1. I have been approved for a mortgage loan by the bank. What should I pay attention to when I sign a contract?

The most important elements are amount, interest rate, term and repayment method.

(1) Amount, interest rate and term. Needless to say these three elements, you just need to check whether the elements filled in in the contract have been agreed upon by you and the bank account manager. However, it is worth noting that you must remember the repayment date. If it is overdue, it will cause a bad credit record for your credit report.

(2) Repayment method. There are generally two repayment methods for mortgage loans: equal principal and equal principal and interest.

The so-called equal principal means that the principal repaid each time is the same, but because the remaining outstanding loan principal is smaller at the end, the interest that needs to be paid is getting lower and lower. , so the total amount repaid each month is decreasing. As a simple example, assuming a loan of RMB 120,000 and repaying it in 12 months, it is equivalent to repaying the principal of RMB 10,000 every month with an interest rate of 4.8%. The total amount of interest and principal to be repaid in the first month is 100001200004.8%/ 12=10480 yuan. The total principal and interest that need to be repaid in the 12th month is 10000100004.8%/12=10040 yuan. Specifically, the monthly principal and interest repayments are as shown in the figure below.

Equal amounts of principal and interest means that the total amount repaid each month is the same, but because the remaining principal is larger when the principal and interest are repaid in the first month, the interest that needs to be repaid is larger, and later on The smaller the interest, so although the total principal and interest repaid every month is the same, the principal repaid each month actually increases and the interest decreases. Taking the above example as well, the principal and interest returned each month are as shown in the table below.

Careful students will find that the total amount of final repayment is different between equal principal and interest and equal principal. The total amount required to repay equal principal and interest will be greater than equal principal, especially for decades. For mortgage loans, the difference between the two repayment methods will be huge. Taking the above example, the total amount of principal and interest repaid in equal installments is 123,142.83 yuan, and the total amount of principal repaid in equal installments is 123,120 yuan, which means that the principal and interest repaid in equal installments is 22.83 yuan more. So does it mean that this is a trap played by the bank? Or is it more cost-effective to repay the principal and interest in equal amounts? In fact, this is not the case. The total amount of equal principal repayments is small. In the final analysis, it is because the principal repayment each month is large at the beginning, so the total amount of interest returned in the end is small. To put it more bluntly, if your repayment ability is strong enough at the beginning, you can choose equal amounts of principal, otherwise you can choose equal amounts of principal and interest.

2. If the mortgage cannot be approved, can the down payment be refunded?

The basis for liability for breach of contract if the loan is not approved in the contract. If there is no agreed upon principle:

1. The developer sells houses that do not meet the sales conditions, that is, the developer fails to obtain a pre-sale license or sells existing houses that do not meet the conditions for use. The bank finds this situation during review. No loan will be approved. At this time, the home buyer can ask the developer to return the down payment and deposit, and ask the developer to pay corresponding interest losses.

2. The home buyer’s reasons: If the information provided by the home buyer is not true and the bank refuses to approve the loan, the home buyer should bear the liability for breach of contract.

After a mortgage application is rejected, you can apply again, but you need to meet the requirements: 1. The borrower's personal credit is good, and the rejection is not due to credit problems. If it is rejected because of credit, it will be difficult to apply for a loan again;

2. If it is because the materials are not fully prepared, the loan can usually be approved after the second loan application materials are fully prepared;

3. Decisions such as the specific housing loan market and policies. Precautions for loan disapproval and default. At present, many home buyers have signed a house purchase contract, but due to various reasons, bank loans have never been approved.

In the specific implementation, there are many funds, so Home buyers are reminded that they should try their best to indicate in the contract, "If the loan cannot be processed, the home buyer can terminate the contract and will not be responsible for defaulting on the down payment."

Reference for the above content: Hubei Rule of Law Network-Weipu Law Home Loan Approval

3. What should you pay attention to when signing a loan contract with a bank?

What should you pay attention to when signing a bank loan contract:

(1) Pay attention to whether the bank issues loans in full and on time. . The bank is a party to the loan contract and must perform corresponding obligations while enjoying rights.

As a lender, the bank's obligation is to issue loans in full and on time in accordance with the loan contract. In actual operation, banks are experiencing delays in disbursing loans and insufficient loans. This type of problem is more likely to occur especially when the contract is signed first and then approved. According to the provisions of the Contract Law, these are all breaches of contract, and the borrower has the right to pursue the bank's liability.

(2) Pay attention to whether the bank deducts interest in advance when granting a loan. If it deducts loan interest from the principal in advance, the remaining amount will be paid to the borrower as principal. In fact, the borrower only borrowed part of the principal, but charged interest on the entire principal. According to the provisions of the Contract Law, if interest is deducted from the principal in advance, the loan shall be returned and interest calculated based on the actual borrowed amount. Borrowers should pay attention to the relevant provisions in the bank loan contract.

(3) Note that the bank has the right to terminate the contract but must meet certain conditions. After the bank signs a loan contract with the borrower, if the loan is not issued or part of the loan is issued, it is found that the borrower's operating conditions have seriously deteriorated and the transfer When the bank withdraws funds to avoid debts or loses the ability to repay debts, the bank may exercise the right of uneasiness defense and suspend lending to the borrower until the other party provides guarantees. When exercising the right of defense, it should be noted that corresponding evidence must be obtained before the performance of the loan contract can be stopped, otherwise you will be liable for compensation for losses. According to the provisions of the "Contract Law", when a bank stops disbursing loans, it must perform two obligations: first, the notification obligation, which means to promptly inform the borrower of the fact and reasons for stopping the disbursement of loans; second, if the borrower provides a guarantee, it must resume performance, that is, continue to perform the loan according to the contract. Approximately disburse loans. After the bank stops issuing loans, if the borrower fails to restore its ability to perform within a reasonable period of time and fails to provide appropriate guarantees, the bank may terminate the loan contract.

4. The mortgage loan has been approved, what is the next step?

It can be divided into 6 steps.

1. Bring the information to the management center for consultation, application, and fill in the application form

2. After approval, the center will issue a letter of entrustment to the applicant

3. Receive After the notice, take all the original documents to the bank to sign the contract, etc., and go through the notarization procedures at the notary office

4. Hold the signed contract information until it is stamped by the house seller

5. Hold the guaranteed loan contract (mortgage contract) and wait until the real estate management office handles the mortgage registration

6. Hold the registered loan contract (mortgage contract) and the notarial certificate to the Housing Provident Fund Service Hall to receive the transfer notice. Finally, go to the bank to handle the transfer procedures with the transfer notice

Extended information:

The reasons why the mortgage was not approved:

1. The developer’s reasons:

If the developer sells houses that do not meet the conditions for sale, that is, the developer does not obtain a pre-sale license or sells existing houses that do not meet the conditions for use, the bank will not approve the loan if it is found during review that this situation occurs. At this time, the home buyer can ask the developer to return the down payment and deposit, and ask the developer to pay corresponding interest losses.

2. The home buyer’s reasons:

If the information provided by the home buyer is untrue or the home buyer’s credit record is not good and the bank does not approve the loan, the home buyer should bear the liability for breach of contract. .

3. Reasons other than those between the buyer and the seller:

If government policies or bank regulations change and the loan that the home buyer should have obtained cannot be realized, the home buyer should contact the developer Negotiation, if negotiation fails and there is no agreement in the contract. Home buyers can require the developer to return the down payment and deposit by proving that they are not at fault and that they are indeed unable to purchase the home.