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Mortgage Professor about extra payment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
How Do I Figure the Mortgage Payoff Month?
November 1, 1999, Revised February 21, 2005 Judging by my mail, for every borrower who worries about how they are going to make their next payment, there are 10 looking to repay early. Their personal strategies for doing ... more... When Will Extra Payments Reduce Monthly Payments? 4 April 2005 "I am looking for a loan on which, whenever I make an extra principal payment, my monthly payment immediately declines. Is there such a thing?" The only mortgage that works that way is one on which the payment is interest-only. Not all interest-only ... more... |
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extra payment related definitions |
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Prepayment
Prepayment Full or partial payment of the principal before the due date. This might occur if the borrower makes extra payments, sells the property, or refinances the existing loan. ... more... Variable Rate Mortgage Variable Rate Mortgage The variable rate mortgage, affectionately know as Adjusatuble rate mortgage or ARM is a mortgage with a rate that will adjust over time. You may be familiar with the term three year ARM, or five-year ARM. ... more... |
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