【#新手教】The 4 big myths of cracking the security? | Hong Kong 香港
Not many homeowners will choose to make a high-volume mortgage to reduce the down payment burden, and mortgage insurance has become a common option for them to get on the car. If you want to get on the bus smoothly, you must understand clearly what the security is! 00:22 What is the difference between “press guarantee” and “two press”? Some people confuse “press guarantee” with “two press”. In fact, “mortgage insurance” is mainly guaranteed by mortgage insurance companies to reduce the risk of banks providing mortgage loans of more than 60% to 90% for home buyers. The “second mortgage” refers to a mortgage provided by other institutions in addition to the first mortgage, that is, the second loan. According to the guidelines of the Hong Kong Monetary Authority, the current bank mortgage ratio for private residential buildings can only be borrowed up to 60%. If you want to borrow more than 60%, you need to pay the mortgage insurance premium through a mortgage insurance company. Applicants for mortgage insurance schemes must be first-time home buyers, have fixed income and their main source of income is from Hong Kong. The property applied for can only be used for self-occupation, not for investment purposes. If eligible for mortgage, according to the latest mortgage measures, the applicant’s contribution-to-income ratio does not exceed 50%. The property under 8 million can afford up to 90% of the mortgage, and 8-9 million can afford up to 8-9 Cheng (up to a loan of 7.2 million), and 80% of mortgages were taken by people with property prices of 9-10 million 01:38 What is the best point to pay the premium? Mortgage insurance premiums vary depending on the loan amount, repayment period, payment method, and whether the interest rate is fixed or floating. The premiums range from 1.32% to 5% of the loan amount. Note that if the mortgage is underwritten with the new mortgage, the premium will be 15% higher than the premium of the old mortgage. There are three ways to pay premiums: The first one is a one-off payment based on the premium. After the premium is paid, if the premium is redeemed within 3 years, part of the premium can be refunded. 40% refundable during the first year; 25% refundable within the second year; 15% refundable within the third year. As for the redemption after 3 years, there will be no premium refund. In the second type, the premium for the first year of paying premiums annually will be higher, and then the premium will be equal each year until the extra loan provided under the insurance is fully repaid. The third is to add a loan to the bank and make a one-off payment, which means adding the premium to the mortgage loan and dividing it into the mortgage repayment period. For example, if the mortgage loan is 30 years, the premium is also divided into 30 years of repayment. However, banks also account for interest and the total premium will be higher. 03:03 Is it the same between mortgage companies? Many people think that there is only one mortgage insurance company. In fact, there are three in the market, namely, the Hong Kong Mortgage Corporation (HKMC), Queensland Mortgage Insurance (QBE) and AIU Insurance Hong Kong (AIG). Although the premiums of the three companies are the same, the approval procedures and required documents are similar. Applicants can apply for high-value mortgages from multiple “mortgage” companies through banks to increase the chances of successful approval. However, not every bank cooperates with the three “mortgage” companies. Interested parties can find a mortgage referral to help introduce suitable banks. 03:45 How long does it take to apply? Applicants need to submit ID card, proof of address, employment contract, 3 months income proof and bank statement. If the applicant has personal loans or other debts, or he already has mortgage repayment The relevant documents need to be provided together. In addition, you must be mentally prepared. Some banks will first internally review the applicant’s income information before submitting it to the “insurance” company for “one more” approval. The “insurance” company may require more stringent requirements. The entire process takes about one month to one and a half months. It is best for buyers to reserve a three-month property transaction period to avoid the final mortgage application being rejected and forced to book. For prospective owners who need to apply for mortgage insurance, you may wish to consult a reputable mortgage referral company for free first. 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