Refinance
Is to borrow money to get the loan earlier. The borrower has the advantage over New pieces of the loan. The interest rate is the same. Benefits that this can reduce the principal faster. Lower monthly payments. But the lender would have to consider before deciding to refinance.
First, the interest rate will be cheaper to have the annuity to be paid. In each period decreases. Borrowers can save a chunk of the new loan is a loan to meet the goals of the. However, due to the refinancing of the cost. Therefore, the only interest that the (bank) is not only cheaper than new.
Secondly, the costs that the borrower must pay when refinancing was to consist of three parts that must be paid to the original financial institution, paid to financial institutions and paid to the Land Department.
Paid to financial institutions was the penalty if the loan is redeemed early, because most banks will charge a penalty if redeemed before maturity at a redemption, about 2 to 5 years if the loan is redeemed before the time limit will incur penalties. average rate ranging from 1 to 5% of the loan amount or principal balance. But there are some banks that do not charge such as the Bank and the Bank does not charge for the loan before the maturity of floating rate loans, etc.
Paid to financial institutions to include a fee.Fee for a loan. Most banks will charge about 0-3% of the loan, some of this charge. Appraisal value of about 0.25 to 2% of the appraised value of the land, or about 1,500 to 10,000 baht depending on the amount borrowed. And within the collateral is (for refinancing with the original financial institution may not pay the assessment) for fire insurance for about $ 2,000 per house worth a million (the cost to be paid to the bank, the old and the new individual. are not equally subject to the policies of the bank).
The land consists of fees paid to mortgage the amount of 1% of the amount of the loan (and the duty of 0.05% of the loan).
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