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Can you prepay your monthly mortage payments if you have an escrow account?

Posted on: 28th Jan, 2010 08:32 pm
My husband and I would like to pay our mortgage payments up for about 6 months, so we could have some time without a payment. Is it possible to pay these payments ahead if we have an escrow account and pay our property taxes and insurance with our payment?
Hi kaylan,

If you want to make extra payments towards the loan, the lender will not have any problem with that. You can always make extra payments if you want to and having an escrow account will not prevent you from doing so. The additional payments you make will be applied towards your mortgage principal. It will also help you save some amount of money in interest over the term of the loan and pay off your mortgage earlier.
Posted on: 28th Jan, 2010 09:19 pm
you have the right to prepay your mortgage, without question. check with your lender, however, to make certain that they'll advance the due date with each extra payment you make. you don't want the full sum applied to your principal balance and have them expecting a monthly payment again on the first of each month thereafter. you need to clarify their positiion on prepayments before you go ahead and do what you wish to do.
Posted on: 28th Jan, 2010 09:28 pm
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