Before deciding whether to take a mortgage refinancing program there will usually be a number of dilemma factors, which determine your decision to take part in the program. Naturally, the decision to take part in the Refinancing KPR program often goes hand in hand with the question, “does participating in a mortgage refinancing increase my debt?”
Well, therefore, rather than getting more confused, more start weighing what are the advantages and disadvantages of mortgage refinancing so that you no doubt.
Advantages of mortgage refinancing
Save Monthly Budget
The advantages of mortgage first refinancing is usually by using a refinancing mortgage, you can get installments with lower interest rates. This certainly can have an impact on monthly installments which will certainly be lower every month. For those of you who want to save, of course this lower interest can provide additional benefits. This lower installment certainly eases you, as well as the remaining money that has been set aside can be used for other purposes which are equally priority.
Get Fresh Funds
In addition, the second advantage of mortgage refinancing is because when doing mortgage refinancing, you can get fresh funds that can be allocated to other needs that are also priority. Funds like this can usually be obtained, for example from the take over top up program, some fund allocations that can be used for example paying for hospital fees, tuition fees, and so on.
Increase House Equity
What is home equity? Home equity is the difference in the value of a house in the property market with the remaining loan in the creditor (such as a bank / multi-finance institution). Usually home equity can increase if the property value in the market rises, or because you have already paid off the rest of the loan. That is, if the mortgage is paid off, your equity will increase.
The faster or more timely you pay off the remaining mortgage that runs, it will increasingly support so that home equity can increase. In addition, usually mortgage refinancing also has the possibility to top up, meaning you can get fresh funds that can be used (as explained above).
Lack of mortgage refinancing
Pay a penalty fee
After we discuss the advantages of mortgage refinancing, let’s now discuss what are the disadvantages of mortgage refinancing. First, usually when you do a mortgage refinancing, usually there will be additional costs that must be prepared. Therefore, before conducting a mortgage refinancing, you should first pay attention to the contract that has already taken place with the bank that previously issued your mortgage. if there is indeed a penalty fee, of course the funds must also be provided, considering that these costs usually appear in nominal amounts. Each bank itself usually has different provisions regarding the calculation of penalties.
Here is the lack of KPR Refinancing, although it seems that the refinancing program looks very interesting because it can provide more affordable interest and installments, in fact the process of getting this program is not easy. There are various kinds of processes that must be followed, not to mention you also have to understand the various requirements to participate in mortgage refinancing. After following the refinancing process you also have to ensure that payments to the new creditor are running smoothly and always on time.
To overcome this one problem, you can use a third party that already has a reputation as a trusted party in solving credit problems, such as the Glass family.
Refinancing Glass family
Now Glass family works with CIMB Niaga to conduct mortgage refinancing. This step is considered quite appropriate considering CIMB Niaga’s capability in the banking sector. Together with CIMB Niaga, Glass family launched two types of mortgage refinancing programs to help those of you who have a mortgage problem that is starting to burden:
Refinancing Glass family type
By using this program your current mortgage will be taken over to the Glass family, CIMB Niaga partner bank. Later the partner bank will pay off the remaining debt to the bank that gives you a mortgage. Furthermore, you can just pay the installments that go to the Glass family partner bank with more mitigating installments and mortgage rates which are certainly much lower and competitive!
Simulation: Budi has a mortgage of Rp500,000,000 to Bank XYZ with a tenor of 5 (five) years. The installments have been paid smoothly for 2 (two) years with a nominal value of Rp. 200,000,000. However, entering the third year, Budi begins to feel heavy to pay. By participating in the Glass family program, Budi plans to conduct a KPR Refinancing of all remaining mortgages, which are IDR 300,000,000 Finally, Budi joined the KPR Refinancing Glass family program. Later, CIMB Niaga will pay off the remaining debt to XYZ Bank. Furthermore, Budi simply paid the remaining debt of Rp. 300,000,000 to CIMB Niaga with lower installments and interest.
Take Over Top Up
You can take over the existing mortgage, then add the loan amount again. That is, you can get fresh funds that can be used for various other needs, such as paying a penalty fee. The amount of the loan nominal that can be obtained will usually be adjusted through the assessment stage of CIMB Niaga.
Simulation: Budi has a mortgage of Rp500,000,000 to Bank XYZ with a tenor of 5 (five) years. The installments have been paid smoothly for 2 (two) years with a nominal value of Rp. 200,000,000. However, entering the third year, Budi begins to feel heavy to pay. By participating in the Glass family program, Budi plans to conduct a KPR Refinancing of all remaining mortgages, which are IDR 300,000,000 Finally, Budi joined the KPR Refinancing Glass family program. However, after going through the calculation process, it turned out that Budi was subject to a penalty by Bank XYZ due to paying off mortgage payments faster, and had to pay a penalty of Rp.20,000,000. Unfortunately, currently Budi does not have enough funds to pay for the funds. Therefore, Budi topped CIMB Niaga for Rp. 100,000,000 This means that CIMB Niaga will pay off the remaining Rp. 300,000,000 in mortgages to XYZ Bank, then will provide fresh funds of Rp. 80,000,000 (IDR 20,000,000 will be automatically deducted because it is used to pay penalties to XYZ Bank). The rest, Budi is responsible for repaying the remaining KPR to CIMB Niaga.
After knowing all the advantages and disadvantages of mortgage refinancing, now is the time for you to begin to consider well. If you are still confused, you can directly contact the Glass family by clicking the button below to do a free consultation with our consultant team.