all about mortgages 세상의모든대출
Find out more about one of the ways to own your own home, a mortgage.
A ‘house’ is one of the three essential elements of life, food, clothing, and shelter, so it is necessary existence in life.
However, it has been a long time since it served as a means of financial technology as one of the real estate assets.
One of the goals of many people is to ‘buy a home. It is because having a home itself can give you psychological stability, and you can secure cash by using your home as collateral, such as an annuity or loan system.
Today, I would like to learn more about ‘Home Mortgage Loan,’ a system in which a house (house) is used as collateral.
First, let’s look at how the mortgage limit is set, what repayment methods are, and finally, how to reduce the loan interest rate.
How are 아파트담보대출 세상의모든대출 limits set?
There are three ways to set your loan limit. Initially, there were only LTV and DTI, but recently DSR was introduced.
1. LTV (Loan to Value): Mortgage loan ratio
It is the house’s value ratio to the loan’s value. Let me give you an example. Assuming that the LTV is 60%, you only get a loan up to 60% of the house’s value.
If the home’s value is 100 million won, you can get a loan up to 60 million won.
LTV 후순위담보대출 세상의모든대출 may vary slightly from region to region.
The ratio varies depending on which area you borrow from, such as a speculative area, an over-speculation area, an area subject to adjustment, or an unregulated area.
(Real estate follows the market price principle based on supply and demand, so government regulations are often tightened or relaxed.)
In addition, on the 23rd of last month, the Financial Services Commission announced that it would strengthen the LTV regulation for houses with market prices exceeding 900 million won in speculation areas or overheated speculation areas.
Previously, 40% of the LTV was applied regardless of the house price, but please note that now 40% up to 900 million won and 20% for parts exceeding 900 million won.
2. DTI (Debt to Income): Total Debt Repayment Ratio
It means the upper limit of the cost of repaying the principal and interest of a loan each year from my income.
Income here refers to the annual salary and pay for office workers and business income for self-employed persons.
The principal amount of the loan is the sum of the principal and interest.
The higher the payment, the higher the loan interest rate. 대환대출 세상의모든대출
It means you can borrow more.
For example, if your DTI is 40%, you can pay principal and interest up to 40% of your annual salary.
The higher your paycheck, the more loans you can borrow.
Let’s say you take out a loan of Rs. Let’s say the annual interest rate on a loan is 5%, and the repayment period is 20 years.
Suppose you choose the equal repayment method of principal and interest (the process of repaying the principal and interest equally every month).
In that case, you can refund about 650,000 won per month for 20 years. In about one year, 650,000 won x 12 months
= about 7.8 million won in principal and interest.
If a person with an annual salary of 30 million won has a DTI of 40%, the loan principal and interest can be borrowed up to 12 million won, which is 40% of the 30 million won.
When you get a 100 million won loan, you have to pay 7.8 million a year, so it comes within 12 million won. Then you can get a 100 million loan.
If the government says, ‘I need to reduce the loan’ because the loan size is too large, would it lower the ratio from 40% to 30%? 정부지원금 세상의모든대출 So what will happen?
It means you can borrow up to 9 million won so that you can borrow 100 million won even in this case.
But what if you lower it to 20%?
Since it is 20% of 30 million won, you can only borrow up to 6 million, which is lower than the 7.8 million you have to pay back.
In this case, the 100 million loans become impossible.
3. DSR (Debt Savings Ratio): Total debt repayment ratio
It sets an upper limit on how much money an individual can borrow based on all their debts. Therefore, it can be seen that the conditions are more stringent.
Based on the principal and interest (principal and interest) of all loans, such as student loans, negative loans, car installments, jeans loans, and card loans, as well as the principal and interest on a mortgage loan, no see.
DSR, like LTV, has been strengthened. However, the DSR cannot exceed 40% (60% for non-bank notes) when borrowing a house with a market value of more than 900 million won as collateral in a speculative or over-speculation area.
What is the period for repaying the loan principal and interest?
무직자대출 세상의모든대출 It is divided into lump sum repayment and installment repayment.
One-time loan products usually have a repayment period of one to five years, while amortized loan products have a repayment period of one to 30 years. There are three ways to repay the principal and interest of a loan with installment repayment.
1. Equal principal repayment method
It pays the principal equally monthly, and the interest decreases over time. The interest is low, but the initial burden is high.
Since interest is applied monthly in proportion to the remaining principal, the initial repayment burden is the largest. Still, the claim to be borne during the loan period is the lowest.
2. Equal repayment of principal and interest
The most common method is to repay the principal and interest every month. In the beginning, you pay a lot of interest, and later, the principal increases, so the rate of decrease of the principal is slower than expected.
However, it is convenient because the amount to be repaid is constant every month.
3. Maturity lump-sum repayment method
You only pay interest during the loan term, and the principal is repaid at maturity. The burden you have to pay off right away is small, but the total interest you have to pay is the most effective method.
Since the total principal is the most effective method, you should consider your repayment plan carefully.
How are 세상의모든대출 소액대출 loan rates determined?
There are variable interest rates and fixed rates, and variable rates are usually 0.5 to 1% lower than fixed rates.
Floating interest rates are not burdensome because they initially pay a low-interest rate, but there is a burden when interest rates rise.
On the other hand, fixed interest rates feel like settling high interest initially but are less burdensome because they do not change when interest rates rise.
For example, if you pay off a 100 million won home mortgage loan with a 3% variable interest rate for 20 years, the interest payment will be about 32 million won. However, if you borrow at a fixed rate of 3.5%, the total interest payment will be 38 million won.
But what if the variable rate rises to 4% after three years and then rises to 5% after three years?
The interest payment is approximately KRW 58 million. That’s more than the fixed rate interest payments.
For this reason, a fixed interest rate is usually applied for 5 to 10 years, and then a variable interest rate is used. A variable rate is advantageous if you can repay the loan quickly.
📌 tip. How to reduce loan interest
1. Check the loan interest reduction conditions carefully
Commercial banks reduce interest rates when conditions such as credit or debit card performance in the previous month, number of direct debits, and salary transfers are satisfied.
If the bank you are borrowing from can issue a card with better conditions than the existing card conditions, it is also possible to move your central bank. (If there is no principal bank, take this opportunity to use that bank as your primary bank!)
2. Using the right to request a rate cut
You can ask for a lower interest rate if you get a promotion or raise after getting a loan.
3. Change loan products according to the financial situation
It’s called a repayment loan. Part of the negative bankbook can be exchanged for a lump-sum repayment loan with a low-interest rate. It’s also a good idea to check it out from time to time and find a loan with a lower interest rate.
4. Using the Financial Supervisory Service’s portal site, 세상의모든대출 커뮤니티
There is a page where you can get an estimate for a mortgage loan, a jeans loan or a personal credit loan that is right for you.
In particular, since mortgage loans are divided into housing price and type, loan amount and term, LTV, interest rate and repayment method, and region selection, you can find a mortgage loan product that suits you by dividing the conditions in detail.
Buying a home without a loan is the best option, but given your average monthly income, 세상의모든대출 it is not an easy task. Using loans wisely can also be a way.
The adequacy of debt, including loans, is defined as sound if less than 20%, average if less than 40%, and risk if it exceeds 40%. (Based on the Korean FP Association) I hope you aim to get a loan within 20% of the time possible and pay it back within the promised period.