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Background: Recently I've took up personal loan (8% for 7yrs) and credit cash advance loan (2.59% for 5yrs). I've just started to make the 1st payment in December 2021 for both of them. However, due to unforeseen setback in my business, I have to refinance my mortgage. I've settled my mortgage loan many years back, meaning there's no owing to bank for this portion.

Question:
1) Can I apply and get approval if I do mortgage refinancing now taking into consideration that I already have 2 other loans?
2) Based on my situation will I pass the credit scoring?
3) What is the recommended Bank to take up mortgage refinancing loan?
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1 Answer

Sonic Ngoi
Replied
Question: 1) Can I Apply And Get Approval If I Do Mortgage Refinancing Now Taking Into Consideration That I Already Have 2 Other Loans? As long as you still have active income, and your current commitment is not exceed required Debt Service Ratio based on your income level, then it should not be an issue.
2) Based On My Situation Will I Pass The Credit Scoring? There is many factors affects credit scoring such as your working/business industry, payment history and so on. It is better you engage banker to understanding better.
3) What Is The Recommended Bank To Take Up Mortgage Refinancing Loan? Personally I am using Maybank, Ambank, CIMB and RBH. Read More
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