Refinance your mortgage with PropertyGuru for better savings

If you’ve taken out a home loan in the past 2-3 years, you may be benefiting from lower interest charges on your mortgage due to the Lower interest rates in the United States as part of a quantitative easing program to mitigate the economic fall caused by the pandemic.

But in May 2022, the US Federal Reserve reversed its stance and introduced rate hikes to slow rising inflation, which impacted countries around the world, including Singapore.

Singapore mortgage rates have climbed in recent weeks; in a scenario of rising home ownership costs, the subject of refinancing is even more critical.

In this article, we provide you with a one-stop guide to refinancing in 2022 and how you can get the best possible refinance solution for yourself.

Why do people usually refinance?

Typically, there are several reasons why people would refinance their loans:

  • To lower the interest rate of your loan
  • To reduce your monthly repayment for unforeseen situations
  • To lock in your current interest rates
  • To increase the monthly payment so that your loan can be paid off more quickly

In a nutshell, people generally refinance for two reasons; to accommodate changing circumstances or to avoid additional charges that may arise if you do nothing after your plan ends.

What might stop people from refinancing?

The simple answer is that it can get inconvenient and time-consuming, which can lead to decision inertia. When you do a home mortgage refinance, you need to do extensive research with different sources to make sure you get the best rates possible.

You will have to go to different banks, offline or online, to read their product information carefully.

There are also hidden pitfalls to consider, such as administrative and processing fees, and factors such as how long you’ll keep your home before selling can affect your savings.

Needless to say, it’s not as simple as getting a loan with a lower interest rate, no matter how blogs and financial institutions phrase it.

Now, if you are someone who is not able to do research properly, it does not mean that all hopes are lost. There are tools like PropertyGuru Finance SmartRefithis will do all the groundwork for you.

PropertyGuru Finance SmartRefi tool

PropertyGuru Finance SmartRefi is a proprietary tool that allows you to customize your refinancing profile.

With this tool, you can track your mortgage against daily market interest rates at all major banks. You can also set alerts to notify you to refinance at the optimal time for maximum savings and check your refinance eligibility in minutes.

Homeowners can be confident that PropertyGuru Finance’s SmartRefi tool provides unbiased recommendations because it’s powered by smart technology and backed by mortgage advisers who aren’t motivated by earning a commission from you. Compared to banks who may have an interest in more people refinancing with their institution, SmartRefi is able to provide you with an objective overview of the best refinancing option available on the market.

For this reason, you will be able to make a comparison of all the refinancing options available to find the one that suits you best.

How the PropertyGuru Finance SmartRefi tool works

PropertyGuru Finance’s SmartRefi tool helps you solve your refinance problems by following these simple steps.

Screenshot of step 1

Source: PropertyGuru SmartRefi website

First, head over to PropertyGuru Finance SmartRefi website. On the website, select your refinancing goals from 3 options: lower monthly repayments, being debt-free as soon as possible, and getting money for major expenses.

Screenshot of step 2

Source: PropertyGuru Finance SmartRefi website

Then enter the location, property type, property purpose, value and check if this unit has been refinanced or not.

Screenshot of step 3

Source: PropertyGuru Finance SmartRefi website

Next, select your lender, interest rates, lock-in period, remaining loan amount, remaining loan term, and loan start date.

Once everything is filled in, you will see a dashboard. On the dashboard, the first thing you’ll see is their advice, on whether to refinance now or later and explanations of the cost or savings of refinancing now.

Below, you’ll see your savings potential and a breakdown of the costs you’ll incur for refinancing.

With this tool, you can also set alerts to notify you of the optimal time to refinance your loans. SmartRefi will simply give you an alert when it is optimal to refinance.

Conclusion

Whether you’re on a variable rate mortgage, your fixed rate period is coming to an end, or you need to refinance or risk your loan becoming more expensive, PropertyGuru Finance SmartRefi might just be the tool you need. this moment.

With PropertyGuru Finance SmartRefi, you’ll be able to keep up to date with refinancing opportunities and maximize your savings no matter what situation you find yourself in. Even if you are currently satisfied with your home loan, there is no harm in signing up. Mortgage rates change so often, so if you sign up for SmartRefi, you’ll be alerted when there’s a package that’s better than your existing mortgage. It’s free anyway.

If you want to know more about SmartRefi, click here to try it.

This article was written in collaboration with PropertyGuru. Although we are sponsored by them, we always review products and services with an objective objective and remain true to our mission – to provide you with the best recommendations and advice to make smarter financial decisions.

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