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Mortgage Burden Likely to Get Heavier as BOK Lifts Key Rate

Mortgage Burden Likely to Get Heavier as BOK Lifts Key Rate

SEOUL, Nov. 30 (Korea Bizwire) — Households may have to cope with higher mortgage rates as the Bank of Korea (BOK) raised its key interest rate for the first time in a year, market watchers said Friday. In a widely anticipated move to cool property prices, the BOK lifted its key rate by 25 basis [...]

Mortgage Growth Slows in Dec. Amid Interest Rate Hike

Mortgage Growth Slows in Dec. Amid Interest Rate Hike

SEOUL, Jan. 4 (Korea Bizwire) – The growth of mortgage loans in South Korea markedly slowed last month amid indications of interest rate hikes and a downturn in the real estate market, data showed Wednesday.  Outstanding home-backed loans extended by six major banks here – KB Koomin, Shinhan, Woori, KEB Hana, NH and the Industrial [...]

Population Movements Fall in June on Mortgage Regulations

Population Movements Fall in June on Mortgage Regulations

SEJONG, July 26 (Korea Bizwire) – The number of South Koreans changing their residences dropped nearly 13 percent on-year in June as the housing market showed signs of slowing, the state statistics agency said Tuesday. A total of 567,000 South Koreans changed their residences in June, down 83,000, or 12.8 percent, from a year earlier, [...]

S. Korea Banks to Tighten Mortgage Rules in Provincial Areas

S. Korea Banks to Tighten Mortgage Rules in Provincial Areas

SEOUL, Nov. 19 (Korea Bizwire) – South Korean banks will likely impose tougher rules for screening mortgages in non-capital areas starting next year, joining government-led efforts to rein in the country’s runaway household debt, industry sources said Thursday. The financial authorities have asked local banks to use the debt-to-income (DTI) ratio when they screen mortgage [...]

Discover Home Loans Poll: Buyers Believe a Home is a Good Investment but Many Are Unprepared for Mortgage Process

Discover Home Loans Poll: Buyers Believe a Home is a Good Investment but Many Are Unprepared for Mortgage Process

  RIVERWOODS, Ill. July 21, 2014 (Korea Bizwire)–Homebuying season is in full-swing and a recent independent poll  commissioned by Discover Home Loans shows that 94 percent of prospective  buyers believe they are making a good investment by purchasing a home.  Although 87 percent are confident they will find an affordable home  loan, the poll shows [...]