Read on to find out four reasons why it’s a good time to do so.
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1. Interest rates are really low
It’s no wonder that interest rates are dropping at a steady pace, with the world facing its greatest health crisis in years. FYI, current float rates are around 1.19%! As banks tend to offer competitive refinancing rates to entice customers to jump ship, you should definitely keep a lookout for the wealth of strong refinancing offers.
2. You get an (limited-time) exemption from Total Debt Servicing Ratio (TDSR)
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3. You can extend your loan tenure
4. The window of opportunity is narrow
While it’s hard to be optimistic during this period, the benefits of refinancing your mortgage is definitely the silver lining we all need.