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Extra payments to go toward principal balance

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Alpine Guest	Posted: Fri Jun 17, 2011 12:20 am    Post subject: Extra payments to go toward principal balance Like 0 Dislike 0 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? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Fri Jun 17, 2011 2:06 am    Post subject: Like 0 Dislike 0 Hi Alpine, You will have to speak to your mortgage lender in this regard and set up a agreement so that the extra payment is directed toward your principal balance. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Fri Jun 17, 2011 8:38 am    Post subject: Like 0 Dislike 0 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. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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