Home refinance mortgage
If rates are favorable, you can lower your monthly payments by reducing your interest rate. This can also be done if you want to do a home refinance on your mortgage. If consumers hold the view that interest rates are likely to fall, choosing a housing loan package pegged to Sibor would enable them to automatically enjoy lower interest rates as Sibor moves lower. Refinancing happens when a new mortgage plan is created to replace or refinance the existing one that you may already have. With this type of loan, you would actually be processing a new home loan application.