Can I Pay Off My Loan Ahead Of Schedule? is republished from Moreira Team

Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off your mortgage loan.

When you send extra money, be sure to indicate that the excess payment is to be applied to the principal and keep records.

Remember that payment applied to loan principal is not tax-deductible. Most home loan lenders allow prepayment, but some loans may have prepayment penalties.

Ask your mortgage lender for details.

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