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question about paying mortgage in advance?
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Mrs213
????????
Member since 2/09 18986 total posts
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question about paying mortgage in advance?
I pay my mortgage online with Bank of America. As soon as my payment posts the next bill appears online with the option to pay it. Can I pay for it in advance and then not have to pay for a few months? Is it a good idea to even do that? It said when we closed there is no "prepayment penalty" is this what they are referring to?
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Posted 8/23/10 6:36 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
smooney
Hidey Ho!
Member since 2/10 1669 total posts
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Re: question about paying mortgage in advance?
i think that means about paying more towards your principle besides just what is due month to month. if you prepay, you knock down the principle and ultimately can cut years off your mortgage.
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| Posted 8/23/10 7:35 PM |
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MrsRitaB
Love of my life! <3
Member since 4/10 4669 total posts
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Ri
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Re: question about paying mortgage in advance?
Posted by smooney
i think that means about paying more towards your principle besides just what is due month to month. if you prepay, you knock down the principle and ultimately can cut years off your mortgage.
yes - this is what it means
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| Posted 8/23/10 8:02 PM |
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