Archive for Mortgage
Important Information About Property With The Best Views To The Ocean
Posted by: | CommentsBuy property with the best views to the Ocean is often among the most expensive property of all. It is also one of the best investment items available. This type property often retains value even times of economic depression or recession.
When the real estate bubble recently broke, the prices of ocean view properties did not fall like many other properties. Since this property remains in high demand buyers will pay premium prices to have this property as their own. The better the view the more likely that the property will retain its value through the years.
Only a limited number of properties have any type of ocean view. Properties that have the best views are considered premium. While more rural property may be converted to residential properties, they do not offer the view that is made possible through premium ocean view property.
From ancient times, persons have enjoyed ocean view property. The ocean itself is calming with the motion and the sound of the waves. In addition, the large body of water keeps temperatures moderate so that on they warmest of summer days or coldest of winter days temperatures are more moderate than they are inland. This gives property owners the opportunity to spend time outside in more pleasant temperatures than others may experience.
If you are considering investing in a vacation home, you may also want to use the property as a vacation rental to increase the return on your investment dollars. Many owners find that only one week of rental fees cover the monthly payment on their investment.
If you do plan to use your investment property as a vacation rental, you may want to have one area where you are able to store some of your personal items so they do not need to be transported every time you make a trip to your own property. This may be a closet or an area that is walled off in the garage. In addition, you will want to choose those items that are for guest use with care.
There are vacation rental agencies in many ocean communities that can manage your vacation rental so you do not have to be there before and after each guest. These agencies can advertise, collect rent and provide cleaning services for your vacation rental.
You need to be aware that property near the coast will require more maintenance than those further inland. Salt air and moisture may cause the buildings to need painting more often than properties further inland. In addition, it may cause problems with metal appliances and rust. These potential problems are not significant enough that they will stop most investors from purchasing these premium properties. The return from your investment should significantly cover any additional expenses such as these.
With any investment, there is the potential to lose as well as gain monies. You will need to use due diligence and investigate any Property with the best views to the Ocean before investing your money.
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Home Finance In Singapore
Posted by: | CommentsEven though refinancing a housing loan can save you thousands of dollars you will be dumbfounded that not that many individuals actually take the time to do it. If you considered the time it requires and figure out the cost saving benefits and equate that to how much you get paid per hour it could be like not going to work for several weeks. Consider the following aspects so that you can see how easy it is to refinance your mortgage today.
Current Mortgage Interest Rate
It is decidedly a good indication for you to research refinancing when your current interest rate is higher than available home loan packages on the market. A first step to take is to go back to your existing banking company or financial institution and ask them to revise your package, otherwise known as repricing. If your lender comes back with an offer, it will ordinarily be better than your current one. You can then compare this offer with offers from other lenders to see whether you should switch or stay put.
Lock-in and Clawback Periods
When you take up a housing loan, there may be a lock-in period where your mortgage lender will charge you a penalisation fee, usually a percentage of your outstanding loan amount, if you were to fully repay your mortgage. Almost all loans also come with a clawback period where the lender will claim back “freebies”, such as legal subsidies, that they “gave” you when you take up your loan (Note: lock-in period is separate from clawback period). It may not be commendable for you to refinance due to such costs.
Loan Quantum
The larger your loan amount, the greater your savings for the same decrease in interest rates. For example, 1% on a loan of S$100,000 is much less than 1% on a loan of S$500,000. However, fixed cost to refinancing, which represents mainly of legal fees, do not vary much with loan quantum. The difference between your current and refinancing interest rates, therefore, has to be bigger for a comparatively smaller home loan as fixed cost eats into a more fundamental part of your interest rate savings.
Perceived Interest Rate Movements
Your view on how interest rates is moving can be a factor when thinking whether you should refinance. If you are currently on a fixed rate package and believe interest rates are dropping, you may want to refinance to a floating rate package. Conversely, if you are on floating rates and believe interest rates are skyrocketing, converting to fixed rates may be a good choice.
Personal Financial Assessment
If there is a change in your financial state, you may want to change your package particulars via refinancing. For instance, you are opening your own business and do not want unpredictability in other areas. Give some consideration to taking up a fixed rate package. Maybe you want cash to invest in another property. Consider raising your loan quantum. Or your monthly income has increased and you want to reduce interest loan payments. Contemplate reducing your loan tenure.
If looking through this article is giving your a headache or you simply want to save yourself the trouble, contact us for a non-obligatory home loan interview. Our professional consultants not only frees up your time but also do not charge any fees to help you get the best deal. Refinancing does not have to be a tedious procedure.
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How Should Emigrants Apply for Housing Loan
Posted by: | CommentsIn Singapore, housing loan packages have two categories: fixed rates or floating (variable) rates.
