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07-17-2017 05:52 PM
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?
07-17-2017 05:54 PM
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.
07-17-2017 05:54 PM
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.
07-17-2017 06:00 PM
@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?
07-17-2017 06:00 PM
@Zhills I guess it would depend. If he has something like a coupon/payment book, I would think he could send in 12 consecutive payments.
My mortage company sent me monthly statements. I just paid a 15 year mortgage in 5 years and 6 months. I did it with extra principal, lol.
As soon as I would get the statement, I'd pay it and then the mortgage company would generate a new statement. I received the statement for the payment that would have been due 8-1-17 back in June 2017. That's when I ended it :-)
07-17-2017 06:04 PM - edited 07-17-2017 06:07 PM
I think your friend might be in for a surprise if he is counting on not making any more payments for a year. It might be possible that he's made that arrangement with his mortgage company, but any time I've paid extra, even made double payments, I still have to make my next months payment right on time. It doesn't matter how much extra I've paid.
What he did do is save himself a tremendous amount of interest and shortened the term of his mortgage significantly.
I just read the post above mine and clearly other mortgages have terms different than mine have been, lol. Mine are always billed monthly. I can see how there might be other ways to make multiple payments if there are seperate billing slips for them!
07-17-2017 06:07 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?
Yes, I have done it.
07-17-2017 06:08 PM
You have to pay all the interest and escrow payments for 12 months though
07-17-2017 06:09 PM
Some do this especially if their work is spiratic. Pay ahead for hard times.
07-17-2017 06:10 PM
I didn't think you could do that. It would just be a very huge payment for that month.
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