What is the most cost-effective way to get a home loan

① Reduce the down payment: Every city has minimum down payment requirements for loans to buy a house. When applying for a home loan, home buyers can choose to follow the minimum down payment. down payment ratio to cover the down payment.

② Pay attention to loan methods: There are several ways to buy a house with loans. Different loan methods generate different interest rates, such as provident fund loans, commercial loans and combination loans. Although most people now use commercial loans. Loans, but in fact provident fund loans have lower interest rates than commercial loans, and can save more loan costs.

③ Pay attention to the loan period: When getting a mortgage, home buyers should pay attention to choosing the loan period. If the home buyer chooses the loan period without considering his own emergency, then the shorter the loan period, the better the loan period. Then the cost of buying a house with a loan will be lower.

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1. How to calculate interest on loan for house purchase

①Equal principal and interest calculation formula Calculation principle: The bank first collects the remaining principal from the monthly payment The interest on the monthly payment is paid, and then the principal is collected; the proportion of interest in the monthly payment decreases as the remaining principal decreases, and the proportion of principal in the monthly payment increases as the amount increases, but the total monthly payment remains unchanged.

②Equated principal calculation formula Monthly repayment amount = monthly principal Monthly principal and interest Monthly principal = principal / repayment month Monthly principal and interest = (principal - total accumulated repayment) x monthly interest rate 1. Equal principal and interest method: calculation formula: monthly repayment = principal monthly interest rate [(1-month interest rate)^n/[(1-month interest rate)^n-1]; where n represents the number of loan months, ^n represents the nth power, such as ^240, which represents the 240th power (loan for 20 years and 240 months).

How to apply for a reduction in mortgage interest

When taking a loan to buy a house, many people take a commercial loan. The interest rate is determined by the bank that borrows the loan. The bank stipulates that the personal housing loan interest rate shall be based on the latest month. The loan market quoted interest rate LPR of the term is formed by adding points to the pricing benchmark, that is, the interest rate level = the LPR plus points value of the corresponding term in the last month. However, there is room for coordination in the final loan interest rate.

If you plan to buy a house with a loan, then take a look at the latest LPR interest rate announced by the market. The interest rate is the lowest for the first home. As the number of loans to buy a house increases, the interest rate will rise accordingly. Furthermore, banks The final loan interest rate is determined based on the lender's loan qualifications. A strong repayment ability and good credit will help reduce the loan interest rate. If you have already taken out a loan to buy a house, you cannot apply for a lower mortgage interest rate. If the interest rate is floating, the bank will adjust its mortgage interest rate during the re-pricing cycle selected by the lender.

1. The interest rate of the first personal home renovation loan shall not be lower than the LPR of the corresponding period.

2 The interest rate for a second personal housing loan shall not be lower than the LPR plus basis points for the corresponding period.

3 The provident fund personal housing loan interest rate policy will not be adjusted for the time being.

4 If you have already taken out a loan, you can only wait until the repricing cycle, and the bank will change it according to the latest LPR adjustment.

When applying for a loan to buy a house, you must ensure that the interest rate is low. First, apply when the market LPR quotation is low. Second, improve your loan qualifications and choose a bank with a closer relationship with you to apply. If the interest rate is finally determined If it is higher, it is recommended to choose a floating interest rate.

What is the most cost-effective way to buy a house with a loan?

Many people choose to take a loan to buy a house due to financial constraints. This is also to relieve the financial pressure on themselves. After all, not many families can afford to pay in one lump sum. There are many ways to pay for a house, but there are many ways to get a loan. So what is the most cost-effective way to get a loan to buy a house? Let’s learn more about it with the editor below. \r\nHow to get the most cost-effective loan to buy a house\r\n1. Try to use provident fund loans\r\n1. Try to use provident fund loans. Because judging from the current loan interest rate implementation on the market, the interest rate of commercial loans will be a little higher than the interest rate of provident fund loans. \r\n2. If we use the loan interest rate of more than 5 years as an example, then the interest rate of commercial loans is 6.55, while the loan interest rate of provident fund is 4.5. It can be seen that the loan interest rate of provident fund is about 2 less than the commercial loan interest rate. Click around.

