95% Mortgages - easy to get??

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  1. #21

    Join Date
    Jan 2009
    Posts
    330
    Quote Originally Posted by UK/HKboy:
    its always good to have a pre-approval even if just to have a back-up. you can always look around for better rates but at least you know you have a bank which is willing to lend you that amount.
    I don't think the pre-approval is legally binding to the bank, so it's worthless.

  2. #22

    Join Date
    Mar 2006
    Location
    Hong Kong.
    Posts
    1,355
    Quote Originally Posted by Safran:
    YES!

    I heard of people losing HK$100,000 or HK$500,000 or more!

    Be careful, don't give a high down payment if you are not pretty sure the banks will lend you the money!
    Not necessarily. While the above is generally true, it is possible to make the S&P subject to obtaining financing. Generally the vendor will resist this (surprise...), but depending on the situation and the other factors involved (eagerness to sell, negotiated valuation/prize of the property, deposit amount, etc.) sh/he might agree to this.
    Again, this is not common practice in Hong Kong and will not be easy to achieve, but if you are really concerned about the risk of failing to obtain financing it might be worthwhile to push for it.
    Last edited by beachball; 30-06-2009 at 04:43 PM.