Part 6/7:
For homeowners whose financial circumstances have altered—due to retirement, job changes, or other reasons—banks offer Sora-based conversion packages with waivers on Total Debt Servicing Ratio (TDSR) requirements. This makes refinancing easier without the usual strict income or debt-to-income constraints.
What Happens if You Take No Action?
Failing to review or switch your mortgage before April 30th will result in automatic conversion of your loan to a Sora-based rate in June. While this provides a set benchmark, it leaves little room for tailoring the loan to your specific needs or market conditions.