Most lenders allow you to increase your principal and interest payment by up to 20% once each calendar year. Under the second "20", you may prepay your mortgage, in minimum amounts of up to 20% of the original principal each calendar year. There is no additional interest or fee when you exercise either or both of the "20 + 20" privileges.
Voluntary payments that are in addition to regular mortgage payments.
Allows the borrower to make voluntary payments on the mortgage loan, in addition to the regular, scheduled mortgage payments.
Voluntary payments in addition to regular mortgage payments. You may be entitled to make a lump some payment yearly on your mortgage, and /or may have the option to double up your mortgage payments, without penalty, to decrease the amount of principle owed on your mortgage.
These prepayment privileges allow you to make extra lump sum payments, double your payments or increase your regular payments. Prepayment privileges vary from lender to lender. If you want to be able to pay your mortgage off quickly, check the flexibility of your prepayment privileges.
Mortgage conditions that allow for voluntary payments in addition to regular mortgage payments. Some mortgages allow these at any time during the mortgage term (up to a certain percentage of the principal) and some only allow prepayment on an "anniversary date" (the day of the year when the mortgage began).
an option in a mortgage contract that allows the borrower to repay a portion of the mortgage debt ahead of schedule according to the terms of the mortgage contract.
