1.To SAVE interest rate - a new financier will generally offer lower rates from existing financier.
2.To REDUCE monthly installment- With lower interest rate offer by new financier, the monthly installment will be reduced too.
3.To SHORTEN loan tenure- borrowers initially with loan tenure of 30 years can shorten the loan tenure if his/her financial income is more stable.The loan tenure can be shorten if he/she commit a higher monthly repayment.It directly shorten the loan tenure.
4.To CASHOUT home equity- A property value will usually be appreciated through years, when the property value increases and the loan outstanding reduces, it will create an home equity for owner who is also the borrower . When the owner refinances the property, the home equity will be cashed out.
5.To CONSOLIDATE debt- Understandably nowadays consumers are taking more than one borrowing , e.g. car loan, personal loan, credit card outstanding, term loan for business, study loan, over draft etc. Borrower may take opportunity to cash out the home equity and pay off the rest of loan or borrowing to consolidate the debt.
6.To REDUCE home loan account- Borrower may have more than one home loan account, he or she can refinance to cash out one of the properties’ home equity to pay off the rest of the home loan account.
7.To SWITCH from variable rates to fixed rates or vice versa- Variable rates fluctuates according to BLR which is announced by Bank Negara Malaysia (BNM). Whereas fixed rate, the rates is constant.It is common that, fixed rates are much higher than the variable rates at the time a borrower sign acceptance of the offer.
8.To SWITCH from conventional to islamic loan or vice versa- Basically Islamic and conventional financing have no far differences. The major difference is the way or concept of Islamic financing is Syariah compliance. Some Muslim borrowers may change package to adhere to Islamic borrowing concepts.
9.To CHANGE financier- Some borrowers may be experiencing unsatisfied quality of service provided by existing financier. So they refinance is to put their loan account to new financier.
10.To CANCEL MRTA- MRTA made it compulsory by most of the bank in the first time of borrowing of borrowers’ house. Borrower may refinance to other financier so that they allow to cancel the MRTA to get life insurance which is in long term provide better benefits and coverage.
Saturday, May 1, 2010
Monday, March 16, 2009
5 Important Steps Before Selling Home
1)Motivation for Selling
First of all, you need to know your purposes for selling your home. The reason you bought it was for investment ? or for long term residential purpose? Some people pay hard for their house installments for years and sell it because of emotion impulse.Discuss this issue with your partner and think thoroughly before making any wrong decision.
2)Buying a New Home
Most of the people who plan to sell their homes also plan to get a new home too.So,do prepare the listings of new homes and do some research on neighbours and types of new homes you want to be residenting.If you are into investment,Check the location of the new home and future development plan in that area.
3)Call Real Estate Agents
Interview and talk to at least 2-3 neighborhood specialists and real estate agents.Selecting the right capable agent is as important as selecting a quality new home.Talk to the agent to understand the plans and strategies they are going to implement in marketing your home.
a)Home Sale Preparation
Get advices from people who sold their homes before.Move the furnitures out.
b)Repairs
Rapairs the basic maintenance issues.Do not save money on that which may cause you loosing a deal.
c)Home Staging
By staging your house,you will probably get more.Request assitance from agents and proffesionals.
d)Home Pricing
Do not select an agent based on suggested sales price. Some will overbid each other to get the listing but do not overprice. Remember taht overpriced homes often sell for less than the market value.
e)Net Profits from Selling
I always prepare two net sheets for sellers, each with a low price and a high price. This way, sellers can be prepared for the worst and hope for the best. If the lowest net price will let you buy the home you want, it's time to find financing.
4)Get A Lender
Check with existing lender how much existing need to pay off.Next,steps you need to do are order a beneficiary statement,check out new financing offers from your own lending institutions and credit unions,ask for a Good Faith Estimate (GFE),compare rates and fees,ask for referrals to mortgage brokers from agents. Often, mortgage brokers have more flexibility to discount rates and are more competitive.
a)Get a loan preapproval letter to check how much mortgage you are qualified to borrow.
b)Its is advisible to apply for lower mortgage for easier payment for the long run.
c)Compare the types of mortgage,select wisely.
5)Sell Before Buying
It's always more profitable to sell before buying a new home.Don't just search a new home through Real estate portals in the internet.Making decision by just viewing pictures and videos on new home is not sufficient.Visit the the place personally to have a clearer and more realistic and vivid look.
Thursday, March 5, 2009
Lists of Dubai Future Projects
There are more projects to come in future.I just views some of the concept pictures of the buildings.they are futuristic,sophiscated and spectacular in design and sturcture.There projects that will be run are
Dubai City Tower,Dubai Death Star,Dubai Ski Dome,Dubai Mall,Dubai Arch Bridge,Dubai Towers,Dubai Promenade,Dubai Opera House,Dubai Hub One,Dubai Renaissance,Dubai Grand Pyramid,Trump International Hotel & Tower,Hydropolis,The Palm Tower,Porsche Towers,The Cloud,Dancing Towers,0-14 tower,ETA Hotel,Arabian Blade,The Wave Tower,The Pixel Tower,the infinity tower,Al Sharq Tower,The Lighthouse,Tiara United,Al Burj,Space Science World,Stellar Tower,Pal Jebel ali,The Apeirin Hotel,The Empire Tower,P-17,Synergy,Vision Tower,Lam Tara Towers,Golden Dome,Atrium City Towers,Burj Al Alam,Meydan Godolphin River City,RTA Headquarters,Nakheel Tower
Wednesday, March 4, 2009
Burj Dubai Construction Progress and Timeline
September 2004: Contractors from Emaar begin the construction of the future world tallest building.
