Posted on: 12th Dec, 2007 09:15 am
what is the difference of early and on time mortagage pay out
on-time is simply making every payment as called for in the note; paying off early means you pay off prior to the final maturity date (for example, paying in 5 years as opposed to 30 years).
Hi haleya,
Welcome to this forum.
If you pay off you mortgage before the schedule time of the mortgage it is called early pay off. There are so many acceleration plans to pay off the mortgage before the schedule time. Thus you can save money. But most of these acceleration plans are scam. And if you pay your mortgage according to the agreement of the mortgage, it is called as on time payments.
Thanks,
Larry
Welcome to this forum.
If you pay off you mortgage before the schedule time of the mortgage it is called early pay off. There are so many acceleration plans to pay off the mortgage before the schedule time. Thus you can save money. But most of these acceleration plans are scam. And if you pay your mortgage according to the agreement of the mortgage, it is called as on time payments.
Thanks,
Larry
