Interest rates have been on the rise in the United States. Just recently, the US Federal Reserve increased the rate by 0.25%, to a range of 2%-2.25%.

And Singapore has followed suit.

Let’s look at some numbers.

While the interest rate for Building Under Construction (BUC) properties used to be consistent at around 1.60%, the rate has increased to 1.80% in the past few months.

Similarly, the Fixed Rate has increased from what used to be 1.75% to about 1.95% currently.

With expectations that the interest rate in the US is about to increase again, it is more than likely that the same will happen here.

In particular, if you are on a mortgage loan that is pegged to the SIBOR, the coming months are crucial as you may see an increase in your monthly repayments, an increase that may cost you up to tens of thousands of dollars.

Perhaps, just perhaps, it’s the time to refinance.

Whether you should refinance though, depends entirely on many factors such as how much your existing loan is and what mortgage loan you’re on.

Not too sure? Contact Us, and we’ll tell you the answer. All at no cost.