The common problem of 01

Types of mortgage loans
The use of different classification method classification: according to the interest rates are variable, divided into floating rate loans and fixed rate loans Fixed Variable; according to the loan contract signed with the bank for the length of time, divided into different years of the loan period; according to whether can be divided into substantial repayment, open Open and closed Close; according to the number of delivery of the first paragraph the conventional loans, divided into Conventional and a high proportion of loans High-Ratio

Simple talk about how to choose the type of mortgage loans
If you choose a floating interest rate, loan interest rates as the market changes, may increase, also may fall. Choose to keep interest rates floating is good, floating interest rates more flexible, when interest rates fall, floating rate can lock in fixed rate lower.
In addition many guests are willing to keep floating interest rates unchanged. York University professor Moshe Milevsky study found that, in the past fifty years, 88% of the time people are never lock the interest rate benefit. Milevsky said, "no one can change the statistical fact, that in the long run, floating interest rate advantage."
Choose fixed interest rate, equivalent to pay certain interest to their loans to buy an insurance.
In general, the short-term and floating rate is relatively low, but the long-term and fixed rate more security and assurance. What kind of choice is appropriate, depending on market conditions and your personal financial situation, please contact to consult me, I can help you get the most suitable mortgage.

What is the contract period (Term), and loan repayment period (Amortization) what is the difference?
The contract period Term is the loan contract signed with the bank, within the period of validity of both sides must abide by the contract, such as the bank cannot be increased interest rates to charge interest, according to the timely payment of installment repayment time etc..
Loan amortization period Amortization is customer need long time to pay off the loan without pay installments of the case. Now 30 years as the standard for general bank, calculate the minimum monthly repayment amount.

Loan repayment period (Amortization) must be in 30 years?
There are 25 years and shorter period of the loan repayment period. Loan repayment period is longer, the minimum monthly repayment amount is low, the corresponding terms borrowed bank money time is long, to pay interest on.

The expiration of the contract, how to do?
The loan after the expiration of the contract, if not fully repaid bank loans, can choose
1 once the remaining arrears repaid
2 in the original loan bank continued for a new contract
3 the remaining loans will be transferred to another financial institution, also known as rotary press

How to get the best mortgage loans?
The most suitable for your mortgage is the best. According to your specific situation specific analysis. Of course, in most cases, lower interest rates