Mortgage Tips︳Although the property market has had a small rebound since the "retirement", it did not last long and gradually entered a situation of good and weak accumulation. At the same time, due to the new project built above Wong Chuk Hang Station by Cheung Kong Housing Corporation, it once again launched "Deep Water". "Bomb"; coupled with the fact that the United States will delay interest rate cuts and the external economy has become more unstable due to the escalating situation in the Middle East, banks are more cautious in approving mortgages than when the property market was at its weakest. Many large banks have recently reported that they have cashed in mortgage loans. The rebate is "cleared", and there are signs of delays in approval of new mortgage applications. If you are interested in applying for a mortgage to buy a second-hand property, remember to allow sufficient time to complete the transaction.
Mortgage Tips︳Not completely “cleared”
Major banks have been "shrinking" cash rebates for their mortgage business since they earlier cut them, and there was news recently that the cash rebates were "zeroed out." In fact, to be precise, at least before the author's deadline, some large banks can still provide a small amount of cash rebate, but it depends on the loan amount and whether you buy a new building or a second-hand property. If the buyer is buying a new building, some large banks can still provide a small amount of cash rebate, which is not completely "cleared"; however, if the buyer applies for a remortgage, generally large banks will not provide cash rebates.
Mortgage Tips︳Some banks offer 2% cash rebate
On the other hand, some banks can still provide 2% cash rebate. When buyers apply for a mortgage, remember to compare with several banks and don’t just focus on large banks; otherwise, you may miss out on cash rebates from smaller banks. In addition to the higher cash rebates from fine banks, the author suggests that another reason why buyers can inquire more about fine shops is that they have a higher chance of "full price appraisal".
Due to the fluctuations in the real estate market in recent years, there are occasional problems in the market where buyers of uncompleted properties find that the valuation is insufficient when applying for a meeting. In fact, for buyers, small banks have an advantage over large banks in valuation. Even in some cases, large banks have insufficient valuations. Price, it may "work" in a small industry. In addition, large banks are not "monolithic". Some large banks have a greater chance of being able to "borrow enough". Buyers must pay attention to this and may also ask a mortgage referral company for assistance.
Mortgage Tips︳The bank’s cautious attitude affects the approval speed
One of the reasons why banks offer cash rebates is naturally to reduce loan risks. Some large banks have even canceled high-interest Mortgage Link accounts and no longer offer them to new customers. In fact, this shows that banks are more cautious about the mortgage business than before. The author noticed earlier in an online discussion forum that some mortgage applicants questioned that banks seemed to be "extremely slow" in approving mortgages.
Some people even left comments saying that the bank had "too much mortgage business" and did not have enough manpower to work. This statement is obviously contradictory to the bank's stance of reducing cash rebates and canceling the provision of high-interest Mortgage Link accounts. Some readers may have questions, why do banks "not do business even if they have business"? There seems to be a reluctance to undertake mortgage loans. However, the main issue is actually risk. Especially in the past one or two years, buyers of uncompleted properties who applied for a mortgage when they were about to take over the property found that the bank's valuation was insufficient. Although this is still a very small minority, in order to balance risks, the bank's attitude is naturally more conservative. In addition, Cheung Kong's "depth charges" exploded from Tuen Mun to Yau Tong and then to Wong Chuk Hang. It can be said that the entire territory of Hong Kong was "exploded", and banks had to "certify" before lending money for mortgages.