Is it easy to get a mortgage loan if you are single? What is the specific process for applying for a first mortgage loan?

After sharing the answers to three common life questions about mortgages in the last issue, friends are still enthusiastic and ask all kinds of mortgage questions, because mortgages are one of the major events in a family, and basically every household will encounter them. The main content of today's sharing is: Is it easy to get a mortgage if you are single? What is the specific process for applying for a first mortgage? How long can I repay the mortgage in advance? I hope it will be useful to you.

Contents of this article

1. Is it easy to get a mortgage if you are single?

2. What is the specific process for applying for a first home loan?

3. How long does it take to repay the mortgage in advance?

Is it easy to get a mortgage if you are single?

1. OK.

2. Marital status is only a reference for loan review. Banks focus on the comprehensive qualifications of loan applicants. As long as the hard conditions of loan applicants are strong enough, being single will not affect the application for mortgage. The loan will not be rejected just because the applicant is single. As long as you can meet the following application conditions, you can still pass the review.

3. The credit record is good, there should not be too many overdue records, and there should not be too many hard credit inquiry records. There should be no financial disputes and the personal credit is good.

4. The debt ratio cannot exceed 50%. Some banks may require that the debt ratio cannot exceed 30%. It depends on the specific requirements of the bank where you apply for the loan. It is recommended to settle various small loans under your name in advance to reduce the debt ratio.

5. Be able to provide sufficient bank statements to ensure that during the mortgage application period, you have a stable job and a stable source of income and do not engage in high-risk occupations to reduce the chances of the loan becoming a bad debt.

In short, whether a single person's mortgage application will be approved depends on whether the applicant's comprehensive qualifications meet the application requirements. If so, then the loan will naturally be successfully approved.

What is the specific process for applying for a first home loan?

1. The borrower first signs a house purchase contract with the real estate developer.

2. The buyer applies for the first home loan from the bank and submits documents as required by the bank.

3. The bank reviews the borrower’s application and real estate qualifications.

4. After approval, the home buyer signs a loan contract with the bank.

5. The buyer pays the down payment and applies for a mortgage on the property.

6. The bank issues the loan funds, and the home buyer only needs to repay the loan and pay interest on time.

How long does it take to prepay the mortgage?

Different banks allow different periods of early repayment for mortgages.

For example, China Construction Bank and Bank of China generally require that you can apply for early repayment after one year of normal repayment of the mortgage. ICBC requires early repayment after six months of on-time repayment. Other commercial banks, such as China Merchants Bank and Bank of East Asia, also require that you can apply for early repayment after one year of on-time and full repayment. However, some banks do not have specific requirements for early repayment time, and borrowers can apply for early repayment if they are willing. For example, some city banks, local regional banks, etc.

If you repay your mortgage early, most banks will not charge you a penalty after one year. Of course, a few banks will charge a penalty, which generally ranges from 3% to 5%. In addition, whether you repay early depends on whether you repay the loan in full or in part. If you repay a part of the loan, the bank will limit the amount of repayment.