Real Estate Home Mortgages/paydown mortgage principle

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Question
Hello. I live in ny. I have 28 yrs left on a 500k mort @3.58%.
30 years.

Can I pay down my principal monthly ..in addition to my reg p&i Payments.

Can I send ..for example. $1500. Extra a month and ask that it be applied to my principle only?
Thank you.

Answer
Yes you can. Talk to the bank servicing the loan and see how they handle it. I know some people send 2 checks. 1 regular pmt and another principal reduction.
Some lenders allow you to write in extra amount to go toward principal on the payment coupon and use one check.
You need to make sure you do it the way the bank wants you to. Otherwise, they could add it to your escrow account and then end up refunding it to you at the end of the year.  
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

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Tom Burris

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I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA & Conventional Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.

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