Mortgages for foreigners

Legal Legal - Real Estate & Housing
21

From my experience fighting banks for credit cards, Google FSC and make a complaint on their website about what is happening at Mega mentioning that you are a long time client of theirs and it is discrimination.

They will run point for you to the bank and you may Likely get what you want. I was denied credit cards before as I’m an untrustworthy foreigner and they helped me out. I have several cards now.

This situation occurs because usually some idiot at the bank calls upstairs and speaks to another idiot and not the head office and they figure this is so mafan so just say no. However that may not be the banks official policy at all.

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22

Taiwanese banks are a bit weird on this, the interest and the margin is not that transparent. I remember when I got a mortgage very few bank offered something simple like 3m taibor + margin, but instead they force you to go with their own reference rate they can’t really explain except it’s “better” than using taibor.

Anyway, all in the rates are around 1.5%(this was in daan, so I would expect them to be slightly higher in some less liquid market)

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23

The funny thing is, isn’t the house’s title the guarantee of the mortgage? It’s a secured loan, unlike a credit card. Pretty low risk as they can always seize the property.

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24

Yeah, but you’re using logic and common sense.

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25

I’m with first bank. 2% interest.

26

Gosh, we think 2% is highish . 1990 UK , I got a mortgage for 90.000 GBP…it was 12.5% I think :open_mouth:

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27

It says here http://inflation.iamkate.com/ that inflation in 1990 uk was close to 10%, so your 12.5 doesn’t seem to me that different from today’s 2. Or am I missing something ?

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28

Overall a lot lower in interest and house pricing than where I came from, aus.

29

Those percentages are soooo low! The mortgage rate in the US and Canada is between 3-5%. Over 20-30 years that is a lot of money. Wow.

30

Seems high. What reference rate would that be using ?

31

US rates: https://www.bankofamerica.com/mortgage/mortgage-rates/

Canada is a bit lower, 3-4%.

32

Those fixed interest mortgages are way cheaper than you would get in taiwan, or Europe for that matter. After inflation it’s around 2%

The arms are odd though, is it common to use libor as reference rate in the us ? Would have expected the reference rate would be eg treasuries

33

Thanks for all the posts. Just an update, after being given the finger by Mega Bank, I later went to HSBC and was offered a mortgage with no strings attached at all. Rate was quoted at 1.63% and no need for a local to co-sign as a security. HSBC were very welcoming and very professional, which is more than can be said for Mega Shite. I shall be soon closing my account with them.

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34

I just closed my account with Taichung Bank a few months ago as my way of giving them the finger for the trouble they gave me.
However banks are so big they don’t care if random customers quit. Plenty more

But it made me feel better to not support them.
Good to hear HSBC was accommodating

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35

Yes, I was thinking the same thing, the guy at Mega didn’t seem to care one bit. The whole ordeal seemed very amateur as well. I mean, how can you chat with a customer about a mortgage and not even ask what my salary is. HSBC was just on a totally different level, more like… a bank.

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36

Thanks, and what kind of down-payment did they need?

37

They said it was completely up to me. They allow mortgages of up to 80% but I’m planning on putting about 50% down.

38

Thanks, and congrats

39

So when are you visiting us to celebrate ? :slightly_smiling_face:

40

I’ll be broke by then! LOL

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