【What is the cost of mortgage for second-hand housing】Mortgage lazy package|mortgage ratio|Does second-hand housing need to pay mortgage service fees |

Second-hand housing needs to pay mortgage service fees. Because generally speaking, second-hand housing involves the process of housing mortgage or re-mortgage, which requires the services of mortgage companies, evaluation companies and bank-related institutions, so it is necessary to pay mortgage service fees. Mortgage service fees mainly include housing investigation fees, housing evaluation fees, mortgage agency fees, loan insurance fees, loan notarization fees, remortgage agreement notarization fees, and transaction entrustment notarization fees.

1. Determine the mortgage service company and loan plan: Before applying for a loan, the borrower needs an intermediary to determine the mortgage service company, and the mortgage service company will provide loan consultation and determine the loan plan.

2. Query the provident fund (if a provident fund loan is required): After the seller confirms the purchase intention, the borrower provides the provident fund account number, and the mortgage service company conducts a provident fund inquiry to determine the loan amount and loan period.

3. Sign the house sale: the borrower and the seller sign the house sale. Due to the requirements of the trading center, houses in Jiang'an, Jianghan, Qiaokou, Hongshan and other districts need to go to the regional trading center to handle the house transfer after signing.

4. Prepare loan materials and review loan qualifications: the mortgage service company assists the borrower's bank to prepare loan materials, and if there is a house, it needs to designate an evaluation company to evaluate the house price; and the mortgage service company conducts the review.

5. Sign the loan agreement, notarization, insurance: After the initial review, the mortgage service company submits the loan information to the lending bank for review. Afterwards, the mortgage service company arranges the borrower's bank to sign the loan agreement and handle the notarization of the agreement, and charges fees, including housing insurance premiums.

6. Go through the house transfer and mortgage procedures: the borrower goes to the trading center in the district where the house is located to go through the house transfer and mortgage procedures, and submits the mortgage receipt receipt to the mortgage service company to the loan bank.

7. Apply for the real estate certificate and mortgage certificate: After the lender’s real estate certificate and other right certificates are issued, the mortgage service company will submit the copy of your real estate certificate and the original copy of other right certificates to the bank.

8. Bank lending: After the bank receives the above two certificates from the borrower, the mortgage service company will issue the loan amount to the borrower.

Property prices in Hong Kong are very high, people will choose to buy second-hand upstairs cars. But what are the steps to buy a second-hand property? What should I pay attention to when applying for a mortgage? Miss the following content!

MoneySmart cooperates with 17 banks, you can directly contact the mortgage department of the bank to help you submit the application directly, so that your mortgage application is completed!

Regardless of whether you need to apply for a building mortgage or not, if you intend to buy a second-hand property, the first step is to sign the property inspection paper, which means that you will follow an agent to inspect the property. Argument is necessary.

We say "inspecting properties", but what should we pay attention to in "inspecting properties"? "Property inspection" is to understand the current situation of the property, which is used to buy second-hand properties. If you are interested in the property, you should discuss the relocation arrangement with the original owner and make a written statement.

Although the original owner is obliged to restore the property in terms of selling the property, how to restore, renovate or handle the project part also requires the old and new owners to coordinate first to avoid disputes about the status of the final handover unit.

The unit search confirms that the buyer understands the status of the unit’s ownership, and cannot know the unit’s previous owner, mortgage, transaction price, and whether it is a haunted house.

The reason for this is to protect buyers and ensure that if there are disputes about the ownership of second-hand properties, they can declare that they have searched, not any negligence.

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Hong Kong currently does not have a haunted house search system. Although some agencies claim to have a haunted house database, they are completely credible.

The government's official transaction records and title search, there is no record of the haunted house. Owners want to ensure that buying a second-hand property is not a haunted house, and they can do the following:

1. Reliable proxy query

2. Check the murder news related to the building

3. Pay attention to the valuation of each bank, whether the unit is worth the price

Prospective owners can follow the above aspects to understand whether the unit may be a haunted house.

If the condition of the property and the owner’s asking price are satisfactory, the prospective buyer will sign a “provisional sale and purchase agreement” after finalizing the transaction, determine the closing date, and the owner will pay a deposit of 35% of the property price, commonly known as “fine order”.

