Posted on: 08th Aug, 2013 06:24 am
every time I send extra money to my 15 year mortage they place it towards intrest Does it pay to send $100.00 a month extra if it goes to intrest help
Hi inkey,
It will be better if the extra payment go toward the principal amount. You should contact your lender and set up such an agreement with him so that he can apply the extra payment toward the principal amount.
Thanks
It will be better if the extra payment go toward the principal amount. You should contact your lender and set up such an agreement with him so that he can apply the extra payment toward the principal amount.
Thanks
Welcome inkey,
James is right in saying that if you make extra payments, you should sign an agreement with the lender that the payment should go toward the principal amount. This will help you pay off the mortgage soon and you will be able to save money on the mortgage payments.
James is right in saying that if you make extra payments, you should sign an agreement with the lender that the payment should go toward the principal amount. This will help you pay off the mortgage soon and you will be able to save money on the mortgage payments.