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Most lenders already have a space on the payment coupon (or stub) you will send in each month with your payment for additional payments towards principal. If that’s the case, just fill in the amount that you want to add that month and enclose it along with your payment. If your coupon does not have a space for additional principal, then enclose 2 checks that month. One with the base payment, and the other with the prepayment amount and write on that check FOR PRINCIPAL PAYMENT ONLY. It’s that simple to start saving money!
After your first prepayment you may want to call your lender to verify that they credited your prepayment to the outstanding balance. When I started to prepay my mortgage, I waited 6 months until I checked my balance. MISTAKE!! I called to verify my mortgage balance, and their amount was VERY different from mine. The bank was not applying my additional payments to my mortgage balance; they were applying it to my escrow account. I then printed out my amortization schedule and sent it to them to show the correct balance. They quickly corrected their mistake. Lets face it, we balance our checkbook each month, why not use an amortization schedule to check you mortgage balance.
64 Responses to “The Correct Way To Send In Your Prepayment”
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