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priyaforum · Joined: 21 Jul 2009 Posts: 26 3.34 Dollars($)

For my home loan ,my current bank has more interest rate than other bank.
for that I want to transfer my loan to other Bank.So what are requirement for
loan transfer? what are document are required?How many Days are required to transfer
loan?bank will make fine for this procedure?

Please send me all details and which organisation will give loan in low interest rate ?

Help..

aksingh2007 · Joined: 22 Jul 2009 Posts: 15 6.13 Dollars($)

please transfer your loan to other bank as you are getting low interest their.
contact to bank with your documents they will take some charge of transferring your loan amout but calculate the charges if you are in profit go for that

cliveselley · Joined: 23 Jul 2009 Posts: 45 0.00 Dollars($)

If you don't plan to stay in your house for at least 5 to 7 years, it will be reasonable to consider an Adjustable Rate Mortgage. An Adjustable Rate Mortgage traditionally offers lower interest rates during the early years of the loan than fixed-rate loans. A Two-Step Mortgage will give you a lower interest rate than a 30-year mortgage for the first five or seven years. A Balloon Mortgage offers lower interest rates for shorter term financing, usually five or seven years.

You can start to consider 15- or 30-year fixed rate mortgages if you plan to stay in your home for more than seven years.

To figure out whether it pays to refinance, you must calculate the total refinancing costs and then find out break-even? You should consider refinancing if you plan to stay in your home for more than the time it takes to break-even.

A general rule states that if rates drop by two percentage points, that was the time to refinance. However, it could pay off to refinance with only a one percent lower rate if you find a good deal on refinancing costs. New lender may be willing to negotiate a reduction of points or a waiver of the title search, application, credit check, or other fees.

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