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From: woods@hao.UUCP (Greg Woods)
Newsgroups: net.consumers
Subject: Re: principle only mortgage payments
Message-ID: <1861@hao.UUCP>
Date: Mon, 18-Nov-85 14:52:54 EST
Article-I.D.: hao.1861
Posted: Mon Nov 18 14:52:54 1985
Date-Received: Wed, 20-Nov-85 21:20:32 EST
References: <480@mit-bug.UUCP>
Organization: High Altitude Obs./NCAR, Boulder CO
Lines: 16

> I have heard it said that one could make additional "principle only"
> payments if the standard monthly payment was also met.

  It really depends on the terms of the individual loan. If you have
an FHA loan, then this is indeed the case, for such loans have no
penalty for early payment. In fact, you can repay the entire loan
at any time with no penalty. Some loans have substantial penalties
for early payback, however, so I would advise you to check with the
mortgage company first before making any assumptions (pun intended :-).

--Greg
--
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