Can I make extra payments towards my mortgage to pay it off faster?

Many mortgage companies, including Central Mortgage Company, typically allow borrowers to make extra payments towards their mortgage. This can be a great strategy for paying off a loan faster and reducing the overall interest paid over time. When making extra payments, it is important to clarify with the company how those payments will be applied. Some mortgage lenders apply extra payments directly to the principal balance, which can help reduce the loan term and interest costs. However, others may have specific rules regarding additional payments, such as requiring them to be designated as principal-only payments. It is also wise for borrowers to check if there are any prepayment penalties associated with their mortgage agreement. These penalties can be a factor if the mortgage is paid off earlier than scheduled. For accurate and detailed information about making extra payments and any relevant terms, it is recommended to refer to the official Central Mortgage Company website or consult their customer service resources for the most current details.