If the borrower's down payment ratio increases and the loan principal decreases, the possibility of loans overdue will decrease, and the loan interest will naturally decrease.
However, banks also have requirements for the down payment ratio of mortgage loans. Generally speaking, the minimum down payment of mortgage can not be less than 30% of the house price, and the maximum can not exceed 50%. Buyers who mortgage the first suite need to pay the down payment within one week after signing the purchase agreement.
In addition to the down payment ratio of mortgage, the repayment method of mortgage will also affect the interest of mortgage. The common repayment methods are average capital and equal principal and interest. The repayment method is different, and the interest calculation method is different. The loan interest in average capital is lower than the equivalent principal and interest.
In addition, we need to remind everyone that if the interest rate of bank loans changes for the buyers whose loan applications have been submitted but have not been reviewed or are being reviewed, the buyers whose loan applications have been submitted but have not been reviewed or are being reviewed will be most affected by the interest rate.
When is the mortgage down payment usually paid?
Loans to buy a house generally require a down payment when a customer chooses a house and signs a house purchase contract with a real estate developer. The customer pays the down payment, and then he can apply for a mortgage at the bank with his personal ID card, down payment receipt, house purchase contract and related income materials.
After receiving the customer's mortgage application, the bank will sort out, evaluate and review the information it provides. The first is to review the source of customers' down payment funds. After confirming that the customer pays the down payment with his own money instead of credit card or loan, he will evaluate the comprehensive credit status of the customer and confirm that all the conditions are up to standard before passing the examination and approval.
If customers don't pay the down payment in advance, they can't apply for a mortgage. Moreover, it should be noted that the down payment must reach the specified proportion, and the minimum commercial loan shall not be less than 30% (please consult the customer service of the local branch for details). Provident fund loans, the construction area of not more than 90 square meters, not less than 20%; Construction area of more than 90 square meters, not less than 30%.