Basic knowledge and common misunderstanding of mortgage loan
House mortgage loan is a common financing method, low interest, high amount, long years, repayment methods and other advantages are loved by people, which is also the "charm" of house mortgage loan.
Many people are tied up in online loans, falling into the vicious circle of online loans to support loans, resulting in a mess of credit, can not handle bank credit loans, and finally rely on a house mortgage loan to successfully come ashore.
Mortgage loan refers to the borrower using the value of the property as a mortgage guarantee to obtain large low-interest loans from banks or financial institutions.
choose the right lending institution
There are so many mortgage products, don't listen to people say that this bank is good, that bank has low interest, blindly apply for loans, if everyone can do the lowest and best, the bank will not have so many loan products.
There is never the best loan product, only the best for you.
Therefore, before applying for a mortgage loan, you must first assess whether you are eligible for a loan and understand whether you meet the application conditions of the lending institution.
Choose consumer mortgage or business mortgage
Housing mortgage loans are divided into consumer loans and business loans, which are essentially different.
- Different uses of funds
Consumer mortgages are used for a wide range of purposes, such as: daily household, travel, education, purchase of cars, jewelry, furniture, etc.
The scope of operating mortgage loans is very small, and can only be used for business operations, such as expanding stores, purchasing materials, paying wages, purchasing equipment, etc.
- Different loan sizes
Operating mortgage loans can be up to 3000W, while consumer loans are different, generally up to 500W. (Specific region shall prevail)
- Different loan terms
The maximum term of operating mortgage loans can be 30 years with the same amount of principal and interest, and 10 years with interest first and then the principal; Consumer loans are generally 10 years of the same amount of principal and interest, and 5 years of interest first and then the principal.
- Different borrowers
Mortgage borrowers are usually legal persons or shareholders; And consumer loan borrowers tend to be working people.
- Different interest rates
Operating mortgage rates can go as low as 2.8%; Interest rates on consumer mortgages are often above 4%.
You can choose to operate mortgage or consumer mortgage according to the amount of funds you need and the use cycle, and the vast majority of banks' operating mortgage loans can be handled, so there is no need to worry about whether there is a business license.
Choose the right repayment method
Principal after interest and equal principal and interest are the two most common repayment methods of housing mortgage loans, and the two repayment methods can be freely chosen.
Usually, the interest rate of the repayment method of the same bank will be lower than that of the repayment method of the same amount of principal and interest, but it does not mean that the interest rate will be better than that of the same amount of principal and interest. Although the interest rate is low and the repayment pressure is small, it is basically a three-year return to the capital, and the return to the capital pressure is greater.
If there is a stable source of income every month, you can choose the repayment method of the same amount of principal and interest, which will be more stable; If it is a short-term turnover investment return, you can choose the repayment method of interest first and then the capital.
As for how to choose the repayment method, it depends on your own situation.
Liquidated damages for early payment
When handling housing mortgage loans, be sure to understand whether there is a breach of contract for early repayment.
Generally speaking, as long as the repayment method of the first interest after the repayment of 6 months to 12 months, there is no penalty for early repayment; Most of the pre-repayment of the same amount of principal and interest are liquidated damages, generally 1% to 3% of the remaining principal.
Therefore, before handling housing mortgage loans, we must understand whether there is a penalty for early repayment to avoid unnecessary losses.
The loan should be rational, moderate and do according to one's ability
Before the loan must be considered in many ways, rational loans, according to their repayment ability to choose the loan amount and repayment method, to prevent the lack of repayment ability caused by loan overdue, although occasionally one or two loan overdue can be ignored, but if the borrower can not repay the loan on time for a long time, the bank will stop the loss in time.
If the bank or financial institution repeatedly notifies the borrower that the repayment fails, it will report to the court for compulsory repayment, and the court will take measures such as selling the mortgaged property to carry out repayment losses, so the real estate will become a legal auction house, and the borrower will become a dishonest person.
