Whether the repayment method of mortgage can be changed, different banks have given different regulations. Borrowers can directly consult the bank that handles the loan, so that they can get the exact answer. It is reported that most banks support modification, but users need to apply.
There are usually two repayment methods of mortgage, equal principal and interest and average principal. Under the same loan amount, fixed number of years and interest rate, the total interest of average capital repayment method is less than that of the equal principal and interest method. However, the average capital requires higher income for borrowers.
Under the same loan conditions, the monthly repayment amount of average capital in the initial repayment period is higher than the equal principal and interest. However, the monthly repayment amount in the average capital is different. As the repayment time goes on, the subsequent monthly repayment amount may be lower than the equal principal and interest. It should be noted that the monthly repayment amount of equal principal and interest is the same.
When the mortgage repayment method can be changed, it is based on your own income. When choosing the equal principal and interest in the loan, the subsequent personal income will increase, which can become an average capital at this time; If you choose average capital as a loan, you can choose equal principal and interest when your personal income decreases, so as to reduce the repayment burden.
User loans must not be overdue after buying a house. Generally, the bank will charge a penalty interest after overdue repayment, and the bank will collect it if it fails to repay for a long time. If the borrower intends not to pay back, the bank will sue the borrower and repay the loan by auctioning the property.
It should be noted that repayment in loans overdue will affect personal credit information, and subsequent handling of various loans will be affected after credit information becomes bad. If it is not returned, this record will always be recorded in the credit report and will never disappear.