Remember to have enough cash deposited in the account, otherwise the ticket will be bounced, which will constitute an excuse to cancel the transaction, and the owner will pay retrospectively. The finalized amount depends on the real estate market environment at that time, in addition to the agreement between the buyer and the seller.

Hong Kong has become a global burden city for ten years. If you don’t eat or drink for more than two decades, you can get on a car. The Centaline City Leading Index reached a historical peak in June 2019 and then hovered at a high level. Prospective buyers in the car have no clue when buying a property, and may be confused about the buying and selling process and mortgage calculation. This article is prepared by novice buyers, hoping that this article can sort out the entire second-hand buying and selling process, so that first-time buyers can buy with peace of mind.

If you intend to buy a car, you will often look for the source of the second-hand market and go directly to the agency bank. Because the owner intends to sell the real estate, he often entrusts an agent to sell the real estate. When I locked a section and walked into the agency, the agency took the initiative to introduce the source of the property, and then contacted the owner to arrange a house inspection.

During the process, the agent will ask to fill in a "property inspection paper". This "property review paper" is a legal document that will list the units to be visited, and the commission that needs to be paid after the transaction, and declares whether the agent is acting for both the prospective buyer and the owner, or whether the agent is acting for the prospective buyer. act.

The "property review paper" will specify that you can only buy units through the agency within a certain period, and this period is usually three months. If you have signed the "Property Inspection Permit", but purchased the unit through another agent within three months, the agent may retroactively commission the commission. So you have to carefully record the visiting units.

When entering the unit for inspection, prospective buyers should pay attention to whether the unit is suitable for them. In addition to the unit’s seat and landscape, some things are often involved, such as whether the external environment is adjacent to the garbage collection room, whether the neighbors have pets, whether there is a beam on the ceiling for the partition, and whether the unit’s mobile phone signal is well received. Various factors will affect your daily life in the future.

One point, the capital is the first to buy a customer, and whether the interior decoration is reasonable. "Hu. Talking about the property market earlier received a report from a Gu friend that he was so angry that he bought a "makeup building" by mistake and needed to hold on to the whole house. The so-called "make-up building" starts with the owner doing whitewashing and using some decorations to cover up the defects of the unit, such as water leakage problems, and the whole house is hidden in the wall and the wires are aging. Since property purchases are transferred in the "as is" form, that is, when the buyer visits the unit, the condition will be handed over, so in many cases, the prospective buyer is interested in the place where the accident occurred. How can you inspect a property within a short period of time? During the "golden ten minutes" of property inspection, what should prospective buyers pay attention to in case they buy a cosmetic property? Take a few minutes to check out the two clips below!

In recent years, subject to the "Additional Stamp Duty", which means that the unit cannot be resold for three years after the purchase of the unit, so that second-hand owners are willing to sell it, so the "key plate" keys of the agency bank are kept in the agency bank's auspicious property, and there are very few left. Most of the units are "joint lease" properties. The so-called "" properties currently have tenants renting units, so prospective buyers can be arranged to inspect the property.

The agency may persuade the buyer to look at the floor plan or visit similar units that are close to the opening, so that the prospective buyer cannot survey the interior conditions; one point, the "" property, prospective buyers should remember to ask whether the unit can be sold in a "auspicious" way. Because the purchase of "" property, the bank will regard it as an investment, and the mortgage calculation and down payment requirements will be "acceptable" for the property. Prospective buyers recognize this.

Further reading…

Do second-hand houses need to pay mortgage service fees?

Procedures, precautions, and mortgage ratios for buying second-hand properties

If you want to know how to check the haunted house, and even what you should pay attention to, I can jump to it, there is a video about the haunted house.

During the price negotiation process between the buyer and the seller, sometimes the owner will show up. The agent may ask the buyer to sign a "provisional sale and purchase agreement". For example, when the agent asks the prospective buyer to hand over the deposit, the deposit is entrusted to the lawyer to prevent the owner from disappearing after receiving the order.

Most "provisional sale and purchase agreements" will specify the price proposed by both parties, the deposit to be paid, the time for signing the formal sale and purchase agreement, and the actual closing date. If the unit is equipped with decoration or home appliances, the prospective buyer should keep in mind what brand and model should be listed in the contract, and take photos for records, so as to prevent the owner from changing the contract before handing over the building. There are also some housing estates that will undergo major repairs. The cost will be borne by the buyer and the seller, and it will be specified in the contract.

