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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Paying Extra on your Mortgage
Question for those who make an extra payment per year:
Do you just send in an extra payment, if so, when? Do you have a specific time of year you try to do it?
Or, do you divide the payment by 12 and send that much extra each month of the year?
Just curious.
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Posted 6/11/09 7:01 PM  |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Paying Extra on your Mortgage
I have a set amount that we pay each month. Our payment coupon has a space for payments you want applied to additional principal payments.
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| Posted 6/11/09 8:14 PM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: Paying Extra on your Mortgage
We pay every other week. We set it up with the mortgage company. We wind up paying an extra payment once a year.
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| Posted 6/11/09 9:02 PM |
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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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Re: Paying Extra on your Mortgage
we pay it whenever we have extra cash. happens that we paid extra every month so far. helps bring down the principal alot and save on interest.
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| Posted 6/11/09 9:19 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Paying Extra on your Mortgage
We send them 1/12 of our payment every month on our 1st mortgage and $100 more on our second which works out to 2 extra payments a year.
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| Posted 6/12/09 7:11 AM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: Paying Extra on your Mortgage
Posted by nicrae
We pay every other week. We set it up with the mortgage company. We wind up paying an extra payment once a year.
Our accountant told us this is the best way- but I still havent set up- for now I just divided the extra payment into 12 and just added it to the monthly payment
eta- the accountant said this way was better because it also lowers the amount of interest that you end up paying
Message edited 6/12/2009 8:55:46 AM.
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| Posted 6/12/09 8:55 AM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Paying Extra on your Mortgage
Posted by MrsFab
Posted by nicrae
We pay every other week. We set it up with the mortgage company. We wind up paying an extra payment once a year.
Our accountant told us this is the best way- but I still havent set up- for now I just divided the extra payment into 12 and just added it to the monthly payment
eta- the accountant said this way was better because it also lowers the amount of interest that you end up paying
Our mortgage company wanted to charge a fee to set this up - I think it was about $350 and I couldn't see the sense in handing that over just to have them adjust the paperwork. I prefer to just pay extra each month and have the flexibility to not pay if ever necessary. We've stuck with it paying the same amount extra each month for 8 years now so I'm not worried about having to maintain the discipline to stick with it.
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| Posted 6/12/09 11:53 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Paying Extra on your Mortgage
Posted by KLSbear
Posted by MrsFab
Posted by nicrae
We pay every other week. We set it up with the mortgage company. We wind up paying an extra payment once a year.
Our accountant told us this is the best way- but I still havent set up- for now I just divided the extra payment into 12 and just added it to the monthly payment
eta- the accountant said this way was better because it also lowers the amount of interest that you end up paying
Our mortgage company wanted to charge a fee to set this up - I think it was about $350 and I couldn't see the sense in handing that over just to have them adjust the paperwork. I prefer to just pay extra each month and have the flexibility to not pay if ever necessary. We've stuck with it paying the same amount extra each month for 8 years now so I'm not worried about having to maintain the discipline to stick with it.
Don't ever pay the bank a fee to set this up. Big waste of money.
Just send in 9% more in each mortage payment for the same effect.
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| Posted 6/13/09 12:28 AM |
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JodiBabe
Married for 9 yrs!!!!!!
Member since 5/05 6672 total posts
Name:
Jodi
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Re: Paying Extra on your Mortgage
Ours too which is why I haven't set it up & wont - not for a $400 fee 
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| Posted 6/16/09 4:12 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: Paying Extra on your Mortgage
wow, reading about these fees is so aggravating.
They are trying to rip off people who actually are paying thier mortgage! Meanwhile so many others are walking away and not paying for months and months and months.
Sometimes it feels like doing the right thing gets you nowhere!
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| Posted 6/18/09 6:56 PM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: Paying Extra on your Mortgage
We divide the payment by 12 months and pay that each month.
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| Posted 6/18/09 11:38 PM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: Paying Extra on your Mortgage
We are going to be paying our mortgage weekly which will work out to an extra payment per year.
If we happen to have any extra money- from tax returns/bonus then we may make another payment per year. I have a feeling we will need any extra money we get though 
ETA: Wow! I hope there's no fee for us to do this! There was paperwork for a payment schedule with our loan application. It didn't say anything about fees (we don't close until next month). I'll have to check on that.
Message edited 6/19/2009 9:59:21 AM.
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| Posted 6/19/09 9:57 AM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: Paying Extra on your Mortgage
We set it up with our bank (for free) to pay half of the mortgage every two weeks. So two times a year we make three payments in a month.
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| Posted 6/19/09 2:02 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: Paying Extra on your Mortgage
I just pay extra each month. It averages out to more than one extra payment per year.
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| Posted 6/19/09 9:53 PM |
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