Additional Mortgage Payments
For example they copy the amount of their standard monthly payment and make 13 payments per year instead of 12. A few examples to show just how. The Power Of Extra Mortgage Payments The Truth About Mortgage But before you make additional mortgage payments make sure to ask your lender about prepayment penalty. Additional mortgage payments . You may think 50 or 100 a month is a small sum but no amount is too small. Before overpaying your mortgage check that your lender allows you to overpay it penalty-free and if there are any limits as to how much you can overpay. If you use this strategy please be aware that on occasion banks have been known to not credit your extra principal payments directly towards reducing your principal loan balance. For example if you pay 1300 per month normally you may pay an extra 200 to the principal for a total payment of 1500. Allow homeowners to enroll in mortgage payment forbearance programs through June 2021. Using our 100 example if you star