Hello, let's talk today about the front-line knowledge of mortgages, how to break the stress, and whether we can pay off the mortgages in advance. If so, are there preferences

Do you have advance repayments

There is no doubt that the purchase of a loan has put a strain on our lives, and if we have money at hand, we want to get out of the mortgage ahead of schedule. In fact, you can return the money ahead of time, but this requires certain conditions, which we will examine at a later stage。

First, full early reimbursement. That means you pay off all the loans once and for all. After the repayment, you need to take off the mortgage from the Housing Authority at your location, prepare the relevant documents, and when these steps are completed, the house will be yours。

Second, partial early reimbursement. This means that you will first reimburse a portion of the amount and that the remainder will require continued repayment. This is possible in two ways: one is to keep the monthly repayment unchanged and to reduce the repayment period. The advantage is that interest expenditure can be reduced; the other is that the monthly repayment is reduced, but the repayment period remains unchanged. The advantage of this approach is to reduce the monthly repayment pressure。

Finally, we have to choose the right time for repayment. Many banks now provide for a penalty if the loan is repaid earlier than three years. Because the loan requires some audit, this has some cost. So if you want to pay your mortgage in three years, you might have to go through some special procedures or even pay extra money. Therefore, we do not recommend that you pay in advance。

And if there's a discount on early repayment? Some banks offer interest incentives for early repayment, such as discount rates. This means that as you pay in advance, the interest on the loan will decrease, which will help to reduce the pressure on repayment. Therefore, prior to early repayment, you need to ask whether the bank offers this benefit。