In article ,
JimT wrote:


We just refinanced to a lower rate and term. I plan to have mine paid
off in about 10 years if not sooner (assuming my wife doesn't get that
Lexus she always talking about). I'm always sending extra money on
principle and they never complain. I used to make advanced payments
until I found out that did very little towards increasing the
principle/interest payment ratio. If I dropped back to a normal payment
schedule I'd still would have paid the same interest. Seems unfair but I
guess that's the way the computer processes the payments. I never could
get a straight answer. The customer service people were clueless. I
don't think they train them for these situations.
Clueless is correct. There was always a place on my form to
designate that I was paying extra principle. ALL of that has to go to
principle. Everything I have EVER read says that you save all sorts of
interest (IIRC it cut the total interest I paid by around 40% or so.
K



Congrats on paying off your house. I look forward to that feeling!

--
People thought cybersex was a safe alternative,
until patients started presenting with sexually
acquired carpal tunnel syndrome.-Howard Berkowitz