Both 20-year and 30-year mortgage loans have their own advantages. The monthly repayments for a thirty-year loan will be less than those for a twenty-year loan, so the repayment pressure will not be great. But also because the thirty-year loan is longer, you will have to pay more interest when repaying the mortgage. It is recommended that customers with certain financial resources and sufficient repayment ability choose a twenty-year loan, while customers with average repayment ability are recommended to choose a thirty-year loan in order to avoid excessive repayment pressure and reduce the risk of overdue.

Eight things to note when buying a house loan

Notes 1. When applying for a home loan, you should act according to your ability

Some people think that the larger the loan amount, the better. In fact, This is not the case! Because you have to repay the mortgage after you get it, and you also have to pay interest. If your loan period is longer and the loan amount is larger, you will pay more loan interest, which will increase your repayment. payment pressure.

Note 2. Prepare loan information in advance

Copy of ID card, household register, marriage certificate or single certificate, education certificate, income certificate and bank Statement of statement, copy of the house purchase contract and down payment invoice, social security related certificates, etc.

Another important point is that if you have a bad credit record for credit card repayments, you must apply to clear it or issue relevant certificates.

Note 3. Provide true information

If the loan buyer provides false information to the bank, it may have serious consequences: at least it will affect the bank's review and the loan will not be granted. , unable to realize one's dream of living; more seriously, it may be that the individual provides false materials, resulting in the inability to apply for a loan, causing the developer to require the home buyer to bear the liability for breach of contract for late delivery of mortgage information and commercial housing pre-sale contract, and to pay a considerable amount for breach of contract. gold.

Note 4. Be clear about the repayment method in advance

Nowadays, there are two main repayment methods for bank loans to buy houses, namely equal principal and interest and equal principal. Although the interest on the equal principal amount is less, the monthly payment is high and the pressure is relatively high. The total interest for equal principal and interest will be higher, but the monthly repayment pressure will be less. You can choose the appropriate repayment method by comprehensively considering your own situation.

Note 5. Do not repay in advance within one year

According to the relevant regulations of bank loans, partial early repayment should be made after one year of loan repayment, and the refunded The amount should exceed 6 months’ repayments.

Note 6. Repay the loan in full and on time

After obtaining the loan, the borrower must repay the loan in full and on time in accordance with the provisions of the loan contract to avoid leaving a bad credit record , causing unnecessary trouble.

Note 7. If you are unable to repay the loan on time, you can apply for an extension

After the loan application is approved, the home buyer can repay the loan every month. What if you encounter difficulties along the way and are unable to repay the loan on time? Home buyers can apply to the bank to change the loan term, and if the lending bank agrees, the loan can be extended.

Note 8. Remember to go through the mortgage cancellation procedures

After the borrower has paid off the mortgage, he must not forget to go through the mortgage cancellation procedures, otherwise the house will always be mortgaged in the bank. If you then It is impossible to apply for a real estate mortgage loan.