Mortgage is relatively cost-effective within one-third of the total repayment period, such as 20 years of loan, and within one-third of the period, that is, within seven years. But under normal circumstances, after the bank allows prepayment, the earlier the repayment, the more cost-effective. Most banks require lenders to repay in advance after 1-2 years.

Extended data:

Mortgage prepayment procedure

The process and method of repaying the loan in advance are as follows:

1. First, check the requirements for prepayment in the loan contract, and pay attention to whether there is a certain penalty for prepayment.

2. Call the loan bank in advance to inquire about the application time and minimum repayment amount of the loan and other materials that need to be prepared.

3, according to the requirements of the bank personally apply to the relevant departments for early repayment.

4. The borrower shall go through the relevant prepayment procedures at the borrowing bank with relevant certificates.

5. Submit the prepayment application form and deposit the prepayment in the counter.