You can repay part of the loan first. There are generally two ways to repay part of the mortgage in advance: first, according to the original loan contract, the loan term and interest rate remain unchanged, and after paying off part in advance, the monthly repayment amount will be reduced accordingly; The second method is that the loan period is short, and the repayment is made in installments according to the original loan contract interest rate, and the monthly repayment amount remains unchanged.

What should I prepare for repaying the loan in advance?

1. During the loan period, with the consent of the bank, the borrower may ask the bank to repay in advance or in full one year after the loan is issued. Under normal circumstances, it takes 2 to 7 days for banks to handle this service, and the regulations of major banks on prepayment are different. Therefore, before prepayment, borrowers must understand the bank's operation process and prepare the corresponding information.

2. If the borrower needs to repay the loan in advance, he can apply by phone or in writing, and handle the loan formalities with his ID card and loan agreement. If the borrower has paid off all the loans, the bank should return the deposits in advance after calculating the loan balance.

3. Some banks will charge interest for prepayment, and pay the corresponding liquidated damages according to regulations, which are listed in the loan agreement, while some banks will repay at the interest of 1-3 months. If the other party says that he will pay liquidated damages, he must ask first and then give him a sum of money.

Mortgage prepayment process

1. If you want to repay the loan in advance, you need to call the bank customer service first, make an appointment, and then go to the bank counter near the loan bank with your ID card, repayment card, loan contract and other materials.

2. Go to the counter to get the advance payment application form first, and give the completed form and related materials to the staff. After the lender accepts it, it will conduct an audit. After passing the examination, the customer is allowed to deposit the money repaid in advance into the repayment card, and the bank will automatically deduct the money.

In addition, you should know that it is conditional to pay back the money in advance. The bank won't let you start paying back the money until the house is finished. Some people will ask you to pay you back for half a year according to the contract time, while others will ask you to pay back for more than one year on time.