\r\n3. If the loan amount is 500,000 yuan and the loan period is 20 years, it will be calculated based on the repayment method of equal amounts of principal. If you use a commercial loan, you will have to pay an interest of approximately 328,864.59 yuan; if you use a provident fund loan, you will only need to pay an interest of approximately 225,937.48 yuan. It can be seen that provident fund loans will pay about 100,000 yuan less interest than commercial loans. \r\n4. In addition, if the provident fund loan limit of the house buyer is not enough to pay for the house purchased, the house buyer can also take a loan from a combination of provident fund and commercial loan. This combination loan will be more cost-effective than a commercial loan. A better deal. \r\n2. Choose the equal principal repayment method\r\n1. There are two ways to repay a housing loan: equal principal repayment and equal principal and interest repayment. \r\n(1)Equal principal repayment. \r\nWhen a borrower starts making monthly loan repayments, the monthly loan repayment burden is a bit heavy. But as time goes by, the borrower's repayment pressure will gradually ease because the total interest rate on the loan is relatively low. \r\n(2) Repayment of principal and interest in equal installments. \r\nThe principal in the monthly repayment amount will slowly increase, and the interest will slowly decrease. However, the borrower’s monthly payment remains unchanged. \r\n2. If the commercial loan is 500,000 yuan and the loan period is 20 years, if the equal principal repayment method is used, then an interest of approximately 328,864.59 yuan will be paid per day; if the equal principal and interest repayment method is used, Repayment method, then you need to pay interest of approximately 398,223.63 yuan per ***. Compared with the two, the former will pay about 69,000 yuan more in interest, so it is more cost-effective to choose the equal principal repayment method. \r\nThe above is the relevant content of this article on how to get the most cost-effective loan to buy a house. If you want to buy a house with a mortgage loan, it is best to choose a repayment range that you can afford, and then try to shorten the loan period as much as possible, so If so, the loan interest will be much lower. I hope the above content is helpful to everyone.

How to convert a mortgage loan to a low interest rate

The method of converting a high interest rate mortgage loan into a low interest rate loan is as follows:

1. Increase the price of the down payment. For many home buyers, buying a house with full payment is undoubtedly the most worry-free operation, because buying a house with full payment means that there is no need for a bank loan. Since there is no bank loan, there is no mortgage loan.

However, there are many problems with buying a house with full payment! In this era of high-priced group housing, a house can easily cost one or two million, not to mention the housing prices in first-tier cities. It can be said that It’s ridiculously high! Although we don’t need to pay the full amount to buy a house, we can increase the down payment if our conditions are sufficient, which will reduce the burden of future repayments a lot.

2. The borrower’s credit. Nowadays, your purchase and application for a mortgage will be decided based on your own credit situation! Generally, the mortgage interest rates given will be different for different borrowers. If your loan application conditions are poor, the mortgage interest rate may be quite high! Regarding this problem, you can ask family members with relatively better conditions to apply for a mortgage, so that you may be able to get a lower mortgage interest rate, which is equivalent to disguised Lowered mortgage interest rates.

With the increasing number of home loan applications, the issue of personal credit is also of concern. Therefore, if you have the need to buy a house, you must pay attention to keeping your personal credit in good condition.

What is the most cost-effective way to get a loan to buy a house?

Most people choose to take out a loan to buy a house, which can reduce their financial burden. There are many ways to get a home loan. Which one should you choose to be more cost-effective? What should you pay attention to when buying a house with a loan? Below, follow the editor to learn about the relevant content.

What is the most cost-effective way to get a loan to buy a house?

If you have a provident fund, it is most cost-effective to use a provident fund loan, because the interest rate of a provident fund loan is much lower than that of a commercial loan. However, the prerequisite for a provident fund loan is that the housing provident fund must be paid continuously before applying for a loan, and the continuous payment period must be no less than 6 months. When applying for a loan, you can choose the repayment method of equal amounts of principal, so that the interest will be less. In addition, the longer the loan term, the higher the interest.

What are the precautions when applying for a mortgage to buy a house?

1. When applying for a mortgage, you must act according to your ability. Many people think that the higher the loan amount, the better. In fact, this is not the case. The loan amount should be based on your own repayments. Act according to your ability. Loans have to be repaid. In addition to repaying the principal, you also need to pay interest. If the loan amount is larger and the loan term is longer, the more interest will be generated, which will increase the repayment pressure.

2. When applying for a loan, you should prepare loan information in advance, such as a copy of your household registration booklet, ID card, marriage certificate or single certificate, a copy of the house purchase contract and down payment invoice, and social security related certificates. , income certificate and bank statement, etc. This can speed up the processing and avoid running around due to incomplete materials.

3. The materials provided to the bank must be true and valid. If the lender provides false materials to the bank, it will have many consequences. In minor cases, it will affect the bank’s review and prevent normal lending; in serious cases, If the home buyer is unable to apply for a loan, the developer may require the home buyer to pay penalty for late application.

