – Time
With the recent property boom in Singapore, there’s an increment in people taking up Private Bank Loan and thus creating a concern in terms of financial planning – a need to protect the mortgage loan (and their pricey assets) should anything unforeseen happen to the Loan Owners…
The Common Belief – Should Anything Happen, I Can Just Sell Off The Property…
If everything is so straight forward, life will be perfect! In Reality, Property does not sell by itself especially if the Developer had done quite a heavy bit of their own advertising. The initial selling price is usually jacked up and to really pull it off in selling – takes patience, time, effort, negotiation and being able to sustain the few months of loan payment.
Or even the worst case of selling the property below the market value…
So What Should You Do? For Any Mortgage Loan, There’s Mortgage Insurance!
If you only know Term Insurance, there’s in fact a Mortgage Insurance or commonly known as Mortgage Reducing Term Insurance and not to be confused with Decreasing Term Insurance.