Should You Get a Remortgage In Hong Kong?

Hong Kong's house prices are among the most expensive in the world, and people are starting to realize this could be bad for the economy. It's not just about paying the mortgage or saving for retirement—house prices are also a big problem for the young, who could be looking to buy their own family homes.

Our homes are our biggest investment. Whether it is a new home or a second home or an investment property, we all wish to make the most of our money. In our quest for a better life, we often wonder whether it is worth remortgaging our homes, either for a new buyer or a better rate. How about you do a remortgage in Hong Kong?

What is Remortgage?

A remortgage is the act of transferring your mortgage from one lender to another. It will happen when you move house. It can be used to save money, move house, or due to unforeseen circumstances it can be used to make the right move. There are a number of reasons for remortgaging. If you have a certain amount of equity in your property, or if you have a certain amount of debt, then remortgaging can be a great way to slash your monthly payments.

Hong Kong's average house price is about HK$ 8,000 per sqft, which is almost 5 times the price of the average house in the UK, therefore making it a very expensive place to live. But it is not just the cost of living that makes selling a house rather difficult, it is also the fact that selling a house to a foreign buyer is a real challenge.

Remortgaging a house is a very common practice in Hong Kong. In fact, it is a popular method to increase the value of your property and, at the same time, to reduce the amount of loan you have to pay. It is a great way to avoid mortgage stress and to save money!

Remortgage and Its Fair Share of Pros and Cons

Remortgaging your property is a decision full of benefits and drawbacks. The benefits of remortgaging include being able to raise large amounts of money to purchase a property, which you can use to pay off a mortgage, therefore, reducing the amount of borrowing you need to do. However, remortgaging can have a negative impact on your credit score, since it may result in a high debt to income ratio, therefore, making it harder to apply for a loan in the future.

A great way to get the best deal on a property is to use a mortgage broker to get your interest rates down and get you a better deal on your mortgage. The big problem for many people is that you have to trust the mortgage broker and believe that they will find you a great home and negotiate a great deal. Helping you to get the best deal and the best mortgage is the job of a mortgage broker in Hong Kong.

Before You Apply for A Remortgage…

Getting a remortgage in Hong Kong can be a stressful time. You have to do a lot of detective work to find the most suitable home loan for you, and most of your decisions will be made with a nervous glance at a screen, with a live chat support representative inevitably applying the most significant pressure. How do you know that the mortgage broker you speak with is being honest with you? What are the most important things to look for when applying for a remortgage in Hong Kong?

When you are applying for a remortgage in Hong Kong it is important to minimize the stress. The most common stress arises when the client does not take the time to find out their credit score. The credit score is the most important information in the loan application. It will determine the loan amount, interest rate, duration of the loan, and many other factors.

Why choose the best mortgage broker in Hong Kong?

While paying off debt may seem like a daunting task, it doesn't have to be. With the right amount of research and work, you can find a great mortgage lender to help reduce your debt and save for your future. It's also important to make sure you are comparing apples to apples when choosing a mortgage company. For example, if you are looking to get a prime mortgage, you want to compare the prime rates of the company to the prime rate of your local bank.

Yes, you read it right...if you are in Hong Kong and if you have a good credit history, you can easily remortgage in Hong Kong. It is not difficult to find a mortgage lender that will help you to find a suitable lender in Hong Kong for your remortgage. In fact, you can find a lot of lenders when you conduct a search for it but nothing beats the best mortgage broker in Hong Kong that we know – that is the 28 Mortgage and Prime Mortgage.