Why Refinancing?

Owning a home is widely regarded as the number-one investment that requires a lifetime commitment among many average working individuals. Besides, paying monthly home loan repayment can be taxing for some. This is especially true when you have to consider about coping with price inflation that affected your daily household necessities. With refinancing, it will help you get some cash out to assist you with your other cash needs.

You have hard time managing your personal debt such as coping with large amount of credit card bills. You can make use of refinancing to help you consolidate your debt where you are able to take advantage of lower interest rates.

You are looking to extend your loan period pay lower monthly home loan repayments. Refinancing is able to help reconstitute the terms and conditions of your loan when you transfer your home loan to another bank. This is helpful for those in case of suffering a job loss/retrenchment or other related life events that affected your personal affordability.

You are looking to free up more cash if the value of your home has increased from time to time. For instance, your initial home value is RM200,000 and the current value after 5 years is RM300,000 while your remaining unpaid balance on your mortgage is RM150,000. Assuming you end up borrowing 90% of the current value, you are able to free up a total amount of RM120,000. With additional cash at your disposal, you are able to make use of the money such as funding your children’s education in the local or overseas university, start your own business or save in case of emergency medical needs.

According to Bank Negara Malaysia, new regulations have been imposed since July 2013 where the cash out portion of refinancing is considered another type of personal loan, and repayment tenure for this cash out portion is now reduced to 10 years. Such strict requirement will definitely affect those who are looking for financing assistance from refinancing method.

But what can you do to overcome this matter? The best solution is borrowing via bank or home loan overdraft against the equity of your home. An overdraft allows you to consolidate your debt with lower interest rates and also enables you to stretch a longer repayment period to pay off your remaining loans.

Conclusion

Getting a refinancing from the bank can be troublesome at times. Besides, bank is often strict with their terms and conditions. Fortunately, we, as the licensed private money lenders are here to help minimising your problem. If you ever have a difficulty getting your refinancing approved by the bank, we are your best alternative.

Unlike commercial banks, you do not have to worry about compiling lots of documents because our requirements are minimal. Best of all, our loan approval is fast and easy if you need an urgent cash to clear off your unfavourable credit records such as credit card debts prior to applying for a refinancing from the commercial banks. So, do not hesitate and call us now for more info.