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What is mortgage prepayment, and can I make extra payments towards my mortgage?

Author: Keith Uthe Demystifying Mortgages |

Mortgage prepayment refers to making additional payments towards your mortgage principal, either through lump-sum payments or increasing your regular payment amount. Many mortgages allow for prepayment privileges, which can help you pay off your mortgage faster and potentially save on interest costs. However, specific prepayment options can vary, so it's essential to review your mortgage terms or consult with your lender.