Can I make extra payments on my First Horizon Home Loan without penalties?

Many borrowers are interested in prepayment options for their home loans. First Horizon Home Loans typically allows extra payments without imposing penalties, which can be a great way to reduce the overall interest paid and potentially shorten the loan term. It is important to confirm the specific terms of your loan agreement, as these conditions can vary based on factors such as the type of loan and lender policies. Making extra payments can help you build equity faster and pay off the mortgage sooner. It is advisable to check the details on the First Horizon Home Loans website to understand how extra payments are applied to your loan, especially if there are specific instructions or limitations on how these payments should be submitted. This will ensure that you maximize the benefits of your extra contributions.