Is their a limit to how much I can pay on my mortgage?
Could their be set rules for how much i can pay extra toward principal on my mortgage? I am starting to pay hefty amounts (7-800$ ) in extra principal each month, but I know that my broker said I couldnt pay a certain percentage (like 10%) of the loan amount in one month but scatter it amongst 1-3 monthes. I do not know what he said exactly, but I wonder if its in my mortgage papers…?
I have a 5- year ARM. Loan amount of 125K. no pre-payment penalties after 36 monthes.
thanks for the info!
is their a specific sheet in the mortage paperwork that this info would be on. there is a ton of paperwork
Would my loan company know, or do I need to chase down the broker?