How Homejourney Makes Refinancing Your Mortgage Easier in Singapore
This definitive guide explains easy refinancing and the simple refinance process through Homejourney, Singapore's trusted platform for safe, transparent mortgage solutions. Homejourney simplifies refinancing with tools like rate comparisons from DBS, OCBC, UOB, and more, one-click multi-bank applications, and Singpass verification to help you save on interest without hassle.[1][2]
Whether you're an HDB owner upgrading or a condo investor seeking better rates, refinance with Homejourney to access real-time SORA tracking, eligibility calculators, and personalized broker support. Start at Homejourney's bank rates page for instant insights.[1]
Table of Contents
- Refinancing Fundamentals: Repricing vs Refinancing
- When to Refinance Your Mortgage
- Financial Analysis: Calculate Your Savings
- Understanding SORA and Interest Rates
- Step-by-Step Guide to Refinancing
- How Homejourney Simplifies the Process
- Money-Saving Strategies and Negotiations
- Avoiding Common Refinancing Pitfalls
- Frequently Asked Questions (FAQ)
Refinancing Fundamentals: Repricing vs Refinancing
Refinancing replaces your existing home loan with a new one from the same or different bank, often to secure lower interest rates or better terms. Repricing, however, adjusts your current loan's terms with your existing bank without switching lenders.[1]
In Singapore, HDB loans use repricing every 2-3 years based on CPF OA rates, but private property owners with bank loans benefit more from refinancing amid falling SORA rates. Homejourney helps you decide by comparing both options instantly.[1][2]
Key Differences Table
Use this table to understand when each makes sense:
| Aspect | Repricing | Refinancing |
|---|---|---|
| Lender Change | No | Yes/No |
| Costs | Low (admin fees) | Higher (legal, valuation) |
| Best For | Minor rate tweaks | Significant savings |
Refinancing suits those outside lock-in periods with rates dropping below 3%. Homejourney's tools verify eligibility under TDSR and MSR rules from MAS.[1]
When to Refinance Your Mortgage
Time your easy refinancing when SORA falls 0.5% below your current rate, post-lock-in (typically 2-3 years), and with at least 2-3 years to break even on costs.[1]
In 2026, with SORA stabilizing around 2.8-3.2%, HDB upgraders from Yishun to Punggol condos or private property owners in Orchard can save $10,000+ over 20 years. Track via Homejourney bank rates.[2]
- Lock-in Expiry: Avoid penalties (1-1.5% of loan).
- Rate Drop: Compare against your package rate.
- Life Changes: Marriage, income boost for higher borrowing.
Financial Analysis: Calculate Your Savings
Break-even period = Total refinancing costs / Monthly savings. For a $1M loan at 3.5% switching to 2.8%, costs ~$5,000 yield $300/month savings, breaking even in 17 months.[1]
Hidden costs: Legal fees ($2,000-$3,000), valuation ($500-$1,500), clawback (3 months interest if early exit). Use Homejourney's calculator at mortgage calculator for precise figures.[1][2]
Real Savings Example
| Loan Amount | Old Rate | New Rate | Annual Savings |
|---|---|---|---|
| $800,000 | 3.5% | 2.8% | $4,800 |
| $1.2M | 4.0% | 3.0% | $14,400 |
These examples assume 25-year tenure; adjust for your scenario on Homejourney.[1]
Understanding SORA and Interest Rates
SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans, replacing SOR/SIBOR. 3M SORA averaged 2.95% in early 2026, per MAS data.[1]
The chart below shows recent interest rate trends in Singapore:
As seen, rates dipped post-2025 hikes, favoring refinancing. Homejourney tracks live 3M/6M SORA for perfect timing.[2]
Step-by-Step Guide to Refinancing
Follow this simple refinance process:
- Check Eligibility: Use TDSR calculator on Homejourney. Need income proof, property docs.[1]
- Compare Rates: View DBS (2.75%), OCBC (2.80%), UOB via bank-rates.[1]
- Apply: One-click to multiple banks with Singpass.[2]
- Valuation & Approval: 2-4 weeks; legal completion 6-8 weeks total.
- Switch: Pay costs, new loan disbursed.
Documents: NRIC, payslips, tax assessment, property title. Homejourney auto-fills via Singpass.[2]
How Homejourney Makes Refinancing Easier
Homejourney prioritizes safety with verified data, Singpass security, and transparent comparisons from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, Citibank.[1][2]
- Compare Refinance Rates: Side-by-side from all major banks.
- One-Click Refinance: Submit once, get multiple offers. See Benefits of Multi-Bank Application in One Click | Homejourney .
- Singpass Integration: Instant verification. Guide: Step by Step Singpass Loan Application Guide | Homejourney .
- Calculators: Savings, eligibility at calculator. Tutorial: How to Use Homejourney Mortgage Calculator: 2026 Guide .
- Rate Comparison Guide: How to Use Homejourney Bank Rate Comparison: Step-by-Step Guide .
Connect with Homejourney Mortgage Brokers for free advice. Pair with property search for upgrades.[1]
Money-Saving Strategies and Negotiations
Negotiate by pitting offers: "OCBC offers 2.75% with 6 months cashback—can you match?" Aim for rebates up to 6 months interest (~$6,000 on $1M loan).[1]
- Leverage good credit for lower spreads (0.2-0.5% over SORA).
- Combine with cash-out for renovations via Homejourney services.
- Shorten tenure post-refinance to cut total interest.
Homejourney lets banks compete, maximizing your leverage.[2]
Avoiding Common Refinancing Pitfalls
Don't refinance too early (clawback fees) or ignore total costs. Always project 3+ year hold. Homejourney's tools flag these risks.[1]
Disclaimer: This is educational; consult professionals. Rates fluctuate per MAS/HDB rules.[1]
Frequently Asked Questions (FAQ)
What is the easiest way to refinance my mortgage in Singapore?
Easy refinancing starts with Homejourney: compare rates, calculate savings, apply one-click via Singpass at bank-rates.[1][2]
How much can I save by refinancing with Homejourney?
Up to $15,000/year on $1M+ loans when switching to lower SORA rates. Use our calculator for personalized estimates.[1]
What banks can I compare on Homejourney for refinancing?
DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, and more—all in one dashboard.[1]
Is there a fee for using Homejourney's refinancing tools?
No fees—transparent and free. Homejourney builds trust through zero hidden charges.[2]
How long does refinancing take with Homejourney?
4-8 weeks: Instant pre-approval via Singpass speeds it up.[2]
Can I refinance an HDB loan via Homejourney?
Yes, compare bank loans against HDB for private properties or resale HDB upgrades.[1]
Ready for refinance with Homejourney? Visit https://www.homejourney.sg/bank-rates, compare refinance rates, and start your simple refinance process today. Homejourney ensures a safe, trusted journey with verified tools and support.[1][2]
