Posted on: 26th Oct, 2012 12:04 am
if i make my reg monthly mortgage payment and 2 wks later make other payment will the second payment each month go directly to the principle
Hi sweetmothens,
The second payment may not directly go toward the principal. You will have to speak to the lender and set up such a payment plan. Once you set up the payments plan, then you may be sure that the payment will go toward your principal amount.
Thanks
The second payment may not directly go toward the principal. You will have to speak to the lender and set up such a payment plan. Once you set up the payments plan, then you may be sure that the payment will go toward your principal amount.
Thanks
Welcome sweetmothens,
I agree with what James has said. You will have to sign such an agreement with the lender in order to make sure that the second payment goes toward your principal balance.
I agree with what James has said. You will have to sign such an agreement with the lender in order to make sure that the second payment goes toward your principal balance.
It depends on the repayment plan that has been agreed upon between you and your lender. If there is no such agreement, you can talk with your lender to put in place such an agreement.