Recommendation: The real estate market has always been a concern for many people. After all, most ordinary families are now placed on the house. Therefore, whether it is the appreciation or depreciation of the house, it has an impact on ordinary people.
However, since the second half of 2021, my country's real estate industry has begun to experience some "unusual" changes - many domestic cities have experienced declines in housing prices, and the national average housing price has dropped from more than 11,000 per square meter in 2021 to 9,586 yuan/square meter in the first half of 2022.
I have to say that the real estate market has changed too quickly recently.
I still remember that in the past two years, it was difficult for ordinary people to buy houses to get a loan, because there were too many people who bought houses during that period. In addition, official restrictions, loan quotas in many cities were tight, and many places submitted loan applications, and the result was that the loan was not obtained until the next year.
At that time, home buyers waited for loans for about 6 months. This phenomenon was also hyped and sold by many house sellers at that time, saying that it might be difficult for a loan even if they wanted to buy a house.
But it has only been a year since the incident, and the loan of houses has been completely resolved. Many friends who buy houses find that they are facing the "difficulty in repaying their loans".
As we all know, due to the impact of the epidemic, many people want to repay their loans in advance to relieve the pressure, but many banks have told their customers that they need to queue up for repaying their loans in advance. Some banks have even been exposed to repaying their mortgages in advance and charging a certain liquidated damages in proportion. This is really unacceptable.
But now, my country's real estate has ushered in another surprising change: the interest rate for buying a house has dropped sharply.
In May 2022, the central bank announced that on the basis of lowering the LPR for more than 5 years to 4.45%, the minimum interest rate for first-home homes can continue to be reduced by 20 basis points, that is, the minimum loan interest rate for first-home homes is 4.25%.
You should know that this loan interest rate is much more discounted than in previous years. Generally speaking, there are two main situations for buying a house. One is Provident Fund Loan , and the other is commercial loan.
Provident Fund loans implement the central bank's loan benchmark interest rate. Among the central bank's loan benchmark interest rates previously announced by the People's Bank of China , the annual interest rate of provident fund loans for more than five years is only 3.25%.
If the customer is not handling a provident fund loan, but a commercial loan, the interest rate of the loan will be much higher. For example, I have a friend who bought a house last year and used a commercial loan. The interest rate of his first home loan actually reached 6.1%, with a loan of 470,000 yuan, and an equal principal and interest of for 430 years, with a monthly monthly payment of more than 2,800 yuan.
But if calculated based on today's 4.25, then you only need to repay 2312 yuan per month. The difference between the two monthly repayments is nearly 500 yuan, which is not a small amount of money for ordinary families.
It can be seen that if you buy a house with a loan of more than one million yuan, then the monthly payment difference between the two can reach more than one thousand yuan.
So, the mortgage interest rate will be lowered to 4.25% in 2022, so what should home buyers with an interest rate of 6.1% last year do? Let me give you two suggestions.
The first method: users can choose to repay the loan in advance.
Nowadays, many banks repay loans in advance and do not charge handling fees (for specific circumstances, you need to call the bank to which they are loaned). After all, the longer the repayment time is, the more interest the lender has to pay back, which is very unprofitable.
But the problem with repaying in advance is that customers need to prepare a lot of money, which is unrealistic for many people, and everyone should operate in accordance with their own situation.
The second method: transfer the operation and reduce the loan interest rate.
If you want to reduce your mortgage interest rate, there is actually a feasible way, which is to settle the heavy loan. For example, you settle the loan under your name, then transfer the property to your parents, and then purchase a house in the name of your parents (reasonably utilize the policy of 4.25% interest rate for the first home).
But it is worth noting that doing this requires a large amount of turnover funds, and it is basically unsatisfactory to get a bank loan (because the loan is not paid off and the money cannot be borrowed). It is recommended that you borrow money from relatives and friends.
Secondly, it is to consider the issue of paying taxes and fees for purchases. If it is cost-effective, follow this operation. If the taxes and fees obviously exceed the interest you want to save, there is no need to waste time.
I wonder if you have any better ways to reduce mortgage loans? Welcome to leave a message to discuss together.
