Posted on: 31st May, 2010 12:12 pm
Hi,
I currently have a 30 year loan of $133,000 (at 47.75%) on a house I bought just over a year ago. In order to pay down the loan a bit, I'd like to do one of two things and would like your advice on what would be most beneficial to me. I can either put an additional $40,000 in one chunk or start paying double my mortgage payment which is currently $700 a month.
Thanks,
Lisa
I currently have a 30 year loan of $133,000 (at 47.75%) on a house I bought just over a year ago. In order to pay down the loan a bit, I'd like to do one of two things and would like your advice on what would be most beneficial to me. I can either put an additional $40,000 in one chunk or start paying double my mortgage payment which is currently $700 a month.
Thanks,
Lisa
Hi ejaketu!
Welcome to forums!
You can pay an additional chunk of money in order to pay a major part of the loan. This will help you in building equity in your property. However, you will have to contact your lender and check out whether or not he will allow the same. If the lender agrees to it, then you can go ahead with the plan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can pay an additional chunk of money in order to pay a major part of the loan. This will help you in building equity in your property. However, you will have to contact your lender and check out whether or not he will allow the same. If the lender agrees to it, then you can go ahead with the plan.
Feel free to ask if you've further queries.
Sussane
Hi Sussane,
Thanks much. I've already sent an email to my loan mortgage company to ask. I'll make sure that they will agree to it. It should be in my loan papers, right? I borrowed from a local bank, they sold the loan to another place that quickly sold it to another so I better get the low down before I take any action.
Best,
Lisa
Thanks much. I've already sent an email to my loan mortgage company to ask. I'll make sure that they will agree to it. It should be in my loan papers, right? I borrowed from a local bank, they sold the loan to another place that quickly sold it to another so I better get the low down before I take any action.
Best,
Lisa