Nowadays, buying a house with a loan has become the first choice for many buyers. When applying for a loan, a repayment period will be determined, and the longest period will not exceed 30 years. So many people are consulting. When signing the contract, they chose 30 years because of lack of money. Now that they are well off, can they shorten the repayment period? Next, Bian Xiao will introduce you to whether the mortgage can be changed.

Can the mortgage be changed?

Generally speaking, the loan term cannot be easily changed, but buyers can choose to apply for early repayment. There are two ways: one is to shorten the repayment period and keep the monthly repayment amount unchanged; The other is to reduce the repayment amount and keep the repayment time unchanged. At present, some banks require that if they repay in advance, they only need to reduce the monthly repayment amount and keep the loan term unchanged. From the perspective of buyers, shortening the loan period is not suitable for everyone. For buyers who choose to repay the principal and interest with equal amount, when the repayment period exceeds half of the loan period, it means that nearly 80% of the interest has been paid off within this period, and the remaining monthly payments are basically principal, so it is of little significance to shorten the repayment period in advance.

Advance repayment process

1. Check the requirements for prepayment in the loan contract first, and be sure to pay attention to whether there is a certain penalty for prepayment.

2. Call the loan bank to make clear the application time of prepayment, minimum repayment amount and other required preparation materials.

3, according to the requirements of the bank personally apply to the relevant departments for early repayment.

4. The borrower shall go through the relevant prepayment procedures at the borrowing bank with relevant certificates.

5. Submit the prepayment application form and deposit the prepayment in the counter.

Bian Xiao's conclusion: Is the above content about whether the mortgage right can be changed? I hope I can help you. I believe that after the above, you will definitely change the life of the mortgage? If you have more knowledge, you can also refer to it in the future.

Can the mortgage term be changed?

The term of mortgage loan can be changed. You can apply for early repayment after one year of repayment. Generally, the prepayment amount is an integer multiple of 1 10,000, and you can apply for changing the loan term at the same time of repayment. The time limit cannot be extended, but it can be shortened. Go to the bank to apply for prepayment, usually in equal amount, which will shorten your loan period and increase your repayment frequency.

1. Can I repay part of the mortgage in advance to change the service life?

If the bank is allowed to shorten the repayment period, but the monthly payment amount remains unchanged, then the repayment period can be changed in advance. Moreover, some banks can only modify the monthly repayment amount and cannot shorten the mortgage period. Therefore, users should repay part of their mortgage in advance, and it is best to consult the bank in advance, which cannot meet their own needs, so paying part in advance can only reduce interest.

Second, what problems should be paid attention to when repaying the mortgage in advance?

The first point: prepayment requires an appointment in advance, and prepayment has time requirements. Most banks can only apply for early repayment after the loan application 1 year, and some banks can repay in advance at any time, such as Huaxia Bank.

The second point: the borrower generally needs to make a phone call or write a written request to repay the loan in advance. At that time, he will bring his ID card and loan contract to the bank to handle the relevant prepayment procedures. The prepayment of the loan can be paid in part or in whole at one time. If the final loan repayment is settled, the bank can calculate the total loan amount+interest and deposit the repayment amount into the repayment bank card.

The third point: when repaying the mortgage in advance, we should also pay attention to the change of interest. The new interest rate standard will be recalculated in the first month of the second year after the interest rate is lowered. Therefore, the borrower should pay attention to seize the opportunity when repaying the loan in advance, and pay off the loan as early as possible in the previous year.

Fourth: If you pay off the loan in one lump sum, you must remember to surrender the loan in advance after paying off the loan, and then the bank will issue a settlement certificate. The borrower calls the insurance company with the original settlement certificate, the original policy and the original invoice to make an appointment for surrender.

The original mortgage loan is 30 years, and now it will be changed to 10 years. Can China Bank change it?

After handling the personal commercial loan, if the loan is repaid in advance, you can choose to shorten the loan term after the repayment is successful (you can also choose to keep the loan term unchanged and reduce the repayment amount). Extending the loan term involves the supervision and internal policies of the Bank of China. Please consult the business organization for details.

The above contents are for your reference. Please refer to the actual business regulations.

If you have any questions, please contact online customer service of Bank of China.

You are cordially invited to download and use China Bank Mobile Banking APP or China Bank Cross-border GO APP to handle related business.