With the US Treasury decision to raise interest rate and tone to gradually raising the interest rate in 2017 in faster pace. Rising of shop and home loan mortgage is unavoidable. The question now would be how much and how fast the rates revision.

Some of the local banks that offer fixed interest rate have done revision in preparation of gradual raise increase. Based on the forecast and banks revisions recently, believe it’s a good time to look out and refinance existing loans to a better rate.

Take an example recently the best and cheapest home loan offer by Bank of China (BOC) with lowest fixed rate among other banks. While Standard chartered offer the best floating rate that pegged to bank fixed interest. You can check with the banks for actual rates and term and conditions including SIBOR pegged loans.

The benefits of re-finance mortgage are to reduce the interest rate and saving over the long term. Other than that you can also free up cash (property equity loan to my understanding), to service others high interest loans such as credit card and personal loan. Example you house is now worth 100,000 dollars and your outstanding is 50,000 dollars, you can convert the 50,000 into cash as part of total home loan.

There are many websites available on Google for your to compare the loans at 1 go. Thanks to Internet and portal such as moneysmart. They usually partner with many banks and you can see packages comparison at 1 go. The advantage is mortgage or broker specialist make available to answer queries regarding loan, TDSR, CPF usage and stamp duties.

Alternatively contact the banks directly such as DBS, POSB, OCBC, UOB, Citibank, HSBC, Citibank, Bank of China (BOC), RHB, Maybank, ANZ, Standard chartered bank if you are in Singapore. Most of these banks are available for contact on weekend or extended hours / evening banking. Refer to their website for address and opening house.

Finally, do your math as there also legal and other fees involve when you do re-financing. Ensure the saving is more than the fees to enjoy the real savings.

For other countries check the webs for your banks local contact.