How to get mortgage discount
In the current real estate market environment, fluctuations in mortgage interest rates directly affect home buyers’ repayment pressure. Many homebuyers hope to lower their interest payments by getting discounts on their mortgages. This article will combine the hot topics and hot content on the Internet in the past 10 days to give you a detailed introduction to how to obtain mortgage discounts and provide structured data analysis.
1. Common types of mortgage discounts
Mortgage discounts are usually divided into the following types, as shown in the table below:
| Discount type | Description | Applicable people |
|---|---|---|
| First-time home interest rate discount | Banks offer discounts below base rates for first-time home buyers | first time home buyer |
| Premium customer discount | For customers with good credit and stable income, the bank provides additional interest rate discounts | People with high income and high credit scores |
| Cooperative real estate discounts | Banks work with developers to provide interest rate discounts to buyers of specific properties | Homebuyers purchasing cooperative properties |
| seasonal promotions | Short-term interest rate promotions launched by banks during a specific period of time (such as the end of the year) | All home buyers |
2. How to get a mortgage discount
1.Improve personal credit score: Credit score is an important basis for banks to evaluate mortgage interest rates. Maintaining a good repayment record, reducing debt ratio, and avoiding frequent inquiries on credit reports can effectively improve your credit score and thereby obtain a lower interest rate.
2.Choose a partner bank: The mortgage policies of different banks vary greatly. Home buyers can compare the interest rate policies of multiple banks and choose the bank that offers more discounts. The following is a comparison of popular bank mortgage interest rates in the past 10 days:
| Bank name | First home interest rate (%) | Interest rate for second home (%) | Discounts |
|---|---|---|---|
| ICBC | 4.10 | 4.90 | 0.1% interest rate discount for first home purchase |
| China Construction Bank | 4.05 | 4.85 | Extra 0.15% discount for premium customers |
| China Merchants Bank | 4.00 | 4.80 | Interest rate discount for cooperative real estate is 0.2% |
3.Pay attention to bank promotions: Banks usually launch short-term interest rate promotions at the end of the year or quarter. Home buyers can obtain the latest promotional information through the bank's official website, account manager or financial media.
4.Negotiate with developers: When purchasing a new home, developers often have cooperative relationships with banks. Home buyers can ask developers to help apply for lower mortgage interest rates.
3. Things to note about mortgage discounts
1.Discount period: Some mortgage discounts are short-term only and may only be valid for the first few years of the loan. Home buyers need to read the contract terms carefully to avoid a sharp increase in interest rates later on.
2.Additional conditions: Some banks will require home buyers to purchase financial products or handle other businesses to enjoy discounts. Homebuyers need to weigh the additional costs against the interest rate benefits.
3.Market changes: Mortgage interest rates are greatly affected by policies and economic environment. The following are the trends in the mortgage interest rate market in the past 10 days:
| Date | National average first-time home interest rate (%) | Month-on-month change |
|---|---|---|
| 2023-10-01 | 4.20 | -0.05% |
| 2023-10-05 | 4.15 | -0.05% |
| 2023-10-10 | 4.10 | -0.05% |
4. Summary
Obtaining a mortgage discount requires homebuyers to use a variety of strategies, including improving their credit score, comparing bank policies, paying attention to promotions, etc. At the same time, home buyers also need to pay attention to the discount period and additional conditions to avoid losing a big deal for a small amount. Under the current downward trend in interest rates, home buyers can seize the opportunity to obtain lower mortgage interest rates and reduce repayment pressure.
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