Almost everyone among young people in this era has at least one credit card. Credit cards can cover daily expenses, and indeed solve the problem of insufficient monthly salary. But when it comes to repaying the mortgage, this is a bit of a mystery. A mortgage is a loan, and repaying a loan should be unreasonable. So, how do you pay off your mortgage with a credit card backwards?
Almost everyone among the young people in this era has at least one credit card. Credit cards can cover daily expenses, and indeed solve the problem of insufficient monthly salary. But when it comes to repaying the mortgage, this is a bit of a mystery. A mortgage is a loan, and repaying a loan should be unreasonable. So, how do you pay off your mortgage with a credit card backwards? What should you pay attention to when paying off your mortgage?
How to pay off the mortgage backwards with a credit card?
1. Credit cards cannot be used as repayment accounts for mortgages. In other words, credit cards cannot be used to repay through consumption, and they cannot enjoy the interest-free period of up to 50 days. Expect.
2. Therefore, the so-called using a credit card to repay the mortgage loan is actually withdrawing cash from the credit card to repay the mortgage loan. Once a credit card uses the cash withdrawal service, it is the beginning of the cardholder interest trap: various banks charge a handling fee ranging from 0.5% to 1% for domestic cash withdrawals. In addition to the handling fee, the cardholder must pay There is also interest, calculated based on the daily interest rate of 5% and the annual interest rate of 18%. It is equivalent to borrowing a high-interest loan in addition to the mortgage.
3. Regarding whether misappropriating credit cards to pay off mortgages is considered illegal cashing out, some people in the industry said that this can only be said to be taking advantage of legal loopholes. However, the person also said that according to relevant legal provisions, malicious overdraft of more than 5,000 yuan can be sentenced to 3 years in prison.
What should you pay attention to when repaying your mortgage?
1. You need to contact the bank to adjust the repayment amount. Since it is the amount agreed between the home buyer and the bank, the monthly payment will not be reduced as the central bank cuts interest rates. Therefore, the home buyer needs to agree with the lending bank again to adjust the monthly payment amount according to the new interest rate starting from the first repayment date in 2016. Otherwise, the bank will still calculate the monthly payment amount according to the original amount, so it will not be possible to enjoy the interest rate reduction in the short term. actual benefits.
Commercial loans with equal principal and interest are suitable for home buyers with stable income. In most cases, the mortgage will be equal principal and interest, because for those buyers who know little about home buying or even home buying loans, all they need to know is just one How much is the fixed monthly payment? Equal principal and interest means that you have a fixed amount of money to repay every month. Although the overall interest will increase, it makes it easier for the borrower to arrange income and expenditure, and saves a lot of trouble.
2. The January monthly payment of equal principal and interest may increase. For commercial loans, due to different loan banks and repayment methods, the changes in January 2016 monthly payment will also be different. Under the equal principal and interest repayment method, most banks will increase the monthly payment slightly in January. Specifically, while interest is decreasing, the adjusted principal paid has increased. This situation will change in February, that is, the monthly payment in February will decrease, and the monthly payment for the whole year will be based on February.
Equal principal payments are suitable for home buyers who have relatively ample funds on hand. Since the principal of the mortgage loan is the same from beginning to end, the only difference is that the interest changes from more to less, so the monthly repayment is The amount will decrease each month as time goes by. For home buyers who are in a hurry to buy a house and decorate it, the initial repayment pressure is too high and it is not a suitable choice. However, if you have ample funds on hand, it would be more cost-effective to choose an equal amount of principal and less interest.
3. Early repayment of equal principal amounts is not recommended. Under the repayment method of equal principal amounts, the borrower's interest this month has dropped slightly, and the overall monthly payment is lower than last year. Depending on the bank, the monthly payment in January will decrease or increase.
Since the repayment is based on equal amounts of principal, the first thing buyers pay back is mainly interest. When the central bank is currently in the interest rate cut channel, bank loan interest rates have dropped, which makes the interest repaid at this time relatively reduced. Therefore, in January 2016, house buyers There is no need to rush to repay the loan early.
The above is what I mainly tell you about how to repay a mortgage with a credit card backwards, and what you need to pay attention to when repaying a mortgage. Now we know that everyone’s life is relatively stressful, and most young people are burdened with Mortgage move forward. But if we use credit cards to pay off the mortgage backwards, it will only increase our pressure, so everyone should think twice before doing so.