Why is the MAGA movement so susceptible to crazy conspiracy theories?

[henry123]

Dear Forum,

 

I took a mortgage out with the UOB bank two years ago and after my initial two year fixed rate term has finished,  my mortgage has increased as expected.

 

What I'd like to know is how (or even if it is worth) swapping to another bank to lower the interest rate and monthly payments on my house? This is my first house and I have to be honest and say I am a little bit confused with mortgages so if someone could explain how I can get the best deal that would be great. 

 

I've done a little bit of research and it seems that all banks have a similar deal and you will pretty much pay the same everywhere in the end so is it really worth changing banks?

 

I prefer not to get into a discussion about what the current MRL rate is etc, etc on this current mortgage, just some general guidance on is it worth looking at other banks and if so what to look for and discuss when meeting with them?

 

I might even sell the house in a couple of years as I feel I made a bit of a mistake buying it. Has anyone got any experience of this? Is it a nightmare?

 

Any advice you can give me would be greatly appreciated.

 

Cheers, Henry. 

 

 

[choochoo]

good luck!

 

 

You could do a lot of good by telling us your whole story..............lol.

Edited July 28, 2014 by choochoo

[kingstonkid]

Unless you are getting a long term rate that is really good DO NOT CHANGE.

 

When you cancel a mortgage the is a penalty cost 

When you get the new mortgage there is a cost.  So you are going to lose a lot of money.The best thing to do with a mortgage is to get amortgae that you can make payments every 2 weeks.  This will pay off the mortgage faster and save you money. It means that you are making 2 extra payments a year that go directly against the principal.

 

As to selling your house in a couple of years again i would stay where i am you willot save much money changing.  Before you sell make sure that you are going tobe able to sell the property for at least what you are going to owe or you will end yup having to paythe bank the difference whenyou sell.

 

[Udoth]

My tip is to stay away from usury and protect yourself from being fleeced!

[henry123]

Unless you are getting a long term rate that is really good DO NOT CHANGE.

 

When you cancel a mortgage the is a penalty cost 

When you get the new mortgage there is a cost.  So you are going to lose a lot of money.The best thing to do with a mortgage is to get amortgae that you can make payments every 2 weeks.  This will pay off the mortgage faster and save you money. It means that you are making 2 extra payments a year that go directly against the principal.

 

As to selling your house in a couple of years again i would stay where i am you willot save much money changing.  Before you sell make sure that you are going tobe able to sell the property for at least what you are going to owe or you will end yup having to paythe bank the difference whenyou sell.

 

 

Sound advice, thanks kingstonkid.

[Cbr150r]

Most mortgages I've seen here are locked in for 3 years so if you cancel before then you pay a penalty but if you cancel a day after there is no penalty. Note that every new mortgage requires registration at the land department which, if I recall correctly, is 0.5% of the mortgage. IMHO it is worthwhile to shop around for a new mortgage after your lockin period expires as you can save money, just remember to factor the registration fee at land department and another 2000-3000 baht for misc fess (stamp duty, etc)

[choochoo]

My tip is to stay away from usury and protect yourself from being fleeced!

Somehow i think him buying the property and now hinting he made a mistake means the donkey left the barn.

 

 

I wonder if a woman was involved.  

[BEngBKK]

 

My tip is to stay away from usury and protect yourself from being fleeced!

Somehow i think him buying the property and now hinting he made a mistake means the donkey left the barn.

 

 

I wonder if a woman was involved.  

 

may kow jay.....

[thhMan]

I know its a wild shot....

 

But why dont you ask the banks and work out the maths yourself....

 

Stupid answer I know... But thats the best I could come up with

[kingstonkid]

 

Unless you are getting a long term rate that is really good DO NOT CHANGE.

 

When you cancel a mortgage the is a penalty cost 

When you get the new mortgage there is a cost.  So you are going to lose a lot of money.The best thing to do with a mortgage is to get amortgae that you can make payments every 2 weeks.  This will pay off the mortgage faster and save you money. It means that you are making 2 extra payments a year that go directly against the principal.

 

As to selling your house in a couple of years again i would stay where i am you willot save much money changing.  Before you sell make sure that you are going tobe able to sell the property for at least what you are going to owe or you will end yup having to paythe bank the difference whenyou sell.

 

 

Sound advice, thanks kingstonkid.

 

 

 

No problem 

 

I may be wrong but is that not what this site is supposed to be fore.

 

maybe i have to change my ways  

[Paul944]

A mortgage usually has extra costs in an additional commission and tax fee. So the interest of a new mortgage at another bank has to be lower such to cover the costs of the fees and still save you some money. Sometimes you can negotiate the new rate with your current bank. Good arguments are being a reliable payer and property value increase so less risk for the bank. Mentioning switching to another bank because of a lower interest only is an argument if you actually know other banks are cheaper.

 

The interest rate tends to be higher for longer fixed periods. fixing it for 10 years saves a lot of hassle and you know what you pay for at least 10 years. Only if the interest rates drop in this period you pay more as you could have

 

There are several mortgage constructions:

 A fixed amount every month, paying a lot of interest in the first years, the down payment slowly increases.

 A fixed down payment every month, paying more in the first years, but the loan will decrease every year with the same amount so the interest payments will be less every year.

No loan down payments at all only interest. You can do this if you expect to sell the property for more or the same proce as buying. Or you can save on a separate bank account to pay the loan after the mortgage finishes. I doubt Thai banks support this construction.

 

If you are a tax payer in Thailand you can subtract the paid interest from your income.

 

You mentioned a house. Who owns the land? Selling a house without land is complicated unless it is a appartment and only Thai are allowed to own land.

Selling is not so complicated. Just go to a property agency and they arrange everything. Of course you pay a fee for this. For you to decide if the fee is reasonable to save you all the trouble with doing the advertisement, negotiations and paperwork yourself. Do a little research about the reputation of an agency first.

[henry123]

A mortgage usually has extra costs in an additional commission and tax fee. So the interest of a new mortgage at another bank has to be lower such to cover the costs of the fees and still save you some money. Sometimes you can negotiate the new rate with your current bank. Good arguments are being a reliable payer and property value increase so less risk for the bank. Mentioning switching to another bank because of a lower interest only is an argument if you actually know other banks are cheaper.

 

The interest rate tends to be higher for longer fixed periods. fixing it for 10 years saves a lot of hassle and you know what you pay for at least 10 years. Only if the interest rates drop in this period you pay more as you could have

 

There are several mortgage constructions:

 A fixed amount every month, paying a lot of interest in the first years, the down payment slowly increases.

 A fixed down payment every month, paying more in the first years, but the loan will decrease every year with the same amount so the interest payments will be less every year.

No loan down payments at all only interest. You can do this if you expect to sell the property for more or the same proce as buying. Or you can save on a separate bank account to pay the loan after the mortgage finishes. I doubt Thai banks support this construction.

 

If you are a tax payer in Thailand you can subtract the paid interest from your income.

 

You mentioned a house. Who owns the land? Selling a house without land is complicated unless it is a appartment and only Thai are allowed to own land.

Selling is not so complicated. Just go to a property agency and they arrange everything. Of course you pay a fee for this. For you to decide if the fee is reasonable to save you all the trouble with doing the advertisement, negotiations and paperwork yourself. Do a little research about the reputation of an agency first.

Thank you ;)

[henry123]

 

My tip is to stay away from usury and protect yourself from being fleeced!

Somehow i think him buying the property and now hinting he made a mistake means the donkey left the barn.

 

 

I wonder if a woman was involved.