If Property has an existing Singapore Mortgage, with Banks’s promotional interest rates, you may wish to switch to another Bank for Mortgage financing to save on Mortgage Loan interest. Alternatively,your Singapore Property is currently not mortgaged to any bank, you may wish to obtain banking facilities in the form of an equity loan from a Bank, which is to be secured by a fresh Mortgage over your property in favour of the Bank.
In a refinancing/mortgage of a property, there are usually the following stages (not exhaustive):-
- Redemption of Existing Mortgage (Property with existing Mortgage)
- Approval from CPF Board & Documentation (Property with existing CPF Board’s Charge)
- Fresh Mortgage with new Mortgagee (Property without existing Mortgage)