Can I make extra payments towards my mortgage?

Yes, individuals can generally make extra payments towards their mortgage with PHH Mortgage. This practice can be beneficial as it may help reduce the principal balance of the loan more quickly, which in turn can decrease the overall interest paid over the life of the loan. Extra payments can also lead to earlier loan payoff and provide a sense of financial relief. However, it is essential to verify how PHH Mortgage handles extra payments. Some lenders may apply the extra payment directly to the principal balance, while others might apply it to future payments. Additionally, there may be specific guidelines related to frequency and minimum amounts for extra payments. To ensure that such payments are applied according to the borrower's preferences, it may be beneficial to refer to the mortgage agreement or consult the information provided on the PHH Mortgage website. If you are considering making extra payments, it is advisable to review any potential implications, such as prepayment penalties or specific processes for making these payments, which can also vary by loan type. For further details, individuals may wish to look on the current PHH Mortgage web page for more information on payment options.