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Mortgage Question

februarybride Posted:

Mortgage Question

When you make an extra payment a year to cut down the life of your loan are you supposed to pay just the actual loan amount or the escrow amount as well?

Marcela1654 Posted:

Re: Mortgage Question

I'm pretty sure that you're supposed to specify that the extra payment is going to principal. If not it will go to interest. On our payment books we have a little box that says, extra principal____.

yabbobay Posted:

Re: Mortgage Question

are you thinking about this option that the bank gives you - or are you just making the payment?

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