Generally speaking, when we buy a house, we complete the housing loan operation step by step according to the guidance of the developer and the real estate agency. Even the lending bank you want to borrow is the cooperative bank designated by the developer and the real estate agency, so there are very few home buyers. The main reason for asking about housing loans is that I am not familiar with the operation process, time is pressing, and buyers have no choice.
In fact, due to the long time of housing loan and the large loan amount, there are many articles here. Of course, the bank will not tell you immediately. The processing operations are carried out in terms of housing loan repayment methods, repayment nodes, and housing loan interest rates. If our home buyers have mastered the technology to repay housing loans, it will not be difficult to save money on cars. Let’s look at four ways to repay housing loans. You can choose the one that suits you.
1. Rotating loans.
The resale loan itself means that the buyer cannot repay the original amount every month after purchasing the house, and needs to resell the repaid real estate to change the repayment period. However, this method of repayment can also be used in the normal process of repaying housing loans. In the specific operation, look for a bank with a lower interest rate discount, find a guarantee company through this bank, settle the housing loan from the bank, and finally reprocess the housing loan at the newly found bank.
2. Two-week supply.
Bi-weekly supply, this term may not be clear to everyone before, mainly because the bank has very little publicity in this area. In short, the mortgage is repaid every two weeks, which is different from the time when we repay the mortgage once a month. The principle of bi-weekly supply is that the repayment frequency is high, the repayment period is short, and the total repayment is reduced accordingly. Judging from the statistical repayment period, the bi-weekly interest rate is much lower than the monthly income. If the household income is stable, this repayment method is appropriate.
3. Conversion between floating interest rate and fixed interest rate.
During periods of rising interest rates, it is more cost-effective for buyers to repay their housing loans at a fixed interest rate. When interest rates fall, floating interest rates are the most cost-effective. Of course, fixed-rate and floating-rate mortgages also correspond to different housing groups. The former is more suitable for families with stable incomes, and the latter is more suitable for families with certain savings.
Of course, only from an economic point of view. For banks, since home buyers are welcome to choose a fixed interest rate, home buyers will levy handling fees and liquidated damages when processing floating interest rates to fixed interest rates. Floating interest rates are converted to fixed interest rates. As bank profits are affected to a certain extent, certain thresholds are set. One year after the fixed interest rate is processed, a certain amount of liquidated damages are allowed to be changed into floating interest rate housing loans. If you deal with a fixed interest rate of up to 5 years, liquidated damages can generally be waived, but please note that not all banks can handle it. Please consult your local bank for details.
4. Reasonably shorten the repayment cycle.
The characteristics of equal principal and interest and equal principal repayment are that the former has a balanced amount of repayment each time, while the latter has a high amount of each repayment in the previous period. For many families, the repayment method we choose is equal principal and interest. The main consideration is the household income and expenditure. The repayment pressure is relatively small. The income level of families who choose equal principal is very high. However, from an economic point of view, the equal principal repayment method saves a lot of interest compared to equal principal and interest.
Generally speaking, if the equal principal is used to repay one-half of the total cycle, and the equal principal is used to repay more than one-third of the total cycle, the economic significance of choosing early repayment is weakened. Because before this time, you have repaid most of the interest, and you have to repay the principal in the remaining time. In the specific operation of repaying the housing loan in advance, we hold the principle of shortening the repayment cycle and not reducing the amount of each repayment. The reason is that the repayment period is different, and the corresponding interest rate gradient is different. The shorter the loan period, the higher the possibility of entering the low interest rate level, and the less housing loan interest rate expenditures of home buyers.
The above 4 methods of repaying housing loans can save a lot of money if they are suitable for their own use. People who don’t buy a house can store them first.