Dec 31 2014, 12:19 AM
QUOTE(wild_card_my @ Dec 30 2014, 09:45 PM)
1. No, there would not be any problem with selling the house under the market value.
2. No problems whatsoever. The rule is that the first 2 properties can be bought at 100 or 90% margin of financing (MOF), while the 3rd and beyond residential property loan will be capped at 70% MOF.
I have helped many youngsters get their 100% loan schemes, no issue as long as you qualify
3. I don't represent MBSB so I cant speak for them. However, do note that buying a house requires paying the house for 100% of the selling price, plus about 2% loan agreement legal fees and 2% SPA legal fees. With the 100% loan that I do, it covers the 100% of the selling price, not the 2% + 2% legal fees that you need to pay as well.
The interest rates for 100% loans are the same as other normal loans, I am not sure about MBSB though. I heard their rates are higher than normal.
What if the 2nd property already finished pay off all the loan amount and buying 3rd property also subject to 70% MOF?2. No problems whatsoever. The rule is that the first 2 properties can be bought at 100 or 90% margin of financing (MOF), while the 3rd and beyond residential property loan will be capped at 70% MOF.
I have helped many youngsters get their 100% loan schemes, no issue as long as you qualify
3. I don't represent MBSB so I cant speak for them. However, do note that buying a house requires paying the house for 100% of the selling price, plus about 2% loan agreement legal fees and 2% SPA legal fees. With the 100% loan that I do, it covers the 100% of the selling price, not the 2% + 2% legal fees that you need to pay as well.
The interest rates for 100% loans are the same as other normal loans, I am not sure about MBSB though. I heard their rates are higher than normal.
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