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Prepay mortgage principal, not interest

July 17th, 2009 9:44 AM by Ron Mastrodonato

Prepay mortgage principal, not interest

A: Dear Tyrone,
Additional principal payments are the best way to pay down your mortgage faster. By reducing the loan balance, you reduce the interest expense on the loan, thereby shortening the loan term. However, you want to make sure the lump-sum payment doesn't trigger a prepayment penalty on the loan.

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Posted in:General
Posted by Ron Mastrodonato on July 17th, 2009 9:44 AM

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