Can you make mortgage payments in advance?

[Anonymous]

Anonymous wrote:I am considering helping out a family member who has horrible spending habits. She had asked for x amount and I have agreed to help with mortgage payments only. As long as she keeps the house, the kids have a home and can stay in their school.

Is that really going to help?

She will continue with her bad spending habit while you pay her bills. How long do you think you would do this? When she contiues "wasting her moeny" will you still feel comfortable paying her mortgage?

I have been there done that....in the end, my family member was helped as he contiued his "lavish lifestyle" because I was now supporting his bad habit. It destroyed out relationship. Thanksgiving dinner was never the same.

I wish you luck.

[Anonymous]

Setup a sep checking acct. Put the four months or whatever into the account, that only you can access. Create a monthly auto check to the mortgage company (for x # of times). You won't have to think about it again.

[Anonymous]

I believe it's standard for mortgage companies to apply any extra payment to the next month's payment, not as PP said, to principal. You have to specify that extra money goes to principal.

I think if you write a check for $X, it will simply be credited to the account and the payments will be debited against it. But I would call to be sure -- and make sure you have all the information you need to credit the money accurately (mortgage loan number, SSN, etc.)

[Anonymous]

Maybe I can arrange it in person at the bank and get something in writing in case there is a glitch and the payments aren't properly applied

[Anonymous]

Anonymous wrote:Maybe I can arrange it in person at the bank and get something in writing in case there is a glitch and the payments aren't properly applied

Or why not just do what most people have suggested, set up an account with bill pay for the number of months you want to pay.

[Anonymous]

Anonymous wrote:I believe it's standard for mortgage companies to apply any extra payment to the next month's payment, not as PP said, to principal. You have to specify that extra money goes to principal.

I think if you write a check for $X, it will simply be credited to the account and the payments will be debited against it. But I would call to be sure -- and make sure you have all the information you need to credit the money accurately (mortgage loan number, SSN, etc.)

That's not standard for my mortgage company--they apply all extra payments towards principal automatically (unless you have late fees or other charges on your account, in which case those get paid down first).