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If you haven't heard, the three-month SIBOR rate climbed to 0.96555 after the United States Federal Reserve raised interest rates last Wednesday but what does this mean to homeowners?
Read all about it from our earlier post here.
In addition, we've also sought the advice of the following experts to find out what homeowners need to bear in mind when refinancing a home loan.
Ms Grace Cheng of Get.com says redeeming a loan prematurely can result in penalties such as clawback of subsidies given by the existing lender.
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Ms Tok Geok Peng of DBS says the home owner should first check with his bank to see if it can come up with other options that can better match his needs.
Ms Lee Mei Ling of OCBC has a word of caution for HDB flat owners. Once a loan is refinanced out of HDB, it cannot be refinanced back to HDB.
Mr Alvin Liew of UOB expects the Federal Reserve to raise interest rates in June, September and December next year.
Ms Selena Ling of OCBC expects the three-month Sibor and SOR to climb to around 1.3 per cent and 1.35 per cent by the end of next year.
Mr Vinod Nair of MoneySmart.sg recommends taking up a ''safer'' interest rate package tied to fixed or fixed deposit-linked rates.
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Article by Lorna Tan, originally appeared in The Straits Times.