Matters needing attention in applying for mortgage
1, apply for a mortgage and do what you can.
Some people think that the bigger the loan amount, the better, but it is not! Because you have to pay the mortgage and interest. If your loan term is longer and the loan amount is larger, you will have to pay more loan interest and increase your repayment pressure.
2. Choose the right repayment method
At present, there are two common ways of mortgage repayment: equal principal and interest repayment and equal principal repayment. Among them, the latter is more economical than the former, but the pressure of prepayment is greater, and borrowers can make reasonable choices according to their own income.
3. Prepare loan information in advance.
Before applying for a mortgage, the borrower should consult the bank about the procedures required for the loan, so as to make preparations in advance and save the time for loan approval.
4. Repay in full and on time.
After obtaining the loan, the borrower must repay the loan in full and on time in accordance with the provisions of the loan contract, so as not to leave a bad credit record and cause unnecessary trouble.
Remember to cancel the mortgage after paying off the loan.
After the borrower pays off the mortgage, don't forget to go through the mortgage cancellation procedures, otherwise the house will always be mortgaged in the bank, and it will be impossible to apply for a real estate mortgage loan in the future.
6. Understand the mortgage requirements.
Knowing the mortgage requirements before applying for a mortgage, different banks have different requirements, especially the determination of the borrower's income, so it is necessary for borrowers who want to get a loan smoothly to know.
7. Choose the right loan bank
The implementation standards of mortgage interest rates of different banks are different. Some banks can offer discounts, some banks implement benchmark interest rates, and some banks will float. Therefore, if the borrower wants to save the loan cost, it is best to compare several banks to see which bank has a low interest rate before lending.
8. Choose a good repayment method
At present, there are two ways of mortgage repayment: equal principal and interest repayment and equal principal repayment. Among them, the equal principal and interest repayment method has the same monthly repayment amount, which is convenient for borrowers to remember, but the total interest expenditure is more; However, the repayment method in average capital has great pressure on prepayment, but the monthly repayment amount is the same as the principal, and the interest is decreasing, and the total interest expenditure is less than the equal principal and interest.
9. Determine the loan amount and term.
You can't blindly pursue a high-amount and long-term loan when applying for a mortgage, because the higher the loan amount and the longer the term, the more loan interest you need to pay, which increases the loan cost.