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Real Estate
Reply to "Tell me how to get out of my underwater house"
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[quote=Anonymous][quote=Anonymous]If I pay extra toward my mortgage each month, is that automatically paid toward principal? I guess so since there wouldn't be extra accrued interest for it to go toward, but I just wanted to make sure that I don't have to make some designation.[/quote] You need to check with your mortgage holder where additional payments go. Many banks will default pay additional amounts towards either interest or escrow, neither of which is as productive as applying it towards principal. Always make sure that any additional payments that you make are clearly flagged to go towards principal.[/quote]
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