Condo - Down Payment

[LingEr 0]

erm.. let's put it this way.. i handle very large portfolios.

envy u...

[Phantom 1]

ya, i know abt the paying back... tats y i would consider refinance back to scb 1st...

then totally switch out or wat...

my legal fees should be 1 of the cheapest since i called a few to check... if not wrong, after 2nd year, my fire insurance will lapsed and dun tink need to pay scb on the fire insurance portion...

so should be legal and valuation fees... and its 33%... faintz...

legal fees will set you back between 2k to 3k. at the same time you still have to pay back the fire insurance and your valuation fees.

add up should be around 3k to 4k.

you are talking abt repricing. repricing with the bank seldom yield the best option because they know that you will reconsider if you still have to pay back the fees within the 3 year clawback period.

unless you reprice after 3years, that's a different story. if not you most likely get 2nd rate mortgage package rather than the existing.

by the way what do you mean by 33%

why envy me? lol. i'm quittin...

Edited May 27, 2009 by Phantom

[LingEr 0]

legal fees will set you back between 2k to 3k. at the same time you still have to pay back the fire insurance and your valuation fees.

add up should be around 3k to 4k.

you are talking abt repricing. repricing with the bank seldom yield the best option because they know that you will reconsider if you still have to pay back the fees within the 3 year clawback period.

unless you reprice after 3years, that's a different story. if not you most likely get 2nd rate mortgage package rather than the existing.

by the way what do you mean by 33%

why envy me? lol. i'm quittin...

oh, i read the LO, they clawback 33%... haha... can reprice at the 2nd year within the same bank, though not a good option, but if they adjust their rates, then its better than nothing lor... my penalty period is 2 years...

envy u... cos u have a large portfolio and u r leaving for a better place...

[Phantom 1]

oh, i read the LO, they clawback 33%... haha... can reprice at the 2nd year within the same bank, though not a good option, but if they adjust their rates, then its better than nothing lor... my penalty period is 2 years...

envy u... cos u have a large portfolio and u r leaving for a better place...

lol. i'm not leaving for another firm if that's what you are asking. I believe you took their 2 year Fixed Rate package. 1st year 1.5 / 2nd year SIBOR + 1.35 ?

[shingirl 0]

hi........... can you please help explain what do you mean why clawback 33%?

becos im still deciding whether to take maybank or SC.........lol

[shingirl 0]

u r really very brave to have exercised the OTP b4 securing a loan...

u signed ur OTP at the lawfirm? did the lawyer advise u on the consequences?

as a side note, pls never exercise ur OTP before securing a bank loan cos u might not know wat will happen...

u have 14 days to exercise the OTP, it is long enuff to find a bank who can give u an LO...

not trying to scare u... u r pretty comfortable as u have stashed some cash as backup... have u ever tot of the scenario tat the bank will totally do an extensive check on you and your co-borrowers? and tat the loan will be rejected totally? they dun even give u a chance to get a lower financing of 70%? there r such cases whereby banks totally rejected a home loan application... everyday the banks will just reject a few with poor records n other reasons... whichever bank u go to, while u r waiting for the LO to be given to u, every phone call from ur banker will be a torture to u... as long as its not telling u tat ur LO is ready for collection... so pls, faster secure ur loan now...

hmmm..... like i mentioned in the previous post, i signed the OFFER to purchase........lol...... not the option to purchase.......

i do understand the point about how bank decide whether loan or not loan because actually im from the loaning industrial too......lol....... just that im not from the mortage side......

so im not brave la...... is just that what the banker can excess and check..... i myself can check....... and we had never ever taken up any loan before...... so it's fine for me.

but of course i will only exercise the OTP when my loan is totally secured or i strike toto

[aoiaoi 0]

Did you check with Citibank? I got my loan with Citibank. 1 year lock-in SIBOR + 0.85% for 1st year (can choose 1 mth, 3mth, 6mth, 9 mth or 12 mths rate). 2nd year onwards is SIBOR + 1.00%. I find it being the best rate so far in the market given the low SIBOR rates. But I think those are only applicable for not more than 80% LTV.

hi... thanks for your help.

anyway im shortlisted to 2 packages:

SC

lock in 2 years: first year 1.5% fixed, second yr onwards sibor + 1.35%

Monthly installment will be awarded point just like credit card......

