Users must repay the mortgage in advance once a year. Generally speaking, you can apply for 1-2 prepayment within one year, but users can choose how to apply. For example, users can choose to apply for prepayment once a year or once every three years. When applying for early repayment, you need to pay attention to whether you need to pay liquidated damages.

Early repayment of mortgage can save interest expenses and reduce repayment pressure, but early repayment needs to pay attention to the time node, and early repayment at the right time is more beneficial to users.

What should I pay attention to when repaying my mortgage in advance?

1, make an appointment in advance

During the loan period and within one year after the loan is issued, with the consent of the bank, you can apply in writing to repay part or all of the loan in advance. General banks need 2-7 working days to handle this business. Banks have different regulations on early repayment of loans, so lenders must make clear the operating procedures of loan banks before deciding to repay loans in advance.

2. The loan documents should be ready.

If the borrower needs to repay the loan in advance, he should generally apply by phone or in writing and go through the examination and approval formalities at the bank with his ID card and loan contract. If it is a borrower who has settled all the balance, after the bank calculates the remaining loan amount, it is convenient for the borrower to save enough money to repay the loan in advance.

If it is a customer or owner of the sub-mortgage business, it is best to find a professional guarantee institution to do entrusted notarization, so as to avoid the risk that the customer will not buy it after the owner repays in advance or the owner will raise the price after the customer pays the final payment with the down payment.

3. Calculation method of interest rate after interest rate reduction

The new interest standard will be calculated at the beginning of the new year, so even if the loan is to be repaid in advance, the lender should seize the opportunity and try to repay the loan in advance before the new interest takes effect at the end of the year. After paying off all the loans in advance, the lender should remember to surrender to the insurance company and other departments.

Step 4 give up

After the lender settles all the final payment in advance, the bank will issue a settlement certificate, and the borrower can call the relevant insurance company to make an appointment to surrender with the original loan settlement certificate, original policy and original bill issued by the bank. When the borrower applies for a loan, the bank will register the mortgage.