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From: suze@terak.UUCP (Suzanne Barnett)
Newsgroups: net.consumers
Subject: Re: principle only mortgage payments
Message-ID: <885@terak.UUCP>
Date: Mon, 18-Nov-85 13:36:18 EST
Article-I.D.: terak.885
Posted: Mon Nov 18 13:36:18 1985
Date-Received: Thu, 21-Nov-85 04:38:25 EST
References: <480@mit-bug.UUCP>
Organization: Calcomp Display Products Division, Scottsdale, AZ, USA
Lines: 20

> I have heard it said that one could make additional "principle only"
> payments if the standard monthly payment was also met.
> 
> 1) Can anyone verify this?

Certainly, one CAN make additional principal only payments.
However, the fine print in many loans calls for penalty
payments if the loan is paid off early. For mortgages I
believe this is suspended if the property is sold. I also
believe that FHA and (I know) VA require that there NOT be a
penalty for early payment.
-- 
**************************************************************
Suzanne Barnett-Scott

uucp:	 ...{decvax,ihnp4,noao,savax,seismo}!terak!suze
phone:	 (602) 998-4800
us mail: CalComp/Sanders Display Products Division
	 (Formerly Terak Corporation)
	 14151 N 76th street, Scottsdale, AZ 85260