What information do I need to apply for a mortgage? How do I calculate the repayment of a mortgage?

Buying a house is a big event in life. Many people may work hard and busy all their lives just to have a home of their own. Of course, novices are not very familiar with buying a house. We need to prepare a lot of information, calculations, and procedures in advance. The following is all the information needed to apply for a mortgage. Do netizens understand?

Contents of this article

1. What information is needed to apply for a mortgage?

2. How to calculate the repayment of housing loan

3. What other procedures are required after the mortgage is approved?

What information do I need to apply for a mortgage?

1. You need to prepare a loan application. You can fill it out directly at the bank and must fill in the relevant information truthfully.

2. Your personal identification documents, including your ID card and your family’s household registration booklet. If you have a passport or police officer ID, etc., you can prepare them in full.

3. You also need to prepare proof of your personal marital status. If you are married, you need to prepare a marriage certificate. If you are not married, you need to go to the civil affairs department to get a certificate of singleness.

4. Prepare proof of personal income, which is very important because the bank needs to consider whether you have the ability to repay the loan, such as your salary statement. If you run a company, you need to provide proof of tax payment.

5. You must also provide a purchase contract and proof of down payment.

6. If the house is jointly owned with another person, the other person also needs to provide his or her identity card, etc.

How to calculate the repayment of a home loan

The repayment method for home loan can be equal principal and interest repayment method or equal principal repayment method. The calculation formulas for these two methods are:

1. Equal principal and interest:

Monthly repayment amount = principal * monthly interest rate * [(1 month interest rate)^n/[(1 month interest rate)^n-1];

2. Equal principal amount:

Monthly repayment amount = principal/n remaining principal*monthly interest rate.

Assuming the principal of the mortgage is 200,000 yuan, the loan term is 15 years, and the central bank's five-year benchmark interest rate is used to calculate, the monthly repayment amount is 1,623.57 yuan. Using the equal principal repayment method, the first month's repayment amount is 2,011.11 yuan, which decreases by 5 yuan each month.

What procedures are required after the mortgage is approved?

1. After the mortgage loan is approved, you will only enter the second step of the entire mortgage application process.

2. After the mortgage is approved, you first need to go through the relevant mortgage registration procedures and mortgage your personal property. Then sign a mortgage contract with the bank and wait for the bank to release the loan.

3. In general, the bank will directly transfer the loan to the deposit account of the seller specified in the purchase contract at the loan bank. Finally, the applicant can repay the loan on time as agreed in the loan contract.