Recently, I have written a lot of articles related to real estate, warning everyone about some misunderstandings that should be avoided, and some rights and interests that can be applied for, so that you can feel less pressure when you actually buy a house, and you can easily repay the money and live a comfortable life.
The different interest rates and various rights applications written later are really a bit too in-depth, and people who have not started to enter the market may not understand it.
During a recent chat, I discovered that no one even knew the most basic concepts. No wonder so many investors joked that they would wait for these young people’s new Qing’an loans, and a wave of beheadings would happen after the “grace period” expires. Then go in and grab the market.
When you are preparing to apply for a mortgage from a bank after buying a house, you must have heard of the terms "grace period" and "extended repayment period", but many people do not understand the basic concepts of these two.
I was accidentally brainwashed by the real estate agent, telling me that various properties were very cheap, but I did not evaluate my own ability to repay the loan. I jumped into the real estate market as soon as I got excited, thinking that I would definitely make a lot of money in five years. It is really dangerous. Incomparable.
I am going to clarify all the facts and present the data to everyone based on these two most basic concepts of "mortgage", which are also the most easy to talk about.
Mortgage grace period: Just pay off the interest first during the period
When applying for a housing loan, you can choose to "grace" the repayment amount within a certain period, usually three years, but Xinqingan can extend it to five years.
This means that during this period, you only need to repay the interest first, and after the grace period is over, the principal and interest will be repaid equally, which is "repaying the interest without repaying the principal." In this way, you can reduce the stress of paying the loan when you first buy a house.
For example, for Xinqing'an, if the mortgage loan is a full loan of 10 million yuan, the best annual interest rate for the first two years is 1.775%, divided into 40 years of amortization period, and after applying for a 5-year mortgage grace period, the first two years "1000×1.775%÷12=1.4791", so in the first two years of discount, you only need to pay interest of less than 15,000 yuan per month.
As for the change to 2.275% in the third year, the calculation method is the same as "1000×2.275%÷12=1.8958". The interest starting in the third year is about 19,000 yuan. If the principal has not started to be repaid, it will continue until the grace period. After the fifth year, you only need to pay less than 20,000 yuan in interest every month.
It sounds like it costs about the same as renting a house outside! So raising a down payment to buy it seems really good, but you forget that there is also the principal behind it. You haven't even started paying the 10 million you borrowed.
The principal repayment is long-term amortization, with a maximum period of 40 years "1000÷40÷12=2.0833", which means the monthly principal repayment is about 21,000 yuan.
It seems that both payment amounts are fine, but don’t forget that after your grace period, the correct payment is the sum of the two amounts.
Extend the repayment period: extend the loan repayment time
The maximum term of a general mortgage loan is usually 30 years. If there is no special negotiation with the bank, only Xinqingan can unconditionally extend it to 40 years.
I mentioned the grace period issue before. The most common misunderstanding here is that the grace period is extra time, and it is just added on! Even this is a very dangerous idea.
Take the 40-year extension and then the 5-year grace period as an example. After you use the 5-year grace period, of course the extension period will only be 35 years, instead of adding 45 years.
Then because the number of years has become shorter, the principal payment will also change. At this time, it will become "1000÷35÷12=2.3809". The monthly principal repayment price is like this, which is nearly more than the original payment. Three thousand yuan.
Then the sixth year is the repayment of interest plus principal, which is "18,958+23,809=42,767". This is the money you have to repay to the bank every month after the sixth year.
Since the repayment of the principal has begun, the interest will begin to decrease monthly from the sixth year.
What I am talking about is also the "average principal and interest amortization" model that minimizes interest. The overall amortization will be lower than the "principal and interest amortization" model that I like to show you when the bank guarantees the guarantee. The overall payment of interest is still It’s about 520,000 yuan less.
So if you only earn 30,000 to 40,000 yuan a month, don’t rush into it when you get mad! You need to make a detailed evaluation to see if you can really pay more than 40,000 per month before borrowing money to buy a house.
Then everyone forgets that after buying a house, they still have to pay the May house tax and the November land price tax. If they are both for self-use, the price is the current assessed value of the house, which are 1.2 % and 2‰ respectively.
Therefore, when buying a house, you not only have to pay the bank mortgage, but also pay various taxes and house insurance to the government.
You said you can just wait until the five-year grace period and sell it immediately?
But that also requires your original location to be good so that you can sell it at a good price.
And he said that otherwise he would just refinance and let the grace period be recalculated?
You haven't started paying the principal yet, so it's basically difficult to refinance and reshuffle the loan.
Please clarify the above basic concepts first, and then think carefully about whether you really need to buy a house, and where to buy it is also a good question!
And after you buy the house, don't forget that there is another cost for decoration. The price may vary from person to person, but basically it cannot be just a small amount of money.
As for the declining mortgage loan with cheaper interest rates, this is another type that is basically inaccessible to the general public, and there are very few banks willing to help you with it, so I won’t introduce it further.
# Xinqing'an # Home loan # Loan # Misunderstanding # Real estate # Real estate brokerage # Repayment # Pressure # Interest rate # Interest # Principal # Grace period # Extension # Year # Borrowing # House tax # Land price tax # Down payment # Suspension # Rights # Housing market # Dangers # Basics # Concepts # Investment # Financial management # Real estate speculation # Data # Decoration # Refinancing
I have a damn slide in my house!
I feel like the little kid will go crazy🫨
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