Unfortunately, no we do not accept partial payments. We treat mortgage payments differently, depending on how much is paid. To satisfy your monthly payment due, you'll need to make a single payment for the full amount. However, if you choose to make a payment for a different amount, here's how we'll apply those funds:
- If your payment is past due, we'll hold it until the payment obligation has been collected in full. Once paid in full, any excess funds are applied to fees and interest owed and/or to reduce the principle balance.
- If your loan is current, partial payments are applied to fees and interest owed and/or to reduce the principal balance. Additional payments to the principle balance lessens the life of the loan and the interest paid over time.