Maybank

lock in 3 yrs.

first year 1.6%

second year 2.6% (if i loan below 70% then 2.2%)

3rd year 2.9%

most likely i will go with maybank....... i shall apply from these 2 banks first and see how. =)

[LingEr 0]

hi........... can you please help explain what do you mean why clawback 33%?

becos im still deciding whether to take maybank or SC.........lol

i took their fixed rate loan package...

the penalty period is 2 years, but they will give cash rebate according to ur loan size...

so on the 3rd year, if u decided to switch out from scb, will be subjected to 33% clawback on the cash rebate, legal fees subsidy and valuation fees...

u have to check with maybank is there such a thing... cos normally upfront, the bankers won't say anything of such...

quick, ur time is running short already...

[LingEr 0]

hmmm..... like i mentioned in the previous post, i signed the OFFER to purchase........lol...... not the option to purchase.......

i do understand the point about how bank decide whether loan or not loan because actually im from the loaning industrial too......lol....... just that im not from the mortage side......

so im not brave la...... is just that what the banker can excess and check..... i myself can check....... and we had never ever taken up any loan before...... so it's fine for me.

but of course i will only exercise the OTP when my loan is totally secured or i strike toto

see rahs, my eyes got problem reading... can see wrongly... haha...

no other loan commitment is good, be sure tat u have good paying records and good is really very strict... u almost cannot forget to pay bills on time...

[LingEr 0]

Did you check with Citibank? I got my loan with Citibank. 1 year lock-in SIBOR + 0.85% for 1st year (can choose 1 mth, 3mth, 6mth, 9 mth or 12 mths rate). 2nd year onwards is SIBOR + 1.00%. I find it being the best rate so far in the market given the low SIBOR rates. But I think those are only applicable for not more than 80% LTV.

so how muchie u paying for the 1st year?

scb also can choose the 3mth, 6mth after the 1st year... i choose 3mths... lolz... then every 3mths the instalment amount will change... soo troublesome to monitor lor...

[shingirl 0]

anyway i go with maybank with the fixed rate............. sibor is too risky for me......lol

because im the type who will keep checking the sibor rate every other day.........stressful

[aoiaoi 0]

so how muchie u paying for the 1st year?

scb also can choose the 3mth, 6mth after the 1st year... i choose 3mths... lolz... then every 3mths the instalment amount will change... soo troublesome to monitor lor...

I'm paying 1.26% for the first month. Subsequent months depends on the 1 month SIBOR rate. Of course, I can opt to switch to 3 months or 6 months subsequently if US Feds starts to up the interest rate. Actually I get to read the Business Times in my office everyday, so it's no bother for me to keep track of the SIBOR rates.

[LingEr 0]

I'm paying 1.26% for the first month. Subsequent months depends on the 1 month SIBOR rate. Of course, I can opt to switch to 3 months or 6 months subsequently if US Feds starts to up the interest rate. Actually I get to read the Business Times in my office everyday, so it's no bother for me to keep track of the SIBOR rates.

haha... update me when the rates goes up okiez...

but at least 1 year i dun bother... i go office dun even have time to slip the papers... have to on my pc n monitor stuff riaos...

but u every mth a bit tedious rehs...

[LingEr 0]

anyway i go with maybank with the fixed rate............. sibor is too risky for me......lol

because im the type who will keep checking the sibor rate every other day.........stressful

ya, then u faster submit the application to maybank and get them to do for u fast...

at least u 3 years no need worrie abt the changes in the rates... get a peace of mind...

[shingirl 0]

=).......... all the banks had reply me about the approval except for maybank.......

they are real slow.......... they told me the evualation need 4 days wor.........