Tuesday, August 06, 2013

Infographic on "A Guide To Home Loan Refinancing"

It took me a while to finally find time to upload this informative infographic.

This infographic, from iMoney, (with their permission to display) provides a complete and concise information on Refinancing Home Loan:
  • Benefits and reasons of refinancing your home loan
  • Key considerations before you make a choice
  • How to go about to refinance your home loan

As I wrote in my previous post "Reduce Your Home Loan Interest Rate", there is definitely a chance for big saving if your current housing loan was obtained earlier than 2009. Many people are still stuck with pre-2009 high interest rate housing loan. Read this for strategy to reduce your interest rate.

However, once you have decided to go ahead with refinancing, this infographic is useful. What are the outcomes you want in refinancing your home loan?
  • Lower installment amount?
  • Shorter repayment period?
  • Free up cash by increasing your loan amount as the value of the property had increased?

The infographic illustrates how you can reduce your loan installment amount and save interest expenses. There are some good advises in the section "How do you go about in refinancing your home loan?" on pitfalls to avoid and steps to be taken. You may find the original inforgraphic on refinancing home loan here.



Courtesy of: iMoney.my




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