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Way to Prepay a Mortgage

  • Extra mortgage payment a year?

13 payments a year, with #13 being applied totally to principal

  • Bi-weekly mortgage

26 half-payments a year resulting in 13 full payments

  • Fixed amount with each payment applied to the principal

set it up as auto-ill pay with your bank

  • Lump-sum from a windfall or year-end bonus

Paid directly toward the principal

 

Regardless of which method is used, the borrower needs to check with the lender to see that the extra principal is applied properly.

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