Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off the loan.
When you send extra money, be sure to indicate that the excess payment is to be applied to the principal and keep records.
Remember that payment applied to loan principal is not tax-deductible. Most lenders allow loan prepayment, but some loans may have prepayment penalties.
Ask your lender for details.
TitleTap
TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
Latest posts by TitleTap (see all)
- Why market while I’m busy? 6 Ways A TitleTap Website Frees Up Your Time When You Are Slammed - February 3, 2021
- How To Get More Business From Your Competition Without Taking Cheap Shots - February 2, 2021
- 4 New Website Designs Released! - December 4, 2020
