The reason why mortgage loans need to be repaid for a long time is because if the loan term is long, the interest charged will be more, the total repayment amount will be large and the repayment burden will be heavy.
In this way, if prepayment shortens the repayment period, it can reduce certain interest and settle the debt in advance.
Of course, if you don't have enough funds to make long-term loans and short-term loans, you must first repay them in installments according to the repayment plan agreed in the loan contract.
Be sure to pay it back on time, so as to avoid overdue situation and affect personal credit.
It should also be noted that long-term loans and short-term loans also need to choose the right time. If the prepayment is in the case that the mortgage has just been repaid, it may be necessary to pay a certain penalty.
Therefore, it is best to repay long-term loans and short-term loans after a specified time (mostly one year).
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Extended data:
Why does mortgage loan take a long time?
Most people generally think that it is better to take a long-term mortgage loan, because for ordinary people with average economic income, if the loan term is long, the monthly repayment amount will be less, so the monthly repayment burden will be lighter.
If the loan amount and interest rate are the same, the loan term will be shorter, the monthly repayment will be more, and the repayment pressure will be greater. If the funds are tight and you can't repay on time, it will easily lead to overdue and affect your personal credit.
It is suggested to choose the appropriate loan term according to your own economic strength and repayment ability.
Under normal circumstances, the monthly payment should not exceed 50% of the monthly salary, otherwise the quality of life may be affected.
Of course, it should also be noted that although a longer mortgage can reduce the monthly repayment pressure, it is precisely because of the long time that the total interest to be repaid will eventually be more.
If your repayment ability is sufficient, you don't have to choose a longer loan term.