FAQ
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FREQUENTLY ASKED QUESTIONS
Should I go directly to the bank instead of working with MoneyBee?
We work with all major banks in Singapore for your home loan needs. Whether you pick up your loan directly or through us, there is no actually to difference at all. The banks offer are all the same. In fact, sometimes we may have flash deals from the banks that provide rates not offered to the public. Also by working with us, you do not need to visit the bank one-by-one or wait for a bank loan specialist to return your call.
You can be rest assured we provide you a comprehensive comparison of the interest rates. Lastly, you pay us ABSOLUTELY NOTHING. We get our commission from the bank.
Is Refinance worth the efforts?
Refinancing is defintely worth the efforts if you are looking to save your hard-earned money. There is myth saying that since more money is paid down to interest in the earlier years, you tend to lose more by switching bank. Well, if you refinancing balance and tenure is ported over to the new bank, the only variable is the interest rate. Which in the event the interest rate is lower, you save money. Period.
Our rates comparison is able to let you see how much you can save from refinancing.
What is the best bank loan rate now?
Depending on your needs, the best interest rate can vary from one person to another. It can also be your mid-long term view of the marketing condition which influence your decision in taking a floating or fixed rate type.
Generally, floating rate is preferred when interest rate is expected to fall or remain low. Most would like to lock in a low interest (fixed rate) when interest rate is likely to rise. Talk to us. Our friendly mortgage consultants would love to assist you in making the best decision.
Which is the best bank for loan now?
The best bank is the bank that can provide your loan needs. Do also note that the bank’s rate changes now and then and they can also revise their loan packages from time to time. Unless you have a preferred banking relationship with certain bank, you might be spoilt with choices.
With our rates comparison, you can always compare the latest offers by the banks. If you plan your refinancing early, you can sign a refinance agreement as early as 6 months before the expiry of your lock-in period with your current lender.
MoneyBee will help you find the best bank cater to your needs. We are just a call away to your loan needs.
What is the cost to bank loan or refinance?
When you takes up a new loan, and depending on if you are purchasing an off-plan or existing property, there could be closing fees involved. Fret not, banks do absorb such fees. Our detailed bank loan packages will highlight all the costs and subsidies the bank can help you.
In the case of refinance, there could be cost payable to both your lending bank and the refinancing bank. However in general, refinancing after your lock-in period means no fee payable to your lending bank. If your loan amount is $500,000 or above, the refinancing bank usually waives any fee payable. For loan less than $500,000 it will be on a case-by-case basis. Do contact us so we can help you get a quote. Remeber, our service comes at zero cost to you.
Can I refinance my HDB loan?
You can refinance your HDB loan with another bank or institution. But do take note that this is an irreversible process as you cannot refinance with HDB subsequently.
Do also note that you are not able to equity refinance your HDB home.
When is the best time to refinance?
The best time to refinance is probably about 4-6 months from the expiry of your current loan. This is because you do not need to pay a penalty after your lock-in period.
If you are looking to cash-out refinance, the best time may be subjective based on needs. Have a chat with us. We will advise you the best time for your refinance.
What is the process of my home loan approval?
You may refer to our loan process page to understand the steps from application to your loan approval. Or simply just contact us! Once you are able to provide us some information so we can get generate a detailed report for you. We will go through the report with you and find the package that best suit your needs.
Once you decide on a loan package, the rest are documentation works. We will help you liaise with the banker and eventually the have the banker contact you directly.
What is cash out and non cash-out refinancing?
Cash out refinance happens when you have equity on your property and is able to take cash out while putting your property as a collateral with the bank. Cash out refinance is only available to private properties.
Non cash-out refinance is the majority refinance deals in the market. You convert your remaining principle with your current lender to another bank. You can change the loan amount, the tenure and decide on the new refinancing rate and type.
Should I consider refinancing or re-pricing?
When you switch your mortgage loan from one bank to another, it is called refinance. If you switch to a different loan package with your lending bank, it is called re-pricing.
Refinancing fee is usually waived for loan amount of $500,000 and above. For loan amount lesser than $500,000, the fee could be between $300-$500. Re-pricing fees can range from $500-$800 or more.
The loan packages are pretty limited for re-pricing because it is within the same bank that financed you. Just check with us. We stay objective to advise what is best for you.
Which is better? Floating or Fixed rate?
Deciding between floating or fixed rate is subjective. It depends on the refinancing interest rate and your view of the market forces which can favour either interest rate type.
In general, floating rate is favoured when you view interest rate is falling or likely to remain low. Fixed rate is good when you view interest rate is going to rise. There could be other considerations too. Have a chat with us if you need any assistance.