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Mortgage Principal PrePayment Thought...What say You?

April 2nd, 2014 at 01:15 pm

Good Morning SA Family....so, I woke up out of a sound sleep at around 11:30 last night and started thinking....."why not make additional principal payments to my mortgage throughout the month, when funds are available, versus waiting until the mortgage payment is due and including the pre-payment with it?"

What say you? Should I simply photocopy a bunch of my mortgage payment coupons, black out the due date, use for the banks tracking purposes and start funneling in various amounts of money toward the princpal? I have never, in all my years and experience with principal pre-payment done this. I think it wise to first contact my lending institution to see if there are any "laws" against this or "processing fees" attached...but other than that, why not get the extra monies to them asap versus sitting on them for a month? Hmmmmmmmm......

3 Responses to “Mortgage Principal PrePayment Thought...What say You?”

  1. creditcardfree Says:

    I sent in FIVE extra principal payments last month that were separate from our regular payment. I do send the money when I have it so my snowflakes don't melt away. And I don't actually mail anything, I make all my payments online. No fees with Wells Fargo and no limits on the number of payments. Definitely check with your mortgage company to be sure on their rules.

  2. NJDebbie Says:

    I used to do the same as ccfree. I made multiple payments as extra funds became available, make sure you check with your bank.

  3. beawealthywarrior Says:

    I normally throw my snowflakes as soon as I get them. I usually pay online or go to nearby branch.

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