View Full Version : Best mortgage HK?
Any recommendations ? Broker, specific bank or branch?
Thanks
R.OCKAPE
23rd Jul 2012, 22:04
I used a broker by the name of Vincent Chow , EC Mortgage 9182 9781 and signed up last friday with Hang Seng. Process was very easy and straight forward and the guy gave me the impression of being very trustworthy ... not typical of a lot of HK businesses I have had experience with over the last 12 years.
Sqwak7700
23rd Jul 2012, 22:45
Frances L, she'll help you through the stack of paperwork and set everything up. I think she gets a cut from all the people you will use, but it is most likely less than what you would pay if you put in countless more hours and walked up to all the different bits (lawyer, bankers, realtors). Tons of CX guys have worked with Frances.
Bank of China is very flexible. HSBC has too many restrictions if you want to go HIBOR.
iflylow
24th Jul 2012, 00:11
Doesn't matter at this point. You buy now and you'll be underwater within a couple years.
Iron Skillet
24th Jul 2012, 00:55
That's what "everyone" said in 2008. And 2009. And 2010. And 2011. And now in 2012. Meanwhile, everyone who bought property is way ahead.
How do you "know" that now is the wrong time to buy? Which market "rules" and indicators of the last 5 years did HKG's market follow which will continue to be followed?
NoAndThen
24th Jul 2012, 02:05
Wow sounds like someone is defensive and little nervous...
Iron Skillet
24th Jul 2012, 02:20
Just asking how iflylow is able to predict the future accurately...
sizematters
24th Jul 2012, 09:38
I went down to see the fortune teller only yesterday.......................
The sign on the door of the shop said "Closed due to unforeseen circumstances"
.....................
crwjerk
25th Jul 2012, 03:36
The sign on the door of the shop said "Closed due to unforeseen circumstances"
They could have gone into discretion for a couple of hours, just to HELP out.......
Shag Nasty
25th Jul 2012, 10:03
One with a zero balance would be the best type of mortgage!!!
ByAirMail
26th Jul 2012, 00:10
That's what "everyone" said in 2008. And 2009. And 2010. And 2011. And now in 2012. Meanwhile, everyone who bought property is way ahead
Fact, I was "advised" by all the expert mates not to buy in 2009..... now I am up 18% and half the mortgage paid.
ByAirMail
26th Jul 2012, 00:11
..... and Francis was a great help.
NoAndThen
26th Jul 2012, 01:52
I think you should buy, prices only go up. It doesn't matter that they've gone up over 80% in 3 years, it will only go up more.
It doesn't matter that over 60% of the pilots at CX have only seen a rising property market in HK. No, they are not biased, they are excellent investors who closely follow the Greater Fool Theory.
It will only go up because a) this time is different b) Beijing will never allow it to go down c) HK is so rich d) Interest rates will never rise e) The developers will never allow it) f) blah blah blah
giggerty
26th Jul 2012, 04:58
If it's a short term investment you are looking at then be careful. It can and will bite you.
If it's long term, then go ahead. If you are going to live in it then that's easy.
If you are going to rent it then make sure you have enough cash flow to ride out an interest rate rise. Rates will stay low for a while yet but they have to rise eventually.
" Don't wait to buy real estate, Buy real estate and wait"
It's a marathon not a sprint
tsimbeit
26th Jul 2012, 08:44
I have had experience with mortgages in Hong Kong over the last 20 years.
Mr. CHAN Leung Hoi, Telephone: 3609-2733
He knows CX and KA policy and very helpful.
etrang
27th Jul 2012, 04:22
That's what "everyone" said in 2008. And 2009. And 2010. And 2011. And now in 2012.
And eventually they'll be correct, probably.
dogleg
27th Jul 2012, 10:07
Yeah, and a stopped clock is right twice a day.
boxjockey
27th Jul 2012, 20:50
Giggerty is the most correct. If you take a long-term view, and if you are on the old housing scheme, then it is a simple problem. When we bought our first place, we had a 5 year timeframe. Our place would be paid in 5.5 years, and so virtually no financial risk for us. It has worked 3 times. Just don't buy expecting to make 20% in 12 months. You may be sorely disappointed.
box
Iron Skillet
27th Jul 2012, 22:07
Your math is worthy of a Wall Street executive who received a 3M US$ bonus 8 months after declaring bankruptcy.
boxjockey
29th Jul 2012, 05:57
Skillet,
If your reply was aimed at me, then you will have to explain yourself further. The numbers are there, pure and simple.
box
Happydays
29th Jul 2012, 15:03
I'm not a expert on this topic. My first language is not English. So don't make fun off me when I try to post something. :=
The way I understand it: There is two type of mortgages. Prime + X% and/or HIBOR.
Prime + X% is the most expensive in terms of the interest you have to pay. So the best option is to go for HIBOR. (This option is still protected by the Prime + X% but with X being a bit higher).
Here's to scenarios for the CX scheme with 2 different banks.
1. BOC. You have a HIBOR mortgage, term 20 years and the interest rates go's up. Therefore you simply increase the 20 years to lets say 25 years to be able to pay it with the CX allowance.
2. HSBC. You have HIBOR mortgage, term 20 years and the interest rates go's up. But you cannot increase your term if interest rates go's up so the extra amount now have to come from your own pocket. (OUCH!)
So to be safe you go HSBC Prime +X% or BOC HIBOR.
Cheapest BOC. Winner BOC.
This is how I understand it. I might be wrong so check this with your bank. :}
Use Frances, with her contacts at HKMC you will get approved.
hongkongfooey
30th Jul 2012, 09:34
Gone up over 80% in 3 years
So even a 10mil properly is now worth OVER 18 mil, if that's the case why are so many people still hanging around that s**thole and poisoning themselves ?
Just curious.
Algol
30th Jul 2012, 15:24
Greed?
Indicators of an over priced market (aka a Bubble):
1. Rental Returns are abysmal and do not justify prices.
2. Huge speculative investment with 'funny money' going on.
3. Over supply of mortgage liquidity.
4. Falsely low interest rates (driven by US economy, rather than HK economy).
5. Massive over-supply (up to 30% of HK units reputedly lie empty).
6. Market manipulation by Developers and their lacky Politicos.
7. Growing majority of locals priced out of the market.
Contrary to what some previous posters have said, Property is a great way to make a fast buck.
If you time it right.
Time it wrong - even just a few weeks or months wrong, and you have a rapidly depreciating and illiquid investment which will break your back.
Greed ensures most investors time it wrong.
There is no such thing as a 'soft landing'.
When Bubble property markets burst they go off a cliff, overnight.
The biggest Property Market Cliché? "It won't happen here".
Property prices in some Western countries have fallen by over 60% in the last 4 years - and are still falling. They used to say "It won't happen here. Boom and Bust is history.' Ho Hum.
Buyer Beware.
Official Disclaimer: I own 4 properties, but in diverse countries, ALL mortgage free and in positive equity. I own NOTHING in Hong Kong.
Not interested, thanks.