&Nbsp; how to apply for a loan to buy a House money?
How to apply for a loan to buy a House money? for mortgage customers, "save money" is a priority.
but how can I save money? now I give you some suggestions:
right now the way the repayment mortgage payments in two ways: 1, periodic, fixed principal and interest payments; 2, equal principal repayment. The two repayment options looks much expenditures, interest amount far.
with 200,000 loan in 10, calculated in accordance with current commercial lending interest rate 5.9%:
if they are periodic, fixed principal and interest payments, the borrower needs a total interest of about 65,000 yuan if using equal principal repayment, needs a total interest of approximately 59,000. A difference of about 6000.
we can see from the above results, equal principal more money than matching principal and interest. However, early equal principal payments more for higher income earners, and ability to repay the mortgage customers.
II, and priority consider Provident Fund loan
commercial loan and Provident Fund loan is now most common of two species mortgage way, but this both compared, Provident Fund loan more can for mortgage customer save money, because this items loan interest rate more low, to five years period above loan interest rate for cases: commercial loan five years period above benchmark interest rate for 5.9%, Provident Fund loan five years period above interest rate for 4%. So, from this data we can see that the advantages of Provident Fund loans.
third, prepayment must choose to shorten the loan term
mortgage customers who have a prepayment plan, so choose carefully when prepayment. If it is a one-time pay off loans in advance, so there's nothing to consider if partial prepayment, I suggest you consider "shorten the loan term", so as to save costs, but only if your repayment ability.
How to apply for a loan to buy a House money? above three ways that we can help you save money when you apply for a loan to buy a House, you can follow the above analysis to adjust the loan policy.
five tips to save money mortgage payments mortgage payments five tips to save money reading: future land policies could further loosen, then Everything on mortgage payments, how much do you know? to introduce five tips to save money mortgage payments:
first: mortgage refinance mortgage
mortgage job hopping is the so-called "mortgage". New loans from banks to help customers find a security company, to pay off the original loan money in the Bank, and then again in a new lender for the loan. If the Bank cannot give you 70 percent of your current mortgage interest rate concessions, they can mortgage job, looking for the most affordable Bank.
for example you just to 1.1 times times interest rate in a, Bank loan finished paragraph, results new deal introduced found b Bank just 90 percent! if b Bank help you found guarantees company, put a, Bank of loan also finished, then again again b Bank handle loan, this process is mortgage job!
second enrollment: by months pranayama
If Bank raised interest rates, fixed interest rate of mortgage business save money. But once cut, choose floating rate deal. But "fixed" and "float" conversion required to pay damages for the breach.
Note: some banks introduced "breathe on a monthly" mode, current interest rates declining, customer chooses "pranayama by month", the monthly rates discount.
the third move: Provident Fund more loans and less
combination of applications for purchase loans, with sufficient funds loans as much as possible on the one hand and to try to extend the loan term, and at the same time enjoy the benefits of low interest rates, minimizing the Provident Fund payments each month; minimize commercial loan term, families can afford monthly commercial loan payments as possible.
so that monthly payment will appear in the structure of Fund share, business share state. After the offset against the monthly Provident Fund Provident Fund account, the balance will be able to offset commercial loan, interest on savings are considerable.
fourth move: bi-weekly for
Although each month, we still pay the same amount of mortgage, but "biweekly" shortened the repayment period, repayment frequency higher than the monthly repayments, resulting is faster loan principal reduced, reducing overall interest rates.
fifth strokes: long, short and
after the partial early repayment, the remaining loan one should choose to shorten loan terms, rather than to reduce monthly payments. Because banks charging interest was mainly to occupy the banks of the time cost to calculate the loan amount, and therefore choose to shorten loan terms can reduce the interest expense.