Article summary: The above is what the editor introduces to you on how to get the most cost-effective loan to buy a house and some precautions for taking a loan to buy a house. Before applying for a loan to buy a house, everyone should carefully consider which loan method to choose and the repayment method.

How to get the most cost-effective loan to buy a house. Five tips to teach you how to save money on your mortgage!

House is a major event for the family, and it can also be said to be the family’s largest expenditure. If you buy a house at a high price, you can get a loan Buying a house is a must. So, what is the most cost-effective way to get a loan to buy a house? Now the editor will introduce it to you in detail. After reading it, you will understand and you can also save money.

Tip 1: Mortgage job hopping

The so-called mortgage loan hopping is "remortgage", which means that the new loan bank helps the customer find a guarantee company, repay the original loan bank, and then re-mortgage. The new lending bank handles the loan. If your current bank cannot give you a 30% discount on mortgage interest rates, you can completely switch jobs and find the most affordable bank.

It is understood that most small joint-stock banks are currently more willing to actively compete for customers. Of course, there will be some unavoidable fees for remortgage, including guarantee fees, appraisal fees, mortgage fees, notary fees, etc. However, In order to attract customers, some banks have specially launched "low-cost remortgage" services. For example, the largest fee, the "guarantee fee", can be waived, and the remaining fees are probably less than a thousand yuan.

Tip 2: Adjust interest rates on a monthly basis

Since 2006, many commercial banks have launched fixed-rate mortgage services. Since the fixed interest rate was launched at a time when interest rates were rising, it was designed to be slightly higher than the floating interest rate during the same period. As long as the central bank raises interest rates, its advantages will immediately become apparent. But once interest rates are cut, homebuyers who choose it will suffer. Therefore, under the current trend of interest rate cuts, if citizens previously chose fixed interest rates for mortgage loans, it would be cost-effective to quickly switch to floating interest rates. However, we need to remind everyone that changing from "fixed" to "floating" requires paying a certain amount of liquidated damages.

It is worth mentioning that some banks have introduced a "monthly interest rate adjustment" method. The interest rate is currently on a downward channel. If customers choose "monthly interest rate adjustment", they can enjoy the interest rate reduction in the next month. discount.

Tip 3: Provident fund transfer for loan repayment

When applying for a house purchase portfolio loan, on the one hand, try to use the full provident fund loan and extend the loan period as much as possible, so as to enjoy the benefits of low interest rates while maximizing Reduce the monthly provident fund repayment as much as possible; shorten the commercial loan period to the greatest extent, and increase the monthly commercial loan repayment as much as the family can afford. In this way, the monthly repayment structure will have a small provident fund share and a large commercial share. After the provident fund account is used to offset the monthly payment of the provident fund, the balance can be used to offset commercial loans, thus saving considerable interest.

Tip 4: Save interest by making biweekly payments

Although you still repay the same amount of mortgage every month, because the "biweekly payment" shortens the repayment cycle, it is more expensive than the original monthly payment. The repayment frequency is higher, and the result is that the principal of the loan is reduced faster, which means that the loan interest repaid during the entire repayment period will be far less than that repaid when repaying monthly. The interest on the loan increases and the principal decreases faster. Therefore, the repayment cycle is shortened and the borrower’s total expenditure is saved.

The disadvantage is that the borrower's monthly repayment date to the bank will continue to be advanced, and one more month of loan repayment will be required at the end of the year, which will increase the number of borrowers who do not have sufficient funds every month. pressure. Therefore, for people with stable jobs and stable incomes, biweekly payment is still very suitable.

Tip 5: Repay the loan early to shorten the term

Financial management experts said that you must do a good accounting before repaying the loan early, because not all early repayments can save money. For example, if the loan repayment period has exceeded half and the principal of the monthly repayment is greater than the interest, then repaying the loan early does not make much sense.

In addition, after partial prepayment of the loan, citizens should choose to shorten the loan term for the remaining loan instead of reducing the monthly repayment amount. Because the interest charged by the bank is mainly calculated based on the time cost of the loan amount occupying the bank, choosing to shorten the loan period can effectively reduce interest expenses. If the loan term is shortened and falls into a term grade with a lower interest rate, the interest-saving effect will be even more obvious. Moreover, in the process of interest rate cuts, short-term loan interest rates tend to fall by a larger margin.

Do you all know the five tips on how to get the most cost-effective loan to buy a house? I hope the above introduction can help you. If you want to know more about getting a loan to buy a house, continue to follow Tubatu. Decoration website!

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