On the Internet, I can often see that there are a lot of posts from the house slaves. Since I bought the house, I have to let the mortgage out of my breath. I think that when I wake up in the morning, I owe 100 yuan to the bank, which not only makes the house slaves materially lower. The standard of living has made their spirits suffer and their mental health has been greatly hurt.
It can be seen that mortgages are the most expensive households for most home buyers. Many netizens are house slaves. Every move of the mortgage policy affects everyone's nerves. Although the mortgage is hard, how to apply for mortgages is very particular. With the mortgage skills, you can often make a lot of money, so that you can struggle for 10 years. Here are some different ways to repay loans for everyone to learn and learn.
Choosing the right mortgage repayment method
1. The staged repayment method is suitable for young people. Since young people and college students have just joined the work and have tight funds at hand, this kind of repayment method allows customers to have a grace period of 3-5 years, and starts to repay several hundred per month. After 5 years, with the improvement, the economy The foundation's solidity and repayment will also improve the way to repay the normal repayment.
2. The equal principal repayment method is suitable for high populations. With the same amount of principal repayment, the borrower can gradually reduce the burden as the repayment period increases. This method of repayment is to distribute the principal to each month and pay the interest between the previous repayment date and the repayment date. This kind of repayment method will pay less than the equal principal and interest under the same conditions. As time goes by, the repayment burden will gradually reduce, but since the interest is decremented, the monthly payment amount in the first few years is equal to the equivalent amount. The principal and interest rates are high and the pressure will be very high. Therefore, this kind of repayment method is suitable for people who are high and have little repayment pressure.
3. The equal principal and interest repayment method is suitable for stabilizing the population. The equal principal and interest means that the total principal amount of the mortgage loan is added to the total interest, and then equally distributed to each month of the repayment period. As a repayer, the bank pays a fixed amount each month, but the proportion of the principal in the monthly repayment amount increases month by month, and the proportion of interest decreases month by month. It can be seen that for stable and economic conditions, families who do not allow excessive investment in the early stage can choose this method.
4. One-time repayment of interest on a monthly basis is suitable for people engaged in business activities. One-time repayment of principal and interest refers to the method of repayment of all loan interest and principal in a lump sum on the maturity date of the loan. For small businesses or self-employed people, the pressure on repayment can be reduced.
5. Refinance. Refinancing refers to the help of a new loan bank to help a client find a guarantee company, pay off the money of the original loan bank, and then re-enter the loan at the new loan bank. If your current bank can't give you a 70% discount on the mortgage rate, you can completely change your mortgage and find the most affordable bank. Due to fierce competition, some banks are quite happy to help you.
6. Adjust interest rate by month. Under the current trend of interest rate cuts, if the people used to choose a fixed interest rate for mortgages, then it would be cost-effective to switch to floating interest rates. However, "fixed" to "floating" requires a certain amount of liquidated damages.
7. For two weeks, interest is provided. The two-week period shortens the repayment period, which is higher than the repayment rate of the original monthly repayment. The result is that the principal of the loan is reduced more quickly, which means that it is returned during the entire repayment period. The loan interest will be much less than the loan interest returned on the monthly repayment, and the principal rate will decrease. As a result, the repayment period is shortened and the borrower's total expenditure is also saved. For people who are working and stable, it is still appropriate to choose a two-week supply.
8. Reduce the time limit by repaying the loan in advance. It is a good account before repaying the loan in advance, because not all of the early repayments can be made. For example, if the loan repayment period has exceeded half, and the principal amount in the monthly repayment amount is greater than the interest, then the meaning of early repayment is not significant. In addition, after some of the loans are repaid in advance, the remaining lenders should choose to shorten the loan period instead of reducing the monthly repayment amount. Because the bank collects interest mainly based on the time cost of the loan to occupy the bank, so choosing to shorten the loan period can effectively reduce the interest expenses. If the loan period is shortened and it can be classified into the lower-term interest rate, the effect of the interest will be more obvious. Moreover, in the process of interest rate cuts, the short-term loan interest rate tends to fall even more.
9, the provident fund transfer repayment. When applying for a portfolio loan, try to use the CPF loan as much as possible and extend the loan period as much as possible. While enjoying the benefits of low interest rate, minimize the monthly repayment amount of the provident fund; minimize the commercial loan period in the family. Increase the amount of monthly commercial loans as much as possible within the economically affordable range. In this way, the structure of the monthly repayment amount will show a state in which the share of the provident fund is small and the commercial share is large. After the provident fund account is reimbursed for the monthly contribution of the provident fund, the balance can be offset against the commercial loan, so the interest on the festival is considerable.
So for the mortgage, choosing the right way to repay the loan can make a lot of money. In addition, choosing the right bank can also give you considerable benefits.
Choose the right bank product
1. Standard Chartered Live Loan, 1 million loan interest is nearly 600,000. Including the following are also a method of repaying loans in advance. By depositing idle funds into the repayment account, as an early repayment, the loan principal is directly deducted, and the repayment period is automatically shortened while interest is being paid. If you borrow 1 million to buy a new house with 2 bedrooms and 1 living room, the loan period is 30 years. Since you can save 3000 yuan per month, you can deposit the funds into the repayment account. In the second month of repayment, the loan principal It is 3,000 less than the original. If you insist on depositing 3,000 yuan into the repayment account every month, the total interest of the final repayment is 18.104.22.168 million, while the total interest on ordinary housing loans needs 1,15,379,700, and the interest on the festival is nearly 600,000. At the same time, your repayment period has been shortened from the original 30 years to 22 years. From the loan repayment period plus the interest on the festival, let you fight less for 10 years?
