What procedures do I need to go through after paying off my mortgage?
After the loan is paid off, you need to go to your bank to settle the loan. The bank will issue the corresponding loan settlement certificate, and you need to take it to the Housing Authority to cancel the mortgage. When handling the mortgage, the bank will generally mortgage the property, and your real estate license also has the mortgage registration mark. You can't go public until you pay off the loan. Once the mortgage is paid off, the mortgage registration should be cancelled in time. At this time, the lender shall go to the local housing management department with the completed mortgage cancellation application form, house ownership certificate, house ownership certificate or mortgage certificate. Only in this way can you get full ownership of the house.
Which repayment method of mortgage is the most cost-effective
1, there is a popular saying that banks should charge interest first when lending, and pay off all the interest in the early stage of monthly payment, and then pay off the principal after paying off all the interest. In fact, this statement is incorrect. When banks calculate the mortgage repayment amount for borrowers, they usually calculate the interest on a monthly basis. The borrower's monthly repayment consists of two parts, one is the principal and the other is the interest. The sum of the two is exactly the monthly payment.
2. At present, bank loans are divided into two repayment modes: equal principal and interest and average capital. Matching principal and interest means that the sum of principal and interest paid every month remains unchanged. The average capital is the total monthly repayment, in which the principal remains unchanged and the interest is calculated separately. There is also a saying that average capital's repayment method is more cost-effective than matching principal and interest. There are also misunderstandings in this formulation.
3. Assuming that the borrower chooses the repayment method of equal principal, the total loan amount is 6,543,800,000 yuan, and the average repayment of principal is 6,543,800,000 yuan, so the monthly repayment of principal is 6,543,800,000 yuan. 1 month repayment: 1 10,000 yuan principal plus the interest payable on the borrowed 1 month principal; By next month, the principal will still be 10000, plus (100- 1)= 990000, and the interest payable on the loan will be 1 month. Obviously, the interest next month is less than this month (less principal), so the total repayment amount is also less than this month.
The previous article introduces what procedures need to be handled after the mortgage is paid off, and what kind of repayment method is the most cost-effective. There are generally two repayment methods to choose from when applying for a mortgage, and the repayment method is also very important when applying for a loan. You must pay attention to choosing the appropriate repayment method.