Can you make mortgage payments in advance?

[Anonymous]

Rather than paying more off of your total mortgage, can you have the bank allocate payments toward the next 4 or wherever upcoming months?

[Anonymous]

Ask them.

[Anonymous]

So you are trying to pay more now in anticipation of not being able to pay as much later? No, it doesn't work that way. If you overpay a credit card, that money will stay there and count towards your next monthly statement. For a mortgage, they will just apply it to the principal and charge you the same amount as always the next month.

[Anonymous]

Our mortgage provider lets us designate how to apply any overpayment. We can apply it to principal, escrow, or next payment.

[Anonymous]

Anonymous wrote:Our mortgage provider lets us designate how to apply any overpayment. We can apply it to principal, escrow, or next payment.

This is the usual arrangement, I believe. But mistakes can be made, creating big messes . . .

[Anonymous]

Once when I accidentally paid the mortgage twice, they just applied the second payment to the next month. I don't know how usual that is, though.

[Anonymous]

Are you trying to pay extra, or just not have to pay a mortgage check in a certain month?

There are ways to do both, but honestly so many mortgage places will mess things up that are not regular, I would make sure you have auto-debit, and just be disciplined enough to leave the right amount in the account. For overpayment, write a separate specific check and make sure you inform them that the overpayment is to be applied directly to the principal.

[Anonymous]

Anonymous wrote:So you are trying to pay more now in anticipation of not being able to pay as much later? No, it doesn't work that way. If you overpay a credit card, that money will stay there and count towards your next monthly statement. For a mortgage, they will just apply it to the principal and charge you the same amount as always the next month.

I'm not asking about a credit card.

[Anonymous]

Why not just put that money aside in a separate account at home so you can pay the mortgage each month?

[Anonymous]

Anonymous wrote:

Anonymous wrote:So you are trying to pay more now in anticipation of not being able to pay as much later? No, it doesn't work that way. If you overpay a credit card, that money will stay there and count towards your next monthly statement. For a mortgage, they will just apply it to the principal and charge you the same amount as always the next month.

I'm not asking about a credit card.

That's why PP differentiated between the two. And since you're back, why don't you answer some of the questions that PP and others have for you?

[Anonymous]

Anonymous wrote:Once when I accidentally paid the mortgage twice, they just applied the second payment to the next month. I don't know how usual that is, though.

Same thing happened to me.

[Anonymous]

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.

[Anonymous]

If you pay electronically, you can just schedule a whole bunch of payments to go in on the dates your mortgage is due.

[Anonymous]

Anonymous wrote:If you pay electronically, you can just schedule a whole bunch of payments to go in on the dates your mortgage is due.

But the $ won't be deducted until that date. I want to make a few payments up front

[Anonymous]

Maybe it depends on the mortgage servicer, but I was able to. I did it when I went on unpaid maternity leave a few years ago. Made me feel much more in control to know that my mortgage was paid for the duration.
I called to ask, and was walked through how to do it.