Posted on: 17th Jun, 2011 12:20 am
Hi there… I have a mortgage which I pay regularly. I recently got some money as inheritance and I will like to send the extra payment toward mortgage principal only. How do I send the extra payment so that it goes toward the principal balance only?
Hi Alpine,
You will have to speak to your mortgage lender in this regard and set up a agreement so that the extra payment is directed toward your principal balance.
Take care.
You will have to speak to your mortgage lender in this regard and set up a agreement so that the extra payment is directed toward your principal balance.
Take care.
You also would want to check your loan documents for the pre payment penalty clause. Most subprime loans were written with pre-payment penaties. Most other loans do not have these penalties. Also, like Sara said, you would want to make sure with your lender that you can make prepayments to principle and how to designate your check to reflect only principle payment.
