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<p>[QUOTE="masterswimmer, post: 3413797, member: 102022"]Suggestion: don't recommend your CU to anyone looking to finance a home purchase. </p><p><br /></p><p>Their lending practices are not ethical IMO. If your principal is lowered by additional payments and they don't apply those additions to your next month's principal/interest split then you are not benefiting from your additional principal payments. </p><p><br /></p><p>I would set up an interest bearing bank account to deposit your additional principal payments into on a monthly basis. At the end of the year take that money and make one principal payment and recast your mortgage after that. The extra interest can be applied to the mortgage as well.[/QUOTE]</p><p><br /></p>
[QUOTE="masterswimmer, post: 3413797, member: 102022"]Suggestion: don't recommend your CU to anyone looking to finance a home purchase. Their lending practices are not ethical IMO. If your principal is lowered by additional payments and they don't apply those additions to your next month's principal/interest split then you are not benefiting from your additional principal payments. I would set up an interest bearing bank account to deposit your additional principal payments into on a monthly basis. At the end of the year take that money and make one principal payment and recast your mortgage after that. The extra interest can be applied to the mortgage as well.[/QUOTE]
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