Career Change: How to Make a Smooth Financial Transition to Your Dream Job

“If money isn’t an issue, I would quit my job and become a…..” – if this is you, then it’s time to switch things up, start a new job search and boost your career growth! But before you make that big leap, it's important to have a solid financial plan in place. As the famous Malay idiom says, sediakan payung sebelum hujan.

From budgeting to saving, and finding additional income sources, we'll make sure you're financially stable during this exciting time. So pack your bags because we're setting sail for your new career with financial stability in mind.

This is the most typical refinancing option. The initial mortgage is repaid, and a new loan agreement that has lower interest payments takes its place.

With this refinancing package, your interest rate is improved without affecting the size of your loan. Consequently, you will have a cheaper monthly repayment and as a result, paying off your loan will become an even simpler process!

You can take advantage of the equity you've built up in your house and assess the difference between the two mortgages — your current mortgage and the new one — in cash by cash-out refinancing, which swaps your current home loan with a bigger mortgage.

The funds may be used for practically any objective, including house renovations, debt consolidation with high interest rates, or other financial objectives.

If you want to refinance but also want to make a sizable principal payment on your current mortgage, you can do so with a cash-in refinance. By doing this, you can bargain for a new mortgage with a lower interest rate and more agreeable monthly payments.

You can use your house to leverage your investment by refinancing. You may need to refinance for a variety of reasons, including obtaining cash from your house, lowering your monthly commitments, or reducing the length of your loan.

So now that you know what to expect, let's go over how mortgage refinancing works.

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions towards positively improving welfare and well-being of communities. This is one of our many efforts to achieve CIMB’s purpose of advancing customers and society.