• Set Off The Old With The New

    Think of your old mobile phone, after using it for a while you simply would try to replace it with a new version or newer phone that has better functionality and features. Then there are times where you purchase a phone from the store and before the warranty period is over, you want to exchange it to another newer one. Then you would simply return the phone where the store will calculate the value of it based on its usage time, usage amount and maintenance of it. Then give you the option of paying the balance in cash for the newer phone which is a better deal than the first one.
    This is almost like setting off the old with the new and this kind of situations do not only happen in buying new products but it also happens with services. Assume you mortgaged an asset in the long run and then after a while you feel like changing it to another asset. Then at such a time you must make sure the new deal makes you better off than the last and prior to making any decision if you browse through for the best Singapore mortgage rates, you’ll be able to come across some great offers.
    People can save up money if they use the proper strategies and techniques in financing their day to day expenses. A loan that they once took might have bad conditions that make you to switch into refinancing it with a new loan. At such an instance, the new loan must have better terms over the previous one. This usually happens when a person wants to switch from a varying interest rate to a fixed rate.
    Sometimes refinancing seems like the best option available in order to lengthen the time period of the loan and cut down the amount that has to be paid out per an instalment but there are 3 situations that you’ll have to carefully focus and consider this decision as you don’t want to lose money due to the lack of logical reasoning and comparisons. Visit this link http://www.smsolutions.sg/services/refinancing-of-mortgage-loans/ for more information about refinance home loan Singapore.

    1) Fees & charges
    Sometimes refinancing involves a lot of new fees and charges on top of the shifting procedure which cause additional burden on you and it also adds up the cost of moving from the old to the new. This makes the decision of refinancing not worth it therefore; you must carefully check and compare the total costs that have to be incurred prior to making a decision.
    2) Increased cost
    Some of you may choose refinance in lengthening the period of loan payment but this will in turn be negative as the number of interest instalments go up and this shows a significant cost rise. Higher the number of payment sets, higher the cost as well.
    3) Upside-down Auto Loan
    Another situation is that, although you search for the best Singapore mortgage rates and decide in refinancing for your car loan, there can be upside down auto loan situations that in return make you may much more than the actual value of the asset.
    Therefore when choosing to refinance, it is important to check and compare with several lenders and come to the best deal as you don’t want to shift into something in the long term that would keep you stressed and unhappy.

    Categories: Business Services

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