In addition, the loan is settled, and the name of the husband and wife is on the real estate license, which needs to be obtained according to the regulations of the bank. Some banks require both husband and wife to go through the formalities of mortgage cancellation, while others only require the main lender to go through the formalities.
The process of repaying mortgage in advance
1. Advance repayment must be handled at the loan handling bank, and the specific handling procedures and relevant regulations need to be consulted with the loan handling bank.
2. The procedures of the bank are different, so you must consult the documents you need to carry (generally including ID card, loan contract, custody property certificate, power of attorney for withholding repayment, etc.). ).
3. For partial repayment, the prepayment amount shall not be less than 10000 yuan or an integer multiple of 10000 yuan.
4. owing on the loan in advance may involve paying liquidated damages, and buyers should know in advance.
Don't forget to cancel the mortgage. When the lender cancels, it needs to apply for the returned mortgage certificate in the bank, get the application cancellation registration form from the house mortgage property right department (be careful not to handle it across regions), and attach the purchase contract or property right certificate to cancel the mortgage.
6. If there are both commercial loans and provident fund loans, profitable commercial housing loans should be repaid in advance.
7. If you apply for insurance when you apply for a housing loan, if you repay the loan in advance or shorten the loan period, you can apply to the insurance company for a refund of part of the premium.
Precautions for repaying loans in advance?
1, see if the timing is right.
When applying for a loan, buyers choose two repayment methods: equal principal and interest and average principal. For two different methods, we should seize the opportunity to repay in advance.
Matching principal and interest: the monthly repayment amount of matching principal and interest is fixed, in which the repayment principal increases and the repayment interest decreases. Therefore, if the borrower has repaid most of the interest in the medium term, the prepayment of the mortgage is mainly the principal, so the significance is limited.
Average capital: in the average capital, the total loan amount is divided equally, and the repayment interest is calculated according to the remaining principal. With the increase of repayment time, the remaining principal decreases and the repayment interest becomes less and less. When the repayment period exceeds 1/3, the borrower has already paid half of the interest. If you repay in advance at this time, the interest saved is not much.
2. Find out if the interest is more.
Affected by the rising cost of bank funds, the current repayment interest rate is higher. If you enjoy a discounted mortgage, you can not consider repaying the loan in advance. Idle funds can be used for short-term wealth management products of money funds or banks, and can also reduce the interest cost of mortgage loans.
3. Make full use of the provident fund.
For a lender with a high monthly provident fund deposit, you can consider paying back part of the mortgage in advance, but you don't have to pay it all, because once the mortgage is paid off, there is no room for using the monthly provident fund.