Money Moves

Taking the hassle out of mortgage applications

by Wing Kei

Joyce Mok, deputy head of marketing, PrimeCredit Limited
Photo: Terry Tsui

Applying for a mortgage can be a complicated process for potential homeowners. It can seem just as complex for property owners who want to refinance, particularly if they live in relatively old apartments or need to demonstrate a proven payment record to qualify for the most attractive mortgage plans.

In order to put applications on the fast track, PrimeCredit Limited has recently introduced a Flexi Mortgage Plan. Deputy head of marketing Joyce Mok says the plan offers a fast and flexible service to provide customers with mortgages. The whole process may now take no more than two days. The company gives equal consideration and similar terms to people who are irregular salary earners, investors, self-employed, or are unable to provide sufficient proof of income.

The scheme includes services for home purchase, refinancing and cash flow improvement. If necessary, it also covers short-term investments and gives assistance with the repayment of outstanding loans or for high-interest credit card debts.

"The new plan offers mortgage services even for customers without detailed documents to support their financial track record," Ms Mok explains. "Our objective is to cater for the needs of customers who are usually underserved by conventional mortgage services."

There was a soft launch in September last year to get feedback and iron out some of the details, prior to the full launch in March. So far, things are going well.

The mortgage plan is suitable for all kinds of property, regardless of age or location. It is also geared towards the needs of investors, with a short prepayment penalty period and low handling fees.

"Customers can apply online and we have tried to make the procedures as simple as possible," Ms Mok says. "In spite of the recent interest rate increases, we see the property market as bullish in the long run and think there will be increasing demand for mortgages."

PrimeCredit is also teaming up with leading property agency Centaline to obtain more client referrals. "The target is to expand our customer base through this partnership," adds Ms Mok. "As an incentive, we will be giving successful applicants before May 14 a maximum of HK$1,000 as a house warming gift, but for customers referred by Centaline, we will pay the legal fees."

Taken from Career Times 21 April 2006, p. A2
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