Refinancing, increasing loans, and converting to additional loans are actually three different methods. The differences are as follows:
Refinancing: switching from the original bank to another bank.
Increased loan: The original bank borrows more money from the original loan amount for use.
Conversion loan: Switch from the original bank to another bank, and then obtain additional loan funds.
This article mainly talks about some small loan details of switching from the original bank to a new bank and transferring to an additional loan.
After talking about the advantages and disadvantages of Xinqing'an before, I believe you should understand that if it is paid off in a short time, Xinqing'an is definitely the best real estate speculation plan because its short-term interest rate is currently the lowest, and it can be paid off in a short period of time. Unconditionally, pay it all at once.
Next, a lot of young people have been brainwashed into refinancing, because everyone spreads that after the five-year grace period is over, if you don’t find the next buyer and really haven’t sold it yet, you can just change to another bank and refinance. In this way Just like Taiwan's perpetual motion machine, you can continue to pay only interest forever.
Yes, you can play this way, but something you need to be careful about here is that the interest rate after refinancing is bound to be higher than your first purchase. That is, the bank will look at it based on your financial resources at the time. Xinqingan is very The reason for good loans and low interest rates is that the government requires the cooperation of banks, but then refinancing is none of the government's business.
Also, after refinancing, you should pay attention to the terms of the new contract. Is there any content in it that states how long the short term will be and you can pay off the loan once? If the conditions are not negotiated well, you will find a new buyer just as soon as you refinance, and you can sell if you want. You will get stuck on the issue of breach of contract, which is very interesting here!
Then there will be a fee for refinancing, which is about 20,000 yuan for various related handling fees, cancellation fees, handling fees, and writing fees. It depends on which bank you want to transfer to. There is also a grace period of up to 3 years. .
If the transfer is really not successful, there will still be a liquidated damages of "0.5~1%" to be paid!
The best time to refinance your loan is to apply within two years after the grace period. After all, the grace period is only as cheap as paying interest, and you will definitely have a good repayment record on your credit. This is definitely the best time to refinance or refinance. Timing of loan increase.
If you can refinance your loan to get more money, why should you just refinance it?
This is definitely a series of questions that more people will ask!
The main conditions for refinancing are that the value of the house you buy has increased and your credit is good.
That is to say, when buying a house as mentioned at the beginning, the most important thing is to buy a location. Only in a good and excellent location can there be room for rising house prices. As long as the house price rises, you can use this flexible method of increasing or converting loans.
The main reason for refinancing is that you cannot get better loan conditions from the original bank, and the new loan conditions from another bank are better. As long as the interest saved by the interest rate difference is greater than the cost of refinancing, it is recommended that you really can refinance. Got a loan!
To give a simple explanation, as long as the interest rate difference is above 0.3%, or the interest saved in the first year is greater than the cost of refinancing, you can consider refinancing.
There are also people who just want to pay interest and enjoy their house for the rest of their lives, you can also play like this!
But no matter what method you use to save money, you need to do your homework first and keep your various repayment records in good order. Not only your mortgage payment records, but also your other credit cards, labor and health insurance, salary income, and various other It's good not to have any debt. After all, you will do a linkage every time you transfer. As long as you make a mistake, you will be amused.
And the most important thing is, whether you refinance or increase the loan, you must not foolishly cancel the original mortgage life insurance contract and wonder whether you need to sign a new one with a different bank.
Even if mortgage life insurance and mortgage loans are from different banks, the loan effect still exists. The older the house, the more expensive the premium will be. Just like you get older, the older you are, the more expensive your new insurance premium will be.
Therefore, it is enough to retain the original mortgage life insurance, and then increase the insured amount to the new loan bank for the increased mortgage amount.
If you foolishly cancel the contract and then re-insure, you will have to pay a higher cost for this stupid and meaningless thing.
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