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Mortgage Principal Pre-Payment UPDATE!!!!!

April 2nd, 2014 at 03:34 pm

Awesome advice and feeback....thank you very much! So, I called my lender and this is what I learned. First, you cannot attach your monthly mortgage payment to a credit card. Boooooooo.....although I really understand and respect the reasoning. But I also learned that there is no penalty, rule or issue with sending in multiple pre-payments towards principal at any time. They provided me with a specific address to send said payments and I simply created my own "coupon" outlining the following:

1. Blank Line for Date
2. Subject Property Address
3. Property Owner: Hey, that's me!!!!
4. Loan Number
5. Blank Line for Amount
6. Statement saying "For Principal Only"
7. The "special" address to mail it to (so I don't have to keep looking it up"

I then was able to fit five of these coupons on one sheet of paper and printed off 50. So I now have 200 coupons ready to use. Here we go. I may send them a check for $.12 today versus putting it in my Mortgage Payoff Challenge bucket! Hahahahahahahahahaha

6 Responses to “Mortgage Principal Pre-Payment UPDATE!!!!!”

  1. Petunia 100 Says:

    And pay $.46 for a stamp? I think I'd save them up. Smile
    I do send mine in as soon as I can, but I simply log on to Wells Fargo and transfer from checking to mortgage.

    Who is your lender? Is it possible to open a bank account with them?

  2. creditcardfree Says:

    We bank with USAA, and have Wells Fargo as our lender. You don't need an account with the same bank to do a payment online. You simply provide your routing and account number to make the payment. Once you do it once, they generally keep that information on file, for future payments.

    I'm too cheap to use a stamp for extra payments. But maybe you are taking the payment and coupon directly to your mortgage lender? That is free, too.

  3. beawealthywarrior Says:

    I also make my extra payments online or the local branch since its only 2 minutes from my house.

  4. snafu Says:

    Good on you for making a serious commitment to paying down your mortgage principal. I too suggest you may find it more convenient to pay electronically if the route can be confirmed. Meanwhile get that cheque off with your readi-made coupons. I likely missed it but did your sister agree to begin paying $ 290. for rent and utilities? There is so much potential for savings from mortgage principal payments,

    I wonder if other sums can be re directed. If you received/anticipate an income tax refund can at least the mortgage interest rebate portion be directed to principal? When you review 2013 spending, do you see any sums that would be better spent elsewhere?

    What role do you see for these new CCs?

  5. Mooshocker Says:

    Hey Guys,

    Yes, I can make on line payments and will definately go that route as often as possible. Saving the $.46 for the stamp, the envelope, the ink and the time is certainly a great trade off. I guess some of those old fashioned habits are hard to break.

    Regarding my sister, I have not yet spoken with her about this. Finals are coming soon for her and I thought I would give her some time to focus on them versus coming up with the money each month. Rest assured, however, this will be a conversation that will be had before months end! It may delay the start of the agreement but it will happen. In fact, I am going to inquire as to her finals schedule this evening.

    Finally, there are very few avenues of extra funds to put towards the principal and my spending is extremely well managed. I can say, however, cutting back a bit on eating out with the little ones would certainly bode well for this endeavor. Thanks again! Jamie

  6. Rachael777 Says:

    so excited for you!

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