However, due to the current raging new crown pneumonia epidemic, buyers and sellers have the opportunity to sign a temporary contract and then quarantine. The Real Estate Agency Supervision Bureau suggests that both parties can add a "new crown clause" to the temporary contract, specifying that either party or the lawyer must be quarantined, and both parties can enter a grace period , extend the transaction period in disguise, and enter into an abolition transaction arrangement, if you want to see how the terms are written, I can jump to.

Pay the first deposit, commonly known as "fine order", the amount is between 3-5% of the property price. Remember to have enough cash deposited in the account, otherwise the ticket will be bounced, which will constitute an excuse to cancel the transaction, and the owner will pay retrospectively. The finalized amount depends on the real estate market environment at that time, in addition to the agreement between the buyer and the seller.

Because although the "provisional sale and purchase contract" has legal effect, within 14 days between signing the "provisional sale and purchase contract" and "formal sale and purchase contract", if either party reneges, the actual situation needs to be compensated for double the deposit, as well as paying agency commissions for both buyers and sellers. Therefore, when property prices rise sharply, prospective buyers will often increase the deposit ratio to prevent the owner from regretting the sale, so as to increase the cost of the owner's regret. To prevent any party from canceling the transaction, some people will require that the "sell and sell" clause be added to the "provisional sale and purchase agreement", which means that the buyer and the seller complete the transaction.

If the prospective buyer suddenly regrets and cancels the transaction, in addition to paying the owner’s deposit, the buyer and seller’s attorney’s fees and brokerage commissions must be paid. At the same time, the owner has the right to resell the unit and collect the price difference. That's the point? For example, the two parties originally agreed on a transaction price of 5 million yuan, but the prospective buyer backed out and canceled the transaction. If the owner later sells the unit for 4.8 million yuan, the difference of 200,000 yuan can be recovered by the buyer.

Fourteen days after signing the "provisional sale and purchase agreement", both parties will go to the lawyer's office to sign the "formal sale and purchase agreement". At the same time, the lawyer will assist the buyer to print the documents. First-time home buyers need to pay the tax rate of the second part of the "first standard", and the prospective owner should prepare a check for the relevant amount.

At the same time, after signing the "provisional sale and purchase agreement", prospective buyers can go to the bank to arrange a mortgage. They can go to a nearby bank to inquire by themselves, or use the assistance of a mortgage intermediary company. The role of the mortgage intermediary is to assist the prospective buyer in the "price" work, which mortgage rate is more favorable, and the prospective owner can create a mortgage ratio, and they will assist in the calculation. Many people think that there is a fee to apply for a mortgage through a mortgage intermediary, but the answer is no. After the mortgage intermediary refers the applicant to undertake the mortgage, the bank will pay the mortgage intermediary commission, but the applicant does not need to pay.

In addition to the major mortgage brokers in the market today, some referral companies that advertise rebates have sprung up in recent years, and prospective buyers can choose by themselves.

Prospective buyers must prepare the required down payment when purchasing a mortgage. The bank will calculate the loan-to-value ratio, mortgage term, and mortgage interest rate. If the prospective buyer needs a traditional mortgage and applies for a percentage mortgage, the bank will assist in applying for mortgage insurance. In terms of mortgage interest rates, prospective buyers often need to choose between "H" and "P".

The so-called "P" in "P" means PRIME RATE, which means "preferential interest rate" in Chinese. Under the linked exchange rate, Hong Kong’s interest rate follows the movement of the United States, so the rate cut or increase in the United States will affect the bank’s reduction or increase of the preferential interest rate, which will affect the contribution amount. Otherwise, generally speaking, the choice of “P” contribution is the best choice.

Another option is "H". "H" in "H" means HIBOR, which means "Interbank Offered Rate" in Chinese. This interest rate reflects the interest rate on borrowing money between banks and is a manifestation of the bank's cost of funds. Therefore, if the bank loans to the buyer, above "H", a percentage is added to earn the customer's profit. For example, the current calculation of H+1.24%, the bank earns 1.24% interest for the prospective owner.

Further reading…

[Second-hand property buying and selling procedures] property inspection, miscellaneous expenses, haunted house investigation, contract signing, mortgage lazy bag

If you want a second-hand housing mortgage loan, you must understand these!