2. “Save and Lose”: There are also gains in repaying the loan in advance. The product will be treated as a prepayment in advance according to a certain proportion of the funds, and not all funds will be used to offset the principal. Secondly, the loan interest of the festival can be returned to the account and have certain financial benefits. The proceeds include the current interest rate of the deposit amount and the interest income derived from the loan deduction of part of the loan. If you apply for a loan of 800,000, if the balance of the repayment account is 100,000, it will be equivalent to deducting the loan principal of 27,500. If you deposit 100,000 or 700,000 respectively in the next two days, you will be able to manage the three days. In terms of revenue, the annual rate of return is about 4.2%, which is much higher than the demand deposit rate.
3. CCB “Save and Lose”: It is difficult to enjoy the account with bad records. Set the repayment account as a loan-to-value-added account, and deposit the money of the current account into the “value-added account”. According to the proportion agreed by the bank, it is regarded as the funds for repayment in advance. The more the account balance, the deemed deduction The higher the loan amount. When funds are needed, some or all of the deposits in the deposit and loan account may be withdrawn at any time, including those deemed to be repaid in advance. For example, if you apply for a personal housing loan with a loan amount of 600,000 and a term of 30 years at CCB, if the balance of the value-added account is 100,000, then 25,000 will be regarded as repaying the loan funds in advance, and the remaining 75,000 will be calculated as interest-bearing deposits. The interest payable on the day is 25000×5.94%/360=4.125. The saved interest is returned to the account balance in the form of “value added income”, and the people are free to decide whether to withdraw or continue to offset the loan.
housing loan financial advice
NO1, efforts to improve the credit
"Pure usually pay attention to their own credit in the bank, try to improve their credit," experts recommend that buyers, especially secondary home buyers, in addition to improve their credit, but also Financial assets such as savings, treasury bonds, funds, etc. can be concentrated in one bank. After reaching a certain number, they can become VIP customers of the bank, that is, they can enjoy VIP services such as remittance fee reduction provided by banks and skip-line service of counter business. You can enjoy a certain interest rate discount. At the same time, provide as many conditions as possible for the loan to be more affordable, such as the situation of own assets, etc.
NO2: Flexible choice of repayment method
There are two main types of repayment methods: one is equal principal and interest, and the other is equal principal. The equal amount of principal and interest is the same in each period (month), and the interest is paid after the principal is paid first, and the total interest is high. The equal principal amount is the principal amount after the interest is paid first. The prepayment pressure is large in the previous period, and will be decremented gradually. Some mortgage lenders either don't understand the doorway of the two repayment methods, or feel that the monthly repayment amount of the same principal and interest is not the same, so they choose the equal principal and interest repayment method. In fact, the equal principal repayment method can provide a lot of interest for the mortgage lenders compared to the equal principal and interest repayment method. Taking the loan of 300,000 years as an example, the equivalent principal and interest repayment method is adopted, and the monthly repayment is 1988, the total repayment amount is 477,000, and the interest payment is 177,000. However, if the equivalent principal repayment method is adopted, the first month will be repaid 2512, the total repayment amount will be 452,100, and the interest payment will be 151,200, which is more than 20,000 yuan.
NO3: Try to shorten the repayment time. Biweekly supply is one of the ways to shorten the mortgage period.
The so-called "two-week supply" is to change the original monthly mortgage payment to pay every two weeks. According to the bank's staff, the total amount of the two deductions is basically equivalent to the amount of the original deduction. The borrower's monthly burden has not increased, but it can reduce the repayment time and the total interest rate.
“Double Weekly” will be repaid 26 times a year, while “Monthly Supply” will be repaid 12 times a year. In fact, “biweekly supply” is paid more than one month per month. From the perspective of interest calculation, the “double-week supply” shortened the repayment period and increased the repayment frequency, which made the proportion of principal in each repayment more, the proportion of interest decreased, and the principal decreased. Therefore, the total interest expenses of the borrower are only paid.
In addition to the two-month supply, the lender can also choose to repay the loan in advance, but experts suggest that if you repay the loan in advance, you must consider the repayment cost and opportunity cost. Repaying loans in advance means that some liquidity must be abandoned. One-time investment is too large, which may disrupt the normal investment rhythm and lower the quality of life. If there is a better investment path, there is no need to rush to repay the loan in advance, and obtain a reasonable investment. A higher return than the loan interest rate is also possible.
NO4, borrowing wealth management products to save on behalf of the loan
In order to help the mortgage family interest, many banks have launched a series of wealth management products for mortgage interest, the basic idea is to use the interest of deposits to offset the mortgage interest, for the mortgage family It is equivalent to prepayment in advance and maintains a working capital at hand. Mortgage families may wish to compare the mortgage financing products of various banks and choose a product that suits them.
Under the expectation of raising interest rates, reasonable planning of mortgage loans will certainly achieve the purpose of financial management to a certain extent.