Posted on: 30th Mar, 2009 02:02 pm
In the state of Florida can extra money be applied to a monthly mortgage payment and that extra money go directly towards the principle?
Hi bktrpoics,
As far as I know, you'll be able to pay extra money towards the mortgage. You can speak to your lender and check out what you need to do regarding paying extra money towards the principle amount.
Thanks
As far as I know, you'll be able to pay extra money towards the mortgage. You can speak to your lender and check out what you need to do regarding paying extra money towards the principle amount.
Thanks
It depends on the terms of your mortgage with your lender. THe only thing that woudl prohibit this in any way is a prepayment penalty. This wouldn't so much prohbit you as it would force you to incur a fee for paying downt he principle to fast. Just check your mortgage note and see if there is a prepayment rider on it.
Hi, Yes it would depend on your policy and terms you signed. Some will allow to be paid off early but with a penalty. You can always send 13 payments a year instead of 12 and that helps :) , But you would need to contact your lender and see what are the terms on your contract.
in all likelihood, simple prepayment, such as a little each month, isn't going to be prohibited at all.
a prepayment penalty will generally kick in (if it exists) when you pay substantial amounts down on the principal balance; or pay the loan in full.
as noted above, check your promissory note to determine the precise situation you're in.
a prepayment penalty will generally kick in (if it exists) when you pay substantial amounts down on the principal balance; or pay the loan in full.
as noted above, check your promissory note to determine the precise situation you're in.
