Consider Pre-Approved Mortgages to Address Property Revaluation by Mortgage Insurers


Consider Pre-Approved Mortgages to Address Property Revaluation by Mortgage Insurers

Proactively Declaring a Haunted Property Does Not Affect Mortgage Limits, but Beware of Valuation Records

As property prices in Hong Kong continue to rise, mortgage loans have become increasingly popular as a financing tool for real estate. However, borrowers may face a dilemma of inadequate loan limits when mortgage insurers request property revaluation. This article discusses how to handle property revaluation by mortgage insurers.


Firstly, some readers may ask whether a lower valuation by a mortgage insurer than the bank's valuation will lead to insufficient loan limits. Indeed, this is possible. However, for borrowers who apply for a mortgage through major banks, mortgage insurers generally refer to the banks' valuations. Additionally, borrowers can consider pre-approved mortgages, which provide a temporary loan limit that can be used when purchasing a property in the future. This way, even if the mortgage limit is insufficient after property revaluation, borrowers still have some flexibility.


Secondly, some people worry that proactively declaring a haunted property will affect the mortgage limit. In fact, proactively declaring a haunted property does not have a direct impact on the mortgage limit. However, banks and mortgage insurers will adjust their valuations based on the declaration, so the final loan limit may be changed. It is important to note that adjusted valuation records are permanently recorded and may affect the selling price of the property in the future.


In summary, the best way to deal with property revaluation by mortgage insurers is to consider pre-approved mortgages. Also, declaring a haunted property before signing the contract does not affect the mortgage limit, but be aware of valuation records. We hope this article provides useful insights for readers in need.

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