The decision to switch to a cheaper mortgage loan should not be taken on the basis of the interest rate alone. Home owners must consider the remaining tenure and balance of the existing loan, the interest rate on the new loan, and other expenses involved in the transaction. With the ezEstate online comparison tool, you can calculate the exact savings you will enjoy by refinancing your mortgage.
Is it advisable for you to switch your 4% mortgage with balance of 1.35 million AED payable for 15 years to a 3.25% mortgage loan? Simply enter the details, specify the early settlement fee, normally 1%, and the processing charges for the new loan, around 1.25%, in this online tool.
Easy access to the Dubai Mall, Mall of the Emirates, Ibn Battuta Mall, the Gold and Diamond Park, or the Deira City Center Shopping Mall can help you enjoy life in Dubai to the fullest. Visiting malls on festive occasions will be a hassle-free affair if you can simply walk instead of driving to the shopping center.
For this transaction, the tool indicates total savings of 89,950AED with expenditure of 30,375 AED on processing costs. Net savings from the switch is 59,575 AED. Now, it is your call to decide whether the transaction is worth considering or not.
This loan comparison calculator allows you to compare costs and benefits of switching to a cheaper loan. Many individuals compare loans without considering the fees and charges involved in the transaction. The calculator considers all relevant details to give you an accurate picture about the total savings.
The calculator helps you calculate the minimum reduction in interest rate required to justify a remortgage deal. Costs may exceed savings if the new interest rate is just marginally lower than the existing rate. This tool helps you determine the rate beyond which the remortgage does not make financial sense.
Why rely on third-party service providers when you can compare loans in Dubai on your own? Use this tool and take charge of your remortgage decision even if you are not a financial expert.
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