2007-08-17 06:48:29 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
no but it doe reflect on your credit rating a excellent payee!!!
2007-08-17 06:54:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It shows on your credit I believe and helps, but you might also want to look at making your payments twice in month (half each two weeks) rather than once a month and you can pay off a 30 year mortgage about 7 years early.
2007-08-17 07:18:08 · answer #2 · answered by The Scorpion 6 · 0⤊ 0⤋
That depends on how your mortgage contract is laid out. If they apply your payment the day it is received, or if it is applied on the due date. Most Credible mortgage companies apply it on the day it is received and in that case you will save a little by paying earlier. You can save alot more if you pay off more of you principle every month.
2007-08-17 06:54:45 · answer #3 · answered by Russ D 2 · 0⤊ 0⤋
It won't make any difference if you simply pay early as mortgage loans are amortized rather than interest bearing. On an interest bearing loan your pay interest per day between payments. On an amortized loan the amount of interest you pay is amortized over the term of the loan.
You can pay your loan off sooner by making extra principal payments. One extra payment per year will reduce the term on a 30 year loan to less than 24 years.
2007-08-17 07:09:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No. Most companies record the postmark date, but apply payment on the due date, no matter when it is received. You can pay biweekly and shave some years off but paying early doesn't matter. If you pay early every time then you're not really paying early...
2007-08-17 07:10:12 · answer #5 · answered by cashmaker81 6 · 0⤊ 0⤋
Say on your check apply the balance towards the principal when you pay extra it is better then paying early and to answer your question no it does not help but what does help is apply the balance to principal
2007-08-17 06:55:22 · answer #6 · answered by James D 1 · 0⤊ 0⤋
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2016-10-02 12:58:22 · answer #7 · answered by cris 4 · 0⤊ 0⤋
not really
if you can pay extra yes. but to do in advance, no real advantage to you
any other questions contact me.
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2007-08-17 06:56:31 · answer #8 · answered by Michael M 7 · 0⤊ 1⤋
no
2007-08-17 09:42:51 · answer #9 · answered by zioncanyon 3 · 0⤊ 0⤋