Amyone with a mortgage can confirm this?

Amyone with a mortgage can confirm this?

generally no.

I pay ahead on mine every month and they apply it to the principle every month.

people should actually read their mortgage documents I guess. I've had 4 mortgages and never had one that had a penalty for prepayment or wouldn't apply excess payments to principle.

I dunno about that, but I know you can get a credit hit for paying off your mortgage early.

Trying to pay early to pay LESS interest? BAD, BAD GOY.

you signed up for 30 years, goy

basically this. and they will gladly "refinance" and lower your rate to extend the last 10 years of your mortgage to 20 years.

How the fuck is that legal? every-time the bank offered me a loan they always say that I ca pay it sooner and I was like duh, off course. But then I found out in some countries you cannot and even have to pay a fee for paying up earlier. Insanity

using a bank is giving all your money to some jew and hoping he doesn't steal it

he stole it and bought securities with it

the securities are underwater

not your keys, not your coins
not your bank api, not your treasury derivatives

just bad luck nigger

I dunno my mortgage is 3% so it's just autopay and I ignore it

Credit scores are just a metric for credit companies to assess whether you are an acceptable candidate to lend to. But that acceptability criteria has "will we make our money's worth off of the loan" as the very first question. And if you pay off your loan early, you are paying them less interest over the projected life of the loan, which means you are less acceptable to lend to in the future; they did not make the expected amount of money off of your loan.

Yes that can happen. I literally just paid my house entirely house off in Dec after I sold off. I couldn't pay it off online, I called for a payoff amount and they wouldn't let me pay off over the phone, they only accepted extra payments up to 10% of the loan and charged $50 for each payment. Asked how I pay it off, they said wire after we mail you the payoff quote. They mail quote, it's only good for 1 week, I literally receive it the day before the quote expired, next day went to bank wired it and still got hit with a $200 payment fee. They really make it hard to pay these loans off early. Went through same shit after 2017 when paying off my student loans.

not really true since your risk of default goes up the longer you pay,

and the first 10 years of payments are almost pure interest. So they actually make far more money if you only go, say, 10 years into a 30 year and then refi. Everything you paid was straight profit for them.

but they make significantly less if you enter a 30 year and pay it off in 5-7 which is what people who are paying early are angling for

yes, less overall, but a much higher percentage and much less risk.

For example I'm 5 years into a 30 year at 3.15%

My current payment is about 80% interest, and that's down from over 90% at the start of the loan

so if I refi they effectively gave me a 5 year loan at 85% APR

which is a sweet deal for them and a terrible one for me.

and the first 10 years of payments are almost pure interest. So they actually make far more money if you only go, say, 10 years into a 30 year and then refi. Everything you paid was straight profit for them

This. The mortgage scam is really the amortization schedule they make up which has you paying all the interest up front, and also your early payments are taken off the END of the schedule where it's mostly principal, so you are barely paying any less interest over the course of the loan. Completely stupid to pay early desu, should just put that money into bitfuck or doge instead. In fact maybe even skip the whole mortgage scam entirely and rent a cheap flat and fuck hookers in SEA desu.

correct. I think the current break-even on a 30 year fixed in the US is 15 years.

meaning if you sell or refi before 15 years you lost money on the mortgage. It's literally only worth it if you plan on being in the same house and the same loan for more than 15 years.

(((some countries)))

That's your anwser.

I use a federal public bank because of this.
If a public bank cannot be bailed out, I'll have worse problems than just losing money, lol.

It happens in the US, it's just not common.

I think every time I refi'd I paid about $8k-$12k in fees and almost every penny I paid went to interest. So the loan companies here don't really care if you pay it off early. They already made a shitload of money.

There is was no written laws stated you cannot repay earlier, look like a invitation to lawsuit.

but they make significantly less if you enter a 30 year and pay it off in 5-7 which is what people who are paying early are angling for

Only possible in a flyover state and if you're making enough money to do that you might as well just go all on bitfuck and doge and buy your cheap ass house outright in cash desu. Only normie NPC retards make early payments desu.

It's in the contract. Read the contract.

the poster is lying...they got foreclosed for being a nigger

Then don’t sign the new contract, use the old contract against them.

do you have some mental disability I should be aware of?

most, some of, the time you have to "tell them what you're doing" OP sounds like a fucking retard.

thats a lawsuit
.t non lawyer fag who specializes in debt instruments and litigates them to the dismay of courts because i can do things lawyers cant

dont be antisemitic. Goy becomes a serf for 30 years, he must serve the full 30 years.

Looking at cheap homes

Mortage will be 35k, with my big downpayment.

Lender says my mortage is too small and they're going to give me a 9% interest rate. I need a mortage of atleast 100k for a generous 6.8%.

smart for getting yourself intentionally into usury

I'm with Pennymac at 3% and just pay the minimum. The interest is tax deductible for me so it works out. I'd rather pay them than the government.

I was also super autistic when I negotiated my mortgage though: I made sure it was explicit that early repayment was accepted and there were no penalties for doing so. I might pay it off lump sum in a few months depending on what bitcoin does.

Cry more rentoid I'm rich and debtfree because i used the financial system instead of crying about it

I got my butthole stretched open by usury but at least Im rich!

Jews decide what is legal

People who use the word usury don't even know the definition and are always bitter losers