ADDITIONAL PRINCIPAL

[JO ENA GERSBACH]

HAVE A 28 YEARS LEFT ON 30 YEAR NOTE, $32,989.00, IF I PAY $200.00 EXTRA EACH MONTH, WILL IT COME OFF OF BACK PRINCIPAL AND REDUCE MY LOAN TIME. HOW CAN I GET MY FINANCE COMPANY TO SEND ME A BREAKDOWN?? HOW, OR CAN THEY APPLY MY REGULAR PAYMENT TO THE INTEREST, IF SO FOR HOW LONG?ALSO, IF YOU BUY PROPERTY THAT IS UNDER A GRANDFATHER CLAUSE, DOES THE CLAUSE STILL STAND OR DO YOU HAVE TO UP GRADE TO CURRENT STANDARDS?

[Mac]

You need to specify that it is an additional principal payment. Usually your lender is set up to do this. As long as you are making payments on time, any extra amount you send will be applied as you choose. You should see this extra amount being noted on your monthly statement. If it helps you feel better about it, write a separate check for the extra principlal, and write Additional Principal Payment on the check (in the Memo section). You may wish to make time to read the loan agreement carefully; all the answers should be in it, though it may take some work to tease them out.

As to property that doesn't meet current building codes, you are generally fine unless you are doing a remodel. Then that part, and possibly others related to it, may need to be brought up to current code.

I'm a homeowner, not an expert, but have some background in the subject.

[Amy]

you may check to see if they have your loan online. We can check our loan anytime online and see the loan breakdown and exactly what is owed if we decided to pay off.
Amy

[JO ENA GERSBACH]

Amy, I have tried to locate them on line, so far I haven't had any luck. my original finance was bought out by another, maybe it will just take time for them to get set up. if you have any ideas or suggestions I would really appreciate it. Thanks again for your previous help.
Jo

[JohnnyJ]

If you plan to make the additional payments at regular intervals, ( each month,)
type up a form letter to enclose with your extra payment. Be sure to specify
that the money is to be used for payment on the principal. Also be sure to use a
seperate check with "Principal" in the memo field, and keep a copy of each
transaction. By including the letter, you inform the lender what the payment is
for and also have a record of what you did and when. This will save you thousands
in interest.

good luck

[Charlotte]

One thing you might do, for your own information if for nothing else, to invest in QUICKEN or some program like it and input all the info on your loan sheet etc. you
can do your own "break down" etc.

I have done that with a car loan as well as my property loan. You can see the extra
come off at the end.