Home Loan Tips
We all know that the loan to buy a home is high, the repayment cycle is long, so we can't allow developers and banks to "take the nose," to do their own "duties" to master certain methods. Professionals have revealed that the bank will not tell you that the loan to buy a home to master these repayment skills, can save hundreds of thousands.
Shortening the repayment period is usually, the bank provides two types of repayment methods, namely, "main equivalent" and "main equivalent." In practice, most people choose the same amount of principal and interest for two reasons: banks require borrowers to use the same principal amount and the same method of interest repayment; As income levels continue to rise, many buyers will also consider saving interest by repaying their loans earlier. Professionals recommend a prepayment. Because once the same amount of principal and interest repayment time was 1/2 or the same amount of principal repayment time was 1/3, indicating that most mortgage interest was paid, the rest of the majority of the principal, then prepayment can save little money, which means little. In addition, prepayment has two options: 1, shorten the loan repayment period; Borrowers should choose to reduce the time to repay because it is relatively more cost-effective.
For the sume of rehypotheque simply because of the loan "transfer", that is, through the advance funds of the guarantee company approved by the bank, will be in the mortgage state of the house "buyback", of course, if the borrower has enough money in hand then do not need to find a guarantee company to cooperate. Once the home is purchased, find a bank with a lower mortgage rate or a discount on interest rates, and re-take the mortgage. According to professional calculations, in the bank to implement a significant reduction in mortgage interest rates, through the treatment of the rehypotheque, the entire repayment cycle can save hundreds of thousands of mortgage interest.
Adoptaoftwo - "Two-week supply"
"Two-week payment" is the repayment of the mortgage every 2 weeks, increasing the number of repayments, so that the reduction of the principal of the loan accelerates, thus reducing the repayment cycle and reducing the total repayment. According to statistics, the entire repayment cycle compared, "two-week supply" as "monthly supply" can save about 20% of interest, but "two-week supply" on income stability as "monthly supply" requirements are higher.
Fixed and floating interest rates the flexible conversion of the bank's mortgage interest rate is divided into fixed interest rates and variable rates, the fixed interest rate is not affected by the adjustment of bank interest rates, always in accordance with the interest rate stipulated in the purchase agreement to calculate repayment interest. As a result, fixed-rate borrowers can save more on loan costs when interest rates rise, and buyers are more affordable when interest rates are lowered. Currently, many banks support the conversion of fixed and floating rates, but banks are more likely to accept borrowers to opt for fixed rates. Therefore, there is no charge to convert floating rates into fixed-rate banks. However, if the borrower converts the fixed rate into a floating rate, indicating that the interest rate is in a period of decline, the profit of the bank that manages that business will be affected to some extent, the borrower will have to pay the default payment and other fees, and the repayment time must respect a certain period of time to process. In addition, most banks provide for the choice of the fixed-rate repayment interest calculation for 5 years, for "solid transfer float" to avoid default. Experts say that managing fixed and floating interest rates to change depends on the borrower's future judgment on the trend of mortgage interest rates. If the bank's current mortgage interest rate in relation to the terms of the purchase agreement the interest rate reduction is significant or in the future there is a tendency to continue to reduce, you can ask for "solid transfer floating", if the range is relatively small and the trend is not clear, it is recommended not to deal at the moment.