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Paying Mortgage Early
If your payment is due on the first is there any advantage to pay it early ie on the 20th?
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Posted 9/13/06 4:12 PM  |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Paying Mortgage Early
not that I know of!
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| Posted 9/13/06 4:13 PM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Paying Mortgage Early
only advantage is that you wont be late! 
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| Posted 9/13/06 4:14 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Paying Mortgage Early
the only advantage that I can see is maintaining a good status with the lender (which could end up being reflected on your credit report)
ETA: I pay all my bills early and my credit score avg is 804  not sure if that has anything to do with it, but it can't hurt.
Message edited 9/13/2006 4:46:42 PM.
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| Posted 9/13/06 4:35 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Paying Mortgage Early
Posted by SweetestOfPeas
the only advantage that I can see is maintaining a good status with the lender (which could end up being reflected on your credit report)
ETA: I pay all my bills early and my credit score avg is 804 not sure if that has anything to do with it, but it can't hurt.
Not really since they don't report you until you are 30 days late, but I commend you anyway!!!
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| Posted 9/13/06 5:24 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Paying Mortgage Early
it doesnt have an effect on your credit report - but its always good to pay early rather than late.
and if something happens (god forbid) and you are late in paying, your lender will be more likely to forgive you (not charge fees, etc) if you have a history of paying early.
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| Posted 9/13/06 5:25 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Paying Mortgage Early
Yes, the advantage is that if you have a mortgage where you are paying principal and interest your principal payment will get added to your balance sooner, adding to your equity quicker and reducing the amount of interest you own on the balance.
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| Posted 9/13/06 5:26 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Paying Mortgage Early
in addition to above post, intrest adds up daily...so the earlier the payment, the less the intrest you pay. wont be much but every penny counts....
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| Posted 9/13/06 5:58 PM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Paying Mortgage Early
Posted by Blu-ize
Yes, the advantage is that if you have a mortgage where you are paying principal and interest your principal payment will get added to your balance sooner, adding to your equity quicker and reducing the amount of interest you own on the balance.
thats what I would think too. especially if you pay extra to the principal
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| Posted 9/14/06 7:57 AM |
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