Singapore fixed rate packages are noramally tendered for up to 3 years, but there are some lenders that go up to 5 years fixed rates or even 10 years. This is different from many Western countries where rates can be fixed throughout the loan tenure.
On the other hand, floating rates are classified into published rates or board rates. Published rates are mainly rates that are released daily, example being the Singapore Interbank Offered Rate (SIBOR) or Singapore Swap Offer Rate (SOR), while board rates are determined by the individual bank or financial institution. Many of the lenders set their board rates to a particular financial bench marks, yet the accurate factors are sometimes not clear and variations in board rates become indefinite.
There are no limits for emigrants applying for housing loans. Still, the following constituents should be regarded.
Loan to Value
In Singapore, the maximum loan to value (LTV) is 90% of the purchase price or valuation, whichever is smaller. Housing loan packages for 90% funding are limited as some loaners do not provide maximum LTV to emigrants. Loan approval for 90% funding is also tighter than for LTV 80% and below.
Proof of Income
To get commnedation for a housing loan your current income tax assessment or a letter of appointment from your local employer is necessary. Some local loaners do not honor tax assessments from other countries.
Landed Property
The approval from Singapore Land Authority is necessary before emigrants can buy bounded properties such as vacant land or landed properties such as bungalows, semi-detached, and terrace houses.
In-principle Approval
You may also look at an in-principle approval before purchasing. Consider to hire a respected and professional housing loan consultant. This may help you spare time and money with your loan approval.
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Take Charge of Your Family Finances
Posted by: | CommentsMaintaining a regular assessment of your family finances is essential to the family’s financial welfare. The following tips will help you take charge of your household finances.
Use of Credit Cards
Use your credit if you have one. However, remember to pay your outstanding balance, not the minimum amount, before its due. Utilisation of credit card should be done wisely.
Rule of Thumb
If the total household expenses is higher than 33% of your household income, it’s time to cut down on expenses. Here are some tips to lower your expenses.
1. Cleaning of air-conditioners should be done regularly.
2. Wash your laundry on full load.
3. Place thimbles on your taps
Allocate Book Keeping Reponsibilities to Your Kids
If you have kids, share them a simple task in book keeping, like data-entry. This will make them understand basic financial principles. It will also teach them to become responsible and promote good financial practice.
Organize Your Financial Statements
Take note of your finances. Compile them in a notebook or ledger. If you have a computer, put everything into a spreadsheet. You don’t even have to pay up cash for a spreadsheet.
Here are some tips in organizing your financial statements.
1. Keep soft copies of bills and statements, if available. This will save time from entering data.
2. Save your files and have back-up of them. You can use CD-R or thumb drive. Then keep them in a secure place.
Plan Your Finances
If there is only one in the household is working, and there is not much sources of income, consider an insurance plan for the breadwinner. This will help you from financial problems when the breadwinner become disabled
Make It a Routine
When you are not doing your task, it piles up. Set aside 30-60 minutes each week to maintain your finances.
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Things to Consider When Reinvesting Your Home
Posted by: | CommentsMany people are unaware that they have the option of switching their loan to other investor; others are simply uninterested. They simply become firm with their first lender but they don’t know that it could bring higher interest rates. Due to the amount of housing loans and the term that the loan is amortized over, the interest can ranges from thousands to hundreds of thousands of dollars. The following factors may help you consider reinvesting your home.
Current Interest Rate
If your latest interest rate is higher than other housing loan packages, consider reinvesting. Go back to your current bank or financial institution and ask them to reprice your loan package. Most likely, your lender will give you an offer, which is better than your current one. Try to compare this offer to the other packages and then decide if you should switch or not.
Lock-in and Clawback Periods
Lock-in period is when your lender give you a penalty if you want to fully repay your loan. Many housing loans have drawback period. This is when the lender will take back what they gave you when you get your housing loan. Lock-in period and clawback period are different from each other. Because of this, reinvesting is not recommended.
Loan Quantum
If the amount of your loan is larger, the savings for the same decrease in interest rates will also be also larger. Yet fixed cost to reinvesting does not vary much with quantum loan. The difference between your latest and reinvesting interest rates has to be larger for a relatively lower loan as fixed cost takes into a more considerable part of your interest rate savings.
Identify Interest Rate Movements
Your analysis on how interest rates are moving can be a factor when considering whether you should reinvest. Try a floating rate package as an alternative to fixed rate package if the interest rates are decreasing. However, if you are on floating rates, try to switch in fixed rates if the interest rates are increasing.
Personal Financial Evaluation
Think of reinvesting when your financial states change. Give some thought to take fixed rate package. Think of increasing your loan quantum. When your monthly income increased and you want to decrease interest payments, try to reduce your loan tenure.
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