1. Income has dropped and the monthly payment cannot be afforded.

This situation is normal, because it is difficult to do business, find jobs, and earn money, so a drop in income is very likely. In this case, it is recommended to negotiate with the bank and submit an application. Apply to extend the repayment period to reduce the monthly payment. If the loan was previously for 10 years, it can be extended to 20 years. If the loan was previously for 20 years, see if it can be extended to 30 years. This will effectively reduce the monthly payment. to satisfy your repayment ability.

2. It is impossible to pay the monthly payment in a short period of time.

If you are unable to pay the monthly payment just for a short period of time, it is still recommended to borrow money from relatives and friends to pay the monthly payment first, and then pay it back later when you have money. Don’t fail to pay it after the due date. Wait for a few Pay back every month, because if you do this, you will no longer have to deal with the bank's financial business, because if you have a credit record, you will be rejected in many aspects in the future, so you must pay back the monthly payment as scheduled.

3. Unable to afford the monthly payment due to unexpected changes.

If you cannot afford the monthly payment for a long time, then I suggest selling the house, first using the buyer’s down payment or money from a third-party financial company to pay off the remaining loan, and then transfer the ownership. In this way, there will be some money left after the loan. See if you can buy another house elsewhere. You must not cut off the payment directly, because this will not only put a black mark on your credit report, making it difficult to get another loan in the future, but also inevitably lead to the house being seized and auctioned. You don’t have the final say on the price of a house auction, because the court also wants to close the deal as soon as possible, so most properties are auctioned at a discount, and the final transaction price is difficult to reach the market price. Although the bank will give you the money after the auction money is repaid, but Definitely a lot less than selling out on your own.

What should you pay attention to when repaying a mortgage?

1. Pay attention to changes in monthly payments.

Some friends think that to repay a mortgage, you only need to deposit money into the repayment account on time every month. However, this idea is incorrect because you also need to pay attention to whether there are changes in the bank's base interest rate. , once the bank's base interest rate changes, your monthly payment will also change accordingly. Therefore, sometimes the monthly payment may increase in a certain month. If you are not prepared in advance and fail to pay, it will be judged as overdue repayment, which will have a great impact on your credit.

2. Pay attention to bank card transfers.

Although most bank transfers can now be credited in real time, and some friends will deposit the house payment into the repayment account through bank transfer before the transfer date, house buyers should pay attention. If the amount is too large, it may not be credited in real time. Therefore, when you transfer money to a mortgage bank card, if the amount is too large, it is best to transfer the money in multiple batches to ensure that it can be received in real time to avoid overdue loan repayments.

3. Repay the loan early.

Most of my friends buy houses for their own living, so they naturally don’t want to bear the burden of mortgage loans all the time. The current mortgage interest rates have been high and even showing an upward trend. Therefore, many house slaves are You want to repay your loan early to avoid the risk of overpaying interest. However, you need to know that if you apply for early repayment of the loan within one year, you will have to pay liquidated damages. In this case, it is obviously not cost-effective for you to repay the loan early.

4. Be careful about breaking the loan.

Nowadays, the time to repay a loan is very long, ranging from twenty years to thirty years. Many people may have some financial problems during this period. But no matter what kind of problems you have, you cannot choose to cut off the payment without money, because the bank will have very serious penalty rules, and the bank's penalty interest cannot be underestimated. Once you fail to repay the payment for more than six months, the bank will Your property will be auctioned. Not only will there be a black spot on your credit, but the house that was about to belong to you will also be gone.