Can I make extra payments towards my mortgage principal?

Yes, customers of CitiMortgage can generally make extra payments towards their mortgage principal. This can be an effective strategy for reducing the overall loan balance more quickly, as well as decreasing the amount of interest paid over the life of the loan. When extra payments are made towards the principal, they are applied directly to the outstanding balance, which can also shorten the loan term. It is always recommended to ensure that the extra payments are specifically designated for principal reduction when submitting them. This clarification can help avoid any potential misapplication of payments, which might occur if a customer does not indicate their intention. Additionally, some mortgage agreements may have specific terms related to extra payments or prepayments, so it may be helpful for customers to review their loan documents. For detailed information on the payment process and any specific guidelines that may apply, potential customers may visit the official website for CitiMortgage. There, they can find resources and contact information for any further inquiries regarding their specific mortgage terms.