Today, the way in which housing is purchased is becoming more common. Have you ever considered whether, if the economic situation improves, the mortgage can be repaid in advance? With regard to the calculation of default payments on mortgages 30 years in advance, the early payment of all loans before the agreed time was a matter of concern to many. The answer to this question varies from case to case and depends mainly on the rules of your mortgage bank。

What's a 30-year advance payment of default

Some banks have important regulations that require that the loan may be repaid in advance only after a period of one year according to the repayment plan of the loan contract. In other words, if the loan is repaid in advance within one year, a certain amount of default must be paid. If you're the kind of person who wants to pay off the loan before the one-year deadline, you're gonna have to pay some default money. But if you've repaid it for more than a year, then you won't have to pay the default。

BUT YOU ALSO NEED TO NOTE THAT SOME BANKS HAVE EXTENDED THE TIME FOR EARLY REPAYMENT TO THREE YEARS. THAT IS, IF YOU PAY AN ADVANCE PAYMENT WITHIN ONE YEAR, YOU PAY A DEFAULT AMOUNT EQUAL TO 31 TP3T; IF YOU PAY AN ADVANCE PAYMENT WITHIN ONE TO TWO YEARS, YOU PAY A DEFAULT AMOUNT EQUAL TO 21 TP3T; IF YOU PAY AN EARLY PAYMENT WITHIN TWO TO THREE YEARS, YOU PAY A DEFAULT AMOUNT EQUAL TO 11 TP3T. HOWEVER, IF PAID IN ADVANCE AFTER THREE YEARS, THERE WOULD BE NO FURTHER DEFAULT。

In addition, some banks would charge interest directly for additional months as default money. If you want to know the exact rates, you can call the client at the bank directly。

There are, of course, conditions for early repayment. For example, you must apply for an advance repayment six months after the normal monthly repayment of the principal of the loan; you have a lower limit of not less than $10,000 for the application; you need to notify the bank 10 to 15 days in advance and submit the necessary documents to be approved by the bank; and even if there is an advance repayment, you will still have to repay the original monthly repayment。