Friday, February 09, 2007
posted by PabloPabla at 4:47 pm

When dad bought the current apartment where he is staying now in 1984, he took up a home mortgage to finance the purchase. Just before I went to the United Kingdom to read for my law degree, dad arranged for Mortgage Refinance in order to finance my studies. What happens is that the apartment is refinanced with a higher sum so that the additional monies could be utilised for my studies.

Likewise, such mortgage refinancing can be utilised for a host of other reasons - eg. to finance a business venture, to obtain a different overdraft line etc. Sometimes, it is done so as to take advantage of the prevailing rates which may have reduced considerably compared to the original rates the mortgage was under.

It certainly makes sense to continue to explore one's options.

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