Posted by
yummy
18 yrs ago
I'm buying an appartment today. I know is a last minute decision but i'm afraid the appartment might be taken. Need to know which bank can offer the best mortgage. I can only come up to 10 % down payment. Any advice is appreciated. Thx.
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sebwu
18 yrs ago
Among the local banks, BOC often has good offers. I think their current interest rate is something like 4.8%. But depending on the amount of the loan, it might be possible to negotiate better deals. In any case, I'd recommend to either get a professional adviser or to do your own careful research before you pick a bank. Also, it is better to have the bank valuate the property in question and to get a pre-approval for the mortage before buying, otherwise you might not be able to borrow the remaining 90%. (The local banks only approve loans of up to 90% of their valuation, which is sometimes considerably lower than the actual purchase price).
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Are the 4.75% rates for the life of the mortgage or just the first year?
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Seems the mrferrals site doesn't work. Is it the correct address?
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CM, I want to use panasian because they also allow you to incorporate some of the fees incurred. I have been quoted a more favourable bank val with Standard Chartered than with Panasia - do you think there is a chance they will match the Bank's val?
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yes, as discussed on this forum regularly there doesn't always seem to be a lot of sense in the way bank valuations are performed...
SC is, for some reason, more favourable, but PanAsia will allow you to incorporate some of the costs incurred such as stamp duty, solicitor fees etc. Hence the preference.
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yummy
18 yrs ago
thanks everyone.
Another question, Mreferral is checking the best rate for me, do i still need to check from other banks? I know Mreferral only tied up with some banks only. Also i don't have much time to check around.
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Agree.
I used mReferral too - very good experience and Macky Fung was a great help.
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