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07-17-2017 10:34 PM
@Kachina624 wrote:I have an idea... Call your mortgage company and ask!
Exactly. I'm sure it depends on the terms of your loan and who you have the mortgage with. I sometimes pay more than my monthly payment, and they apply the overpayment toward my principal. But that's how it works with my bank.
07-17-2017 10:39 PM
Depends on your mortgage holder.
My parents sold a house and carried the mortgage. Rather than monthly payments, my parents agreed to annual payments. If I remember correctly, it was a 15 year mortgage.
So - it can be done .. just depends on the agreement you have with the mortgage holder.
07-17-2017 10:54 PM
@proudlyfromNJ wrote:
@Annabellethecat66 wrote:I paid my house off years ago. If you live in a house long enough, you'd pay it off.
My daughter and her husband refinanced their house to a 12 year mortage and just paid it off.
Yes, but can you pay a year in advance and not make another payment for a year?
You would have to make that arrangement with the mortgage company prior to doing this. And yes, you should be able to do this.
07-17-2017 11:53 PM
I'm sure it depends on the bank or the mortgage company. We didn't make payments in advance but after I went back to work, we paid an extra $300 with each mortgage payment. We did that to pay the mortgage off early, which we did. The bank had to do an adjustment because the way we did it, we overpaid on the interest.
07-18-2017 08:01 AM
@esmeraldagooch wrote:
@proudlyfromNJ wrote:
@Annabellethecat66 wrote:I paid my house off years ago. If you live in a house long enough, you'd pay it off.
My daughter and her husband refinanced their house to a 12 year mortage and just paid it off.
Yes, but can you pay a year in advance and not make another payment for a year?
Yes, I have done it.
@esmeraldagooch I take it you paid extra on the principle. Yes, you would still need to pay on the interest/escrow.
That is what we did also-extra on the principle.
07-18-2017 10:42 AM - edited 07-18-2017 11:10 AM
When we had a mortgage, we requested to do that once while we were travelling. Our mortgage company would not let us do this. We even talked to a supervisor. We discussed all kinds of options. They told us we could pay as much as we wanted, but we would still owe a payment the next month.
07-18-2017 10:48 AM
I have no idea but if he could do that but if that's what he did, I don't think he's very bright.
Why not make bi-monthly payments and pay your house off sooner?
When I had a mortgage, the payments were automatically deducted out of my account on the first of the month. Any extra I paid went to the principle but I still had to keep making my payments.
07-18-2017 10:57 AM
@chickenbutt wrote:With mine I can pay as much extra as I want, but I will stil owe a payment the next month. It's kind of like a credit card would work - even when you pay more than the minimum, and as long as there is a balance, you will still owe at least a minimum amount the next month.
Yes that how mine works too..I sometimes will put an extra$500 or $1000 payment in..I still get billed for my regular payment the following month..Whatever extra I pay, goes toward the principle...which in the long run, will shorten the amount of payments I ultimately make....But in the short run,no..
Perhaps if he is at the end of his term and pays it OFF...but that is not what I think you meant...
07-18-2017 12:55 PM
I didn't know there were so many different options out there. I've only had two mortgages, and both of them required monthly payments as I mentioned earlier. Any additional payments were accepted, but I still had to make subsequent payments on time. I set up automatic payments through my bank so I don't have to worry about it if I am traveling or something happens and I am not available to make my payment during any given month.
I have to say - I like what I'm reading about the different payment options on mortgages. If I ever move or refinance, I may look into those options. I like the flexibility that those terms would offer.
07-18-2017 01:01 PM - edited 07-18-2017 01:02 PM
@Zhills wrote:I have a friend who said he had paid his mortgage 12 payments ahead so he could stay there a year before he needs to make another payment?
Most computerized programs expect a money input between billing dates? How does yours work?
I always pre-pay my mortgage during the summer months so I don't have another mortgage payment due until October. I have the option to pay ahead and/or pay more on the principal.
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