Mortgage

[rhino533]

When applying for a Mortgage should my wife and I apply to more than one Bank at the same time? Or is it better to apply one by one. We have never applied for a mortgage before and want to make sure that it's fine to apply to more than one bank at a time. Thanks for any comments!!

[DonTron]

I dont know what will be best to do.

Just make sure that if you dont get the mortgage, ask the banker "Why?"...

- Why didnt we get the mortgage?

- What extra papers/numbers are we missing in order to get it?

- What could we have done better?

If you keep asking them these questions you will end up with a lot of good knowledge on how to be qualified for a mortage in Thailand.

And have a much better chance with the next banker.

Edited March 28, 2009 by DonTron

[bojo]

When applying for a Mortgage should my wife and I apply to more than one Bank at the same time? Or is it better to apply one by one. We have never applied for a mortgage before and want to make sure that it's fine to apply to more than one bank at a time. Thanks for any comments!!

My wife applied to Siam Commercial and Bangkok Bank at the same time, the former offered 60% loan and the latter 70%. The banks we're aware that we applied to other's.

Siam commercial charged a survey fee of just over 2000b and Bangkok Bank had a promotion 2 months ago and the survey was free. Siam commercial had some very unprofessional practices when making the application on our behalf, seemed to be the norm! Have heard some stories and they're only stories I should add that the banks documentation really needs to be checked prior to completion at the land offices. Apparently additional charges can be levied and grave errors made with the consumer always footing the bill.

regards

Bojo

[mark5335]

When applying for a Mortgage should my wife and I apply to more than one Bank at the same time? Or is it better to apply one by one. We have never applied for a mortgage before and want to make sure that it's fine to apply to more than one bank at a time. Thanks for any comments!!

If you (or wife) haven't borrowed previously in Thailand, then I would recommend applying to more than one bank. However, if you have built up a good record in the National Credit Bureau (with credit cards, car loans etc.), applying to one bank should be okay.

I recently got a Thai mortgage approved (borrwer is wife with me a guarantor). After having experienced the painfully slow decision-making form Bangkok Bank Singapore branch a couple of years ago with a mortgage loan in my name , this time we decided to see a foreign owned bank. They approved the loan in less than one week, with LTV of 80% and interest rate in 1st year of 1.74% pa. No need for us to go to see another bank. Both the wife and I had good records with NCB which was important in getting the prompt approval, along with meeting the Bank's debt servicing criteria.