Asked by Sandy, nct • Wed Apr 23, 2008
Can someone pl. let me know the meaning of the later part.
Say I decide to prepay the loan say in 1 year with 300K on a loan of 400K , will the 300K first be taken towards the interest remaining on the loan or will it all go towards the principal ?
How does monthly extra payments go say if I add a monthly $200 on top of my monthly mortgage payments , wilt he $200 go towards my principal or interest or part principal and part interest ?
Pl. educate me.
4. BORROWERâ€™S RIGHT TO PREPAY
I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will use my Prep to reduce the amount of Principal that I owe under this Not
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