I just talked to my Mortgage people, and asked what my penalty was for closing early, it was an astounding amount.
Back when we signed the mortgage, I recalled that there was a "Privilege Payment" clause that allowed us to pay 25% of our total mortgage amount which was applied directly to the principal. I called back armed with this info and the good ol internet and bank sites. Aparrently it's a little known fact out there that you can get your lawyer to pay the Mortgage lender in two checks; one for the Privilege Payment and a second one for the outstanding balance, which reduces the penalty that they base on monthly interest they will lose by closing your mortgage, three months worth actually...
Well, After a little bit of a run-around, I got the answer that they will allow this and therefor, my penalty is reduced by $2,000.00, I ain't just looks folks!
But with the good comes the bad... people are hesitant to rent to dog owners... Shit.
1 comment:
way to go buddy. I alawys knew you were a smart man but wow. Go luck in you new home hunting and congrats on your sale.
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Tbow
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