Real Estate Home Mortgages/paydown mortgage principle
Hi. I have a 500k mortgage in n.y.
30 yr 3.58%. 28 yrs remain on 30 yr .
I want to make an extra payment either semi monthly or monthly in addition to my reg payment of p & I....
I want to apply that payment to my principle only ..not my interest. How can I do this and b e sure the lender is applying that amount correctly. Thank you.
typically, you will receive a mortgage statement every month. On the payment coupon, you have an option to pay "PRINCIPAL ONLY" in addition to the normal monthly payment. You would see this on the next monthly statement that gives you a breakdown of your monthly payment.
IF you do not get a monthly statement, please call the company you make your mortgage payment to and discuss with them how to do this.
I hope this helps you out, Christina.
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