In February of 2010 my wife and I purchased our very first home. We took out an conventional 15 year mortgage. Our plan is to pay the mortgage off in less than 10 years – with a stretch goal of paying it off in less than 7. As of January 31, 2011, we have made 11 regular mortgage payments –…
Category: Mortgage
Do You Know How Your Mortgage Lender Applies Additional Principal?
Each month I make my regular monthly mortgage payment – the fixed payment amount found on my monthly statement. I use billpay from my bank. My lender requires that a full, monthly mortgage payment be made. In other words, I cannot split my payment into two payments, sending half on the first day of the month and the other half…
Early Mortgage Payoff Update 1
Back in February my wife and I purchased our first home. Our first payment was due April 1, and posted on April 10.   As of today, we have made 6 regular, scheduled monthly payments. We have also made 4 additional payments – payments which are applied directly towards the mortgage principal. We have a conventional 15-year mortgage and we want…