1. Refinance into a Fixed-Rate Mortgage
If your current mortgage has a lock-in period that is about to expire, consider refinancing into a fixed-rate mortgage to lock in a lower interest rate for a longer period.
2. Consider a Shorter- Term Loan
Shorter-term loans typically have lower interest rates compared to longer-term loans. If you can afford higher monthly payments, a shorter-term loan may be a better option.
3 Research your Preferred Lender and Loan Options Early
Shop around for the best home loan rates and terms before making a decision. This can help you find the most suitable loan for your needs.
4. Maintain a Good Credit Score
A higher credit score can help you secure a better interest rate on your home loan. Make sure to pay all your bills on time and avoid taking on excessive debt.
5. Consider Alternative Financing Options
If interest rates are rising, you may want to explore alternative financing options, such as using your Central Provident Fund (CPF) savings.
6. Work with a Reliable
and Trusted Realtor
A realtor can help you navigate the complex process of buying or selling a home, provide valuable insights into the local market, negotiate on your behalf, help you save time and money by finding the best deals and guiding you through the paperwork.
By working with a realtor, you can have peace of mind knowing that you have an expert on your side who is looking out for your best interests.