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Extending or Shortening Mortgage Business-----Free to Repay
Extending or Shortening Mortgage Business is a business in which the borrower who has already been granted loan from the bank, apply for extending or shortening his or her original loam term.
1. Feature
Free to alter the repayment term, flexible to repay. The house mortgage loan is usually long (maximum 30 years), in the period of term, with the increase of income, the borrower can shorten the loan term, or if the borrower¡¯s expense increased, he or she may choose to extend his or her mortgage loan term to reduce the repayment ¡¯s pressure.
2. Who is it for?
Housing mortgage loan applicants
3. What needs to be done?
(1) Submit application documents for credit line assessment
(2) Bank verifies the application and approves;
(3)Sign the comprehended agreement for the alter of the mortgage term
(4) Get the house insured and register as collateral;
(5) Repay the principle and interests as agreed in the comprehended agreement
(6) Once borrower has repaid the entire loan, the contract expires and loan registration cancelled
4. Documents to be provided by applicant for loan application:
(1) Extending or shortening application form
(2) ID cards for applicant and co-owner and the Residence registration (Hukou)
(3)Testimonial of family income and assets;
(4) Former Signed an agreement with the borrower a house mortgage loan;
(5)Other documents required.
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