How can you save on your mortgage loan amid the COVID-19 economic recession? Bank interest rates for housing loans are at an all-time low after the US Federal Reserve cut its rates to close to zero. Whether you’re on a fixed rate or floating rate pegged to the Singapore Interbank Offered Rates (SIBOR), you should consider reworking your mortgage now.
But should you refinance with another bank, or reprice your current loan with the same bank? Factors to consider include the lock-in period, administrative costs, and processes such as credit assessment.
In this financial literacy series #MoneyHacks, we share relatable personal finance tips: https://www.youtube.com/playlist?list=PLkMf14VQEvTaoq9fPCSi2ZW4bM51WLatB
Money Mind full episodes: https://www.youtube.com/playlist?list=PLkMf14VQEvTZgHFM-uTxXiJ1Fll4SwL4y
About Money Mind: Tips for investors, business ideas for businessmen and comments on the economy, markets, companies, financial products, and trends.
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