Many people choose 15-year mortgage repayment because the term of a 15-year mortgage is neither too long nor too short, and the interest rate is lower than a 30-year mortgage. The personal repayment pressure is too great. In fact, no matter how many years it takes to repay the loan, users always need to make a choice based on their repayment ability. If you feel that the term you choose is relatively long, you can also divide the loan into long-term and short-term repayments. That is, if you have sufficient funds, you can pay off the excess mortgage in advance at once, which can also save a lot of interest.

Factors that affect the loan period and mortgage period

1. The age of the loan applicant

When banks evaluate the mortgage repayment period for borrowers, they first Based on their age. Generally, if you meet the loan conditions, the younger you are, the longer the loan term will be, and conversely, the older you will be, the shorter the loan term will be. Under normal circumstances, "the age of the borrower and the loan period shall not exceed 65 years" are the loan periods that banks can handle for them.

2. The age of the loaned house

When a borrower purchases a property, the "age" of the property purchased will determine how many years the loan can be taken. According to bank regulations, newer properties are easier to get loans for. For example, second-hand houses with a construction period of less than 10 years have better conditions in all aspects, and banks are willing to speed up the approval of housing loans for such houses. Second-hand houses in the 1970s and 1980s are older and have relatively greater loan risks that banks can control, so banks are very cautious in approving loans for such houses.

3. The financial ability of the loan applicant

On the other hand, for applicants who want to buy a house with a loan, such as job income, job stability, savings deposits, assets, etc. The factors that banks consider are also factors that determine their own loan application time. Borrowers with stronger financial strength can consider loan options with shorter loan terms and certain repayment pressure. Like 70% of the loan plan for 10 or 15 years, or even 60% to 50%. Borrowers with weaker financial strength need to pay attention to whether their economic conditions allow them to withstand greater repayment pressure. If the bank's reputation and qualifications are better, this group of people may obtain a loan with a term of up to 80% to 20 years.