February 2007: Surpasses the Sears Tower with height of 500m.
May 2007: Surpasses the 449.2 m (1,474 ft) to which concrete was pumped during the construction of Taipei 101.
July 2007: Surpasses Taipei 101, with height of 509.2 m (1,671 ft).
August 2007: Surpasses Sears Tower antenna, with height of 527.3 m (1,730 ft).
September 2007: Surpasses Ostankino Tower Moscow with height of 540 m (1,772 ft) .
September 2007: Surpasses CN Towe in Toronto with height of 555.3 m (1,822 ft).
April 2008: Surpasses the KVLY-TV Mast with height of At 629 m (2,064 ft).
June 2008: Burj Dubai's height is now over 636 m (2,087 ft) being announced by Emmar properties.
September 2008: Surpasses the previous record-holder- of world tallest building the Warsaw Radio Mast in Konstantynów with height of 688 m (2,257 ft) , Poland.
January 2009: Current height of 818 m (2,684 ft).
The final height is still a clue as Emaar did not announce about it but it's confirmed that the Burj Dubai tallest man made tower will open on the 9 sept 2009 coincidence with the launch of Dubai Metro.
Friday, February 27, 2009
Why Invest In Dubai?
Why invest in Dubai?
1)Its is being calculated by specialists that the popution of Dubai will increase from 1.6million to 3 million by the year or 2010 which means more population is equaled to more demand.
2)Everyear there are as much as 5 million of trourists visiting Dubai.It is expected that by 2010,the number will increase to 15 million.
3)All real estate development and planning is controlled by government and completed in a timely fashion.There will be more and more projects coming in 2009.
4)Strong support from the government for real estate in Dubai as much as 40 billion USD invested.
5)Dubai is a hub and important financial centre whereby many international companies outsoucing operations in High rental yields on completed and well located properties of between 8 - 15 %per annum.
6)Direct flights from the UK and Ireland which bring convenients to oversea investors.
7)Fast development and expansion of properties growth with high end and luxurious building for tourists.Dubai has more leading hotels
of the world than any other country today.
1)Its is being calculated by specialists that the popution of Dubai will increase from 1.6million to 3 million by the year or 2010 which means more population is equaled to more demand.
2)Everyear there are as much as 5 million of trourists visiting Dubai.It is expected that by 2010,the number will increase to 15 million.
3)All real estate development and planning is controlled by government and completed in a timely fashion.There will be more and more projects coming in 2009.
4)Strong support from the government for real estate in Dubai as much as 40 billion USD invested.
5)Dubai is a hub and important financial centre whereby many international companies outsoucing operations in High rental yields on completed and well located properties of between 8 - 15 %per annum.
6)Direct flights from the UK and Ireland which bring convenients to oversea investors.
7)Fast development and expansion of properties growth with high end and luxurious building for tourists.Dubai has more leading hotels
of the world than any other country today.
Sunday, February 22, 2009
Dubai Real Estate Good News
USA homebuilder John Laing Homes,one of the largest private home buildiers in US and a subsidiary of Emmar properties file bankruptcy.The company listed assets of more Dh3.678 billion($1 billion) and debts of $500 to $100 million.The info is stated in the Chapter 11 documents in Bankruptcy Court Delaware.
In the other of the the bad news,there are also new projects to be implemented in the year of 2009 by one of the leading property developers,Deyaar.Markus Giebel,The Chief Executive of Deyaar announced that it will deliver more than 7 projects with more than 1300 units of its diverse project portfolio.The projects will be
Besides the good news,there is another one.Many leading property developers also implemented an easy payment schedule to lighten investors burden too.Chapal,a freehold property developer announced an extension of 1 year for payment schedules to Dubai and Ajman property buyers.It will be easier for investors who invested in Chapal's projects like Emirates City Ajman, Jumeirah Village Dubai,Dubai Sports City, Emirates Lakes Towers (Ajman),Chapal Flora Residences (Ajman).Dawood Al Shirawi organiser of International Property SHow 2009(IPS 2009) has confidence that the RE market will be recovered in 2009 with new regulations.
Sunday, February 15, 2009
Dubai Real Estate News
feb 7
Commercial 2412 AED/sq,FT
Apartment 1803 AED/sq,FT
Villa 1514 AED/sq,FT
Feb 14
Commercial 2283 AED/sq,FT
Apartment 1758 AED/sq,FT
Villa 1365 AED/sq,FT
Emaar properties,one of the Middle East's biggest real estate firms and the developer of the world's tallest tower, Burj Dubai is still looking at future investments in oveseas although suffered from a decline in profits.Emmar will continue with the on going construction but will put a hold on new projects.Emmar suffered losses of 202% in the 4th quarter of 2008 due to a Dh1.77 billion writedown.Emaar recorded a profit of Dh0.9204 billion prior to considering the inventory write down and recorded a profit of Dh6.662 prior to the total inventory write down.A bad result of year 2008 is due to global economy crisis which slowed down the real estate market.RAK properties reported net profits of Dh379 million.The profits decreased 24% from 2007 to 2008.To counter the challenge.RAK plans to withdraw some of its investments in real estate funds and land bank.Hence,ongoing projects can still be continued.
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