Posted on: 30th Jun, 2010 02:33 am
I took a loan of 1600000 with a bank in floating rate of 11%.I want to transfer the loan to some other bank which lends in lesser interest rate.Which option shall I take like fixed or floating.I have total monthly income of 70000.
hi guest,
you will have to refinance the mortgage with some other lender who will offer you the loan at a lower interest rate. in order to refinance the loan, you should have a good credit score and stable income. moreover, you will have to provide the lender with at least 2 years of employment history. also, while you refinance the loan, you will be liable for paying the closing costs.
thanks,
jerry
you will have to refinance the mortgage with some other lender who will offer you the loan at a lower interest rate. in order to refinance the loan, you should have a good credit score and stable income. moreover, you will have to provide the lender with at least 2 years of employment history. also, while you refinance the loan, you will be liable for paying the closing costs.
thanks,
jerry