What is the mortgage for buying a house?
1, mortgage to buy a house's popular understanding is that individuals apply for loans from banks to buy houses due to lack of funds when buying real estate. At present, people are encouraged to go to mortgage to buy a house in China. Generally, anyone who has no major bad credit record can apply to go to mortgage to buy a house. Generally, the loan period in mortgage to buy a house is 6-30 years, and the application is made according to individual circumstances. There are two main repayment methods of individual housing loans: equal principal and interest repayment method and average principal repayment method.
2. The average capital repayment method keeps the principal unchanged in each repayment amount during the whole repayment period, and the repayment interest decreases month by month; The total principal and interest decreases month by month. This repayment method has great pressure on early repayment and is suitable for people with higher income or who want to repay in advance.
3. Matching principal and interest repayment method The principal in each repayment amount is different, the prepayment amount is small, and the total monthly principal and interest is equal. This repayment method takes a long time because the repayment speed of the principal is relatively slow and the total interest of repayment is higher than that of the general principal repayment method with the same term.
What are the mortgage loan conditions for buying a house?
1, urban permanent residence or valid residence status; Have a stable occupation and income, good credit, and the ability to repay the loan principal and interest on schedule;
2, the purchase of housing more than 20% of the total price of self-raised funds, and ensure the purchase of housing for the first payment; Taking assets recognized by banks as collateral or pledge, or taking units or individuals with sufficient compensatory capacity as guarantors to repay the principal and interest of loans and bear joint and several liabilities;
3, the purchase contract or agreement, the purchase price is basically in line with the evaluation value of the bank or the real estate appraisal agency entrusted by the bank; Other conditions stipulated by the bank.
Although mortgage to buy a house has to bear a lot of pressure economically, it can also give itself some motivation to work harder, pay back in time, and give its family a better and more comfortable environment. The above is an introduction about what mortgage is and what mortgage loan conditions are. When you apply for a mortgage loan, you should pay attention to the specific process and prepare the relevant procedures.