The video tutorial series on mortgages continues, breaking down complex mortgage terms for novices to understand. The deposit rate of a deposit-linked account is linked to the mortgage rate, allowing mortgage applicants to deposit funds to offset part of the interest payments. Other terms discussed in the video include first mortgages, second mortgages, additional mortgages, mortgage insurance, penalty periods, foreclosure orders, and mortgage deeds. The tutorial emphasizes the importance of understanding these terms and seeking professional advice from mortgage consultants. The video also promotes the HongKongFloorPlans YouTube channel and various social media accounts.
In the last episode, I taught you a few mortgage terms that novices must learn. Have you reviewed them? In this episode, I will continue to tutor you and dismantle mortgage terms! 00:18 The deposit rate of the deposit-linked account is linked to the mortgage rate, because the general mortgage rate is floating, which is higher than the current demand deposit rate. Mortgage applicants deposit funds into the deposit-linked account to offset part of the mortgage interest payment. 00:36 The first mortgage of a first-mortgage property is generally approved by the bank, and there is also a “developer’s first mortgage”, where a financial institution designated by the developer provides a lump sum loan. 00:45 The second-mortgage property already has the first mortgage, and then applies for the mortgage at the second financial institution. Since the property has been mortgaged by the first mortgage bank, if you want to build a second mortgage, you must first obtain the consent of the first mortgage bank. Cash out at a bank with a higher valuation and earn remortgage discounts. 01:13 Additional mortgage is to add the loan amount to the property that has been mortgaged to the financial institution to cash out funds. 01:22 Mortgage insurance According to the guidelines of the Monetary Authority, at present, the maximum mortgage ratio of private houses can only be 60%. If you want to borrow more than 60%, you need to go through the mortgage insurance company and pay the mortgage insurance fee. The mortgage insurance fee is calculated based on the loan amount and can be paid in one lump sum or in installments within the loan amount. 01:46 Elderly mortgage owners aged 55 or above can use their self-occupied property as collateral to apply for a loan from the bank. Annuities are collected monthly. If necessary, the borrower can also withdraw a one-off loan for emergency. At the same time, the borrower remains the owner of the property and can continue to live in the property until his death. 02:12 Penalty period After applying for a mortgage with the bank, the bank will impose a penalty on early repayment, usually within one year after the loan, partial repayment without penalty, and full repayment without penalty after two to three years. Some banks will require early repayment during the penalty interest period to return cash rebates and 3% of the mortgage loan as penalty interest. 02:35 Foreclosure Order If the owner is unable to repay the mortgage loan, the bank will exercise the right of foreclosure to recover the property for sale to repay the bank loan. The relevant records can be found in the search in the future. 02:51 Mortgage deed After the bank approves the mortgage, it will arrange for the borrower to sign the loan condition letter and notify the lawyer to prepare the mortgage deed. If the lawyer selected by the borrower is in the list of bank lawyers, both borrowers and lenders can be represented by the same lawyer and sign the mortgage contract. Conversely, if the borrower’s lawyer is not on the bank’s list, the mortgage deed needs to be handled by separate lawyers representing the bank and the borrower, and both lawyers’ fees are paid by the borrower. 03:22 When the title of the deeded property has ownership issues and it is recorded in the Land Registry Office, the buyer can find out about the issues through the search. After the deed is sold, the new owner will be responsible for the ownership of the property, so the chances of the property being sold are greatly reduced. After attending two tuition classes, everyone should have a basic understanding of mortgages, right? Mortgage application involves complicated steps. Besides entrusting the help of professional mortgage consultants, you should also take some time to understand these terms and concepts by yourself! 📌 If you have any questions about the property market or mortgage, please leave a message below, or inquire with our online customer service: 👉 HongKongFloorPlans “#美联信息指数”: The recent second-hand rebound has ended, #美国报量, #Developers are taking advantage of the trend to push Orders… I want to know how many #价价件价 there are in the market? How much bargaining room does the owner have? “#美联信息指数” tracks the price changes of #online listings every week. 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