1. The loan amount remains unchanged: the reduction of interest rate will only affect the interest part of the loan, but will not change the loan principal. Therefore, if the mortgage term remains unchanged and the loan amount remains unchanged, then the monthly payment will not be reduced because of the lower interest rate.
2. Shorten the loan term: If you choose to shorten the loan term after the interest rate is lowered, the total amount of principal and interest repaid each month will be reduced, but the monthly payment may remain unchanged or increase slightly.
3. Cost increase: In the process of loan, in addition to interest, other related expenses may be paid, such as loan fees and insurance fees. These expenses will not be reduced because of the lower interest rate, which may have an impact on the monthly supply.
4. Interest rate adjustment cycle: The mortgage interest rate may have a fixed term and will be adjusted at regular intervals. If your mortgage interest rate adjustment cycle is different from this interest rate reduction cycle, then you may need to wait until the next adjustment to enjoy the reduced low interest rate, and the monthly payment will not be reduced immediately.
to sum up, the reduction of mortgage interest rate may not directly lead to the reduction of monthly payment. If you want to reduce the monthly payment at a lower interest rate, you can consider negotiating with the bank to adjust the loan period or find other preferential policies. At the same time, it is also recommended to pay close attention to the terms of the loan contract to avoid additional costs.
PS: Although many online loans are not available for credit investigation now, each small loan platform has its own third-party big data credit platform. If it is overdue or not paid back in one company, the third-party platform it cooperates with will leave a record, and then it is basically difficult for you to apply for a loan on other small loan platforms. You can get a big data report on "Sixi Data" to keep abreast of your big data status. It is a big data query system for online loans, providing accurate and complete data information for online loan applicants.