H will have a capped interest rate. Under the competition of banks, the capped interest rate of most H is currently planned to be similar to that of P. Under the current global low interest rate environment, Hong Kong's interbank interest rate remains flat, which gives H the advantage of reducing interest rates, so the advantage of H still remains p.

There are matters needing attention when applying for PH, and how to check the bank offered rate. We will describe it here. For detailed analysis, I can jump to it.

In addition, we will regularly discount the mortgage interest rates of various banks, but I can jump to it.

There is another interest rate option, but a more partial one, "fixed rate mortgage". It is often the borrowers who are worried about sudden fluctuations in mortgage interest rates and lock in the mortgage interest rate during the period. However, due to the interest rate, it was initially adopted by the market. In the 2020 Budget, Financial Secretary Chen Maobo announced that he would partner with Hong Kong Mortgage Securities Company to provide a 10-20-year "Fixed-Rate Mortgage Pilot Program", and the subsequent 10-year, 15-year and 20-year interest rates will be reduced by 2.55% and 2.65% 1% and 2.75%, the upper limit of each residential loan is 10 million yuan, and the borrower does not need to carry out the stress test of interest rate hikes, and the new offer opens the door to convenience.

When setting the terms of the mortgage, the bank will reward the prospective homeowner with some cash rebates for choosing the bank. The Monetary Authority stipulates that the cash rebate is 1% of the loan amount. In recent years, some mortgage intermediaries have seized business and spared no expense in cash rebates. In addition to cash rebates, banks have given companies commission rebates to prospective homeowners, so that prospective homeowners have extra cash.

In addition, the bank will discuss the "penalty period" with the prospective owner. The concept of "interest first, capital later" means that in a mortgage business, it is only a few years before the bank can earn money from the borrower, so the mortgage borrower needs to be tied to the same bank for the first two to three years. If you choose to transfer to another bank during the period, you need to pay a proportional loan amount, ranging from 1-3% of the loan amount. Some banks may require the prospective buyer to repay the cash rebate given to the prospective owner.

When banks provide mortgages, most of them will provide "fire insurance" and "home insurance". The so-called "fire insurance" is to protect the property structure. Some management companies have purchased "fire insurance" for the entire housing estate, and prospective owners can save the cost. "Home insurance" mostly protects against losses caused by accidents in the home. Prospective buyers should pay attention to that some banks offer "fire insurance" or "home insurance" as a gift, which is to give away the second year's insurance, so as to require buyers to purchase the first year's insurance with the bank. Some insurance companies have "home insurance" to purchase. Prospective homeowners can check with insurance practitioners on their own, depending on the amount of insurance and the scope of coverage. It is worth noting that when applying for a mortgage, some banks will provide an additional "MORTGAGE LINK" account, which is a savings account that uses customer deposits to offset mortgage interest expenses, and can deposit up to half of the building loan amount. There are two types of this account, one is to charge interest directly; the other is to deduct interest from the principal.

Whether it is a new house or a second-hand house, you can get a mortgage loan. Since the price of a second-hand house is higher than that of a new house, many people turn their attention to the second-hand house market. Second-hand housing mortgage loans, the following editor will introduce.

Second-hand housing mortgage loan means that when an individual purchases a house and the seller has a house property certificate and can trade houses or commercial houses on the market, he pays a proportional down payment by himself, and the rest is mortgaged by the property to be purchased, and the cooperative institution applies for a loan.

1. Possess a legal identity certificate, that is, a legal citizen;

2. Have personal credit and have the ability to repay the principal and interest of the loan;

4. The property rights of the house purchased should be available for circulation in the real estate market;

6. It is necessary to open an account with CCB and deposit enough down payment;

8. Applicants must meet the requirements of other matters stipulated by the bank, otherwise they may be rejected.

5. If there is a borrower, it is necessary to provide a written commitment signed by all parties of the borrower with clear repayment responsibilities;

7. The house seller signs the "House Sale", and the house seller provides the transfer account number;

8. If the collateral is assessed, the lender will approve the assessment institution to issue a collateral assessment report;

⑴Submit materials and make an application

Buyers and sellers bring relevant materials and go to the bank. Receive and fill in the second-hand housing personal loan application form, and submit the materials to the staff for review after completion. The staff will evaluate the materials and give the loan amount and term. Then the three parties agreed on a time, and the bank contacted the designated real estate evaluation agency to inspect the house for evaluation.

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