Posted on: 28th Oct, 2009 08:55 am
My Brother does it that way, and it's a great idea. The more you can contribute the shorter the duration of the Note.
it is always worthwhile to pay additional sums on the balance of your loan to reduce the overall obligation and to shorten the term of the loan.
The question is regarding a home equity with 24 months left??
That is not a lot of time left. Paying extra in the amount noted may knock a month or two off the 24 months. Nothing wrong with paying extra or a lump sum, you just do not have a lot left to receive a very large benefit.
That is not a lot of time left. Paying extra in the amount noted may knock a month or two off the 24 months. Nothing wrong with paying extra or a lump sum, you just do not have a lot left to receive a very large benefit.
