Closing house loan techniques
Last updated: 6 Aug 2025
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A 30-year home loan is a large debt with a long repayment period. How can we pay it off faster so we can finally have money to invest in other things? Did you know that if you actually decide to pay off the loan with the bank for 30 years, the price of the house you're buying will almost double? Add in interest, and the price will be almost 10 million baht! Today, we've compiled three easy techniques for paying off your home loan. If you follow these three methods, we guarantee you'll be free of bank debt faster. Your dream of reducing your 30-year loan to 15 years is within reach.
Let's take a look at three ways to help everyone get rid of this mortgage faster.
Paying off the principal means increasing your monthly mortgage payments, or even making one or two payments per year during your bonus period. For example, if the bank requires a monthly payment of 20,000 baht, you could pay an additional 10-50%, depending on your financial ability. From my calculations, if we increase our monthly payments by 50% each month, increasing our payments from 20,000 baht to 30,000 baht would cut our mortgage payments in half.
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Refinancing or Retention: This method will help lower our interest rates. Usually, we only get a low interest rate for the first three years, after which it increases significantly. Refinancing with a new bank is like switching creditors. The new creditor will often offer a lower interest rate than the previous one, encouraging us to switch to their position. Another option is to retain with the same bank. You don't need to switch creditors, just apply for a lower interest rate.
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Paying your debts on time will help you avoid further interest payments and maintain your credit. When it's time to refinance or retain, the bank will also consider your payment history. If you're a good debtor, you have a better chance of negotiating. If you consistently pay on time, both your existing and new bank will welcome you.
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Read more thinkofliving : https://bit.ly/3wVNAlL
Let's take a look at three ways to help everyone get rid of this mortgage faster.
Paying off the principal means increasing your monthly mortgage payments, or even making one or two payments per year during your bonus period. For example, if the bank requires a monthly payment of 20,000 baht, you could pay an additional 10-50%, depending on your financial ability. From my calculations, if we increase our monthly payments by 50% each month, increasing our payments from 20,000 baht to 30,000 baht would cut our mortgage payments in half.
___________________________________________
Refinancing or Retention: This method will help lower our interest rates. Usually, we only get a low interest rate for the first three years, after which it increases significantly. Refinancing with a new bank is like switching creditors. The new creditor will often offer a lower interest rate than the previous one, encouraging us to switch to their position. Another option is to retain with the same bank. You don't need to switch creditors, just apply for a lower interest rate.
___________________________________________
Paying your debts on time will help you avoid further interest payments and maintain your credit. When it's time to refinance or retain, the bank will also consider your payment history. If you're a good debtor, you have a better chance of negotiating. If you consistently pay on time, both your existing and new bank will welcome you.
___________________________________________
Read more thinkofliving : https://bit.ly/3wVNAlL
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