Everyone is excited about the property market in Hong Kong. Prices are high, and it is an easy place to invest. Housing prices are increasing every year. There are lots of houses for sale which can be bought at a very reasonable price. No wonder there are a lot of people who are looking for that chance to invest in their dream home.
Commercial real estate is a popular choice for anyone who is thinking of buying a second home or investing in the Hong Kong property market. Property investing is a great way of diversifying your portfolio and creating your own personal financial future.
When it comes to buying a home, there are several things to consider.
Do you want to buy a house outright, pay off the mortgage, and own the house free and clear?
Or do you want to buy a house pre-owned and pay rent to the bank for the duration of the loan?
So, if you’re considering buying a home in Hong Kong, there are plenty of things to think about, but don’t worry. You can rest easy knowing that the best mortgage broker in Hong Kong, like the 28 Mortgage and Prime Mortgage, is here to help you find the best mortgage solution for you.
Can I Easily Get a Mortgage for my Dream Home?
Getting a mortgage in Hong Kong can be challenging, especially if you are not able to step onto the property ladder until you are in your mid-40s. This is due to the Hong Kong mortgage regulations, which require three years of employment, and at least three years of continuous residence in order to obtain a mortgage. This makes it difficult for young people to obtain a mortgage, although they are still able to obtain a loan with collateral.
There are two types of mortgages, namely a fixed-rate mortgage and a variable rate mortgage. If you are interested in obtaining a mortgage for your dream home, you must first decide what type of mortgage would suit you best. It is generally advisable to seek the advice of a mortgage broker first before taking any step on your own.
What Should I Ask My Mortgage Broker in Terms of Buying My Dream Home?
In light of the recent media attention on the mortgage broker industry, it is interesting to consider the type of questions you should ask the best mortgage broker in Hong Kong. For those new to the market, a mortgage broker is a licensed person who helps you to purchase a property, usually a property in Hong Kong.
Regardless of which mortgage broker you choose, the process will most likely be the same. However, if you’re looking at getting a new mortgage, there are some things you need to know. It is important to ask questions when looking to get a mortgage in Hong Kong. You should take note of the following:
- The mortgage product provider
- The loan amount
- The loan term
- The loan interest rate
- The loan fees
- The mortgage principal and interest repayments
- The mortgage fees
When you’re dealing with a mortgage broker, you’re dealing with someone who is there to help you find the best way to finance your home purchase. Understanding how much you can afford to borrow in Hong Kong can be confusing because it involves both the amount of your income and the size of your monthly mortgage payments. Your broker can give you an idea of how your monthly mortgage payments may be affected when you are interested in applying for a mortgage in Hong Kong.
More About Mortgage Broker in Hong Kong
There are numerous numbers of mortgage brokers in Hong Kong; however, the majority of them are not licensed by the Hong Kong Mortgage Corporation (HKMC) or approved by the Hong Kong Mortgage Institute (HKMI). It is to be noted that mortgage brokers in Hong Kong are subject to laws and regulations to provide services to customers within Hong Kong. While Hong Kong mortgage brokers are required to be licensed, they are not required to be registered with the HKMC. However, mortgage brokers in Hong Kong are required to register with the HKMI in order to be approved by the HKMC.
Hong Kong is a great place to buy a home if you know what you’re doing. You can save money on mortgage payments by saving with Hong Kong’s taxes and tax-free system. But the most important reason Hong Kong is so great is that with Hong Kong’s government-backed mortgage, you can avoid those nasty American mortgage traps. So, if you want to buy a home in Hong Kong, work with the best mortgage broker in Hongkong – the Mortgage and Prime Mortgage.
Our Mortgage Broking Services will ensure your home mortgage application is processed correctly, and your personal details are protected as a first-time buyer or as a first-time seller. We will handle all of the paperwork on your behalf and will provide a free valuation of your home on a site visit.