So you are thinking of looking for a home mortgage with better home loan rates. You want to refinance your house loan. But, do your research first and just don’t switch home loans for the first one you like.
You already have a first mortgage on a condominium in Singapore (I wish, I know). And when you took out the original mortgage loan, it had a fixed home loan rate for the first 5 years and now it is has reverted to a variable mortgage rate.
Now you have some equity in your home you may want to refinance your mortgage to get better rates and conditions. You may even consider buying a second property somewhere – maybe somewhere off the beaten track in Italy. And you may want to do this with no money in the bank.
Believe it or not, you can actually buy a house with nothing in the bank. Don’t think it is that easy though. Your will at least need property of some sort to put up as capital for a second mortgage. Look refinancing the mortgage on your first home to free up capital buy another home. Read the rest of this entry »