Principal Payment Booklet

iVillage Member
Registered: 12-05-2004
Principal Payment Booklet
Sat, 02-05-2005 - 2:11am

I asked my bank for a new booklet that would allow me to make payments on my principal balance for my 2nd mortgage (my payment booklet only has a space for the actual payment...but nothing extra). I assumed they'd just send me a new payment booklet listing my normal payment plus a space to enter in additional funds for paying down my principal. BUT...what they sent me was just a payment booklet where each payment coupon has big bright red letters saying "Principal Reduction Payment". They are not dated, so I can send in my "snowflakes", no matter how small, as often as I want to! What a neat thing to have! It just encourages me to want to send more money to them to pay off this targeted debt. :-D

Pat