Posted by
cookie09
14 yrs ago
it's for two main reasons:
a) a the funding cost is different for different banks
b) they run different strategies in terms of how much they want to drive the mortgage product and what type of clientele they try to attract
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Bank RMs have room to negotiate. You would be better off trying to negotiate rather than just asking for a rate. The more you talk to them the better the chance of getting a lower rate. The main reason could be the age of your property. Generally, the older the property the less likely that you will get a mortgage- ie Bank will charge you more for that mortgage.
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Go to Bank of China. They are willing to negotiate. It depends on how competitive the Banks want to be. With the new guidance from the gov't most banks are reviewing their mortgage policies more closely and less room for negotiation. In addition to the rate, there are other areas where you can negotiate - eg cash bonus upfront, waive of terminationg fee, earlier termination, option to switch to prime basis loan, etc.
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