Can I pay off my Mortgage Early?
Ok all you Mortgage Folks,
Here is my take on this subject! Of which I get ask a lot! Yes you can that all depends on the Lender and the Terms of your Note! (Easy to determine by calling customer service of the lender) You may or may not have a Pre-payment Penalty! If so you may be charged a penalty usually six months of interest for early payment! Not to common on fixed rate Mortgages but very common on Arms or loans with teaser rates!
Making one Extra Payment a year is a great way to save on your interest and pay off the Note early! However, you should always check with your lender first and make sure the extra payment is noted as such!