but I’d have to call each month and have them go in the computer and change it to be applied towards the payment. They said that they can’t take partial payments or something like that. So, now I just add a little bit extra to the total each month. It’s easier that way.
My second mortgage does, but my first doesn’t. So, I just set aside 1/4 of the amount every week. Every 4 weeks, I make a payment. For the other mortgage, I send in weekly payments and I can see that parts go to interest and parts go to the principal. Over time, I was able to see that the weekly payments paid down a few more dollars each month than the monthly payments did.
that were called “money management” had several limiting drawbacks
1. may require a minimum deposit amount that is pretty large. ($25,000 or more)
2. may limit the amount of transactions that are allowed without fees (both deposit & withdrawal)
3. may require a minimum time of having the account open without a penalty fee.
As you will hear Dave say often: Never buy anything that you don’t understand. If you can’t explain the operation of this account to an 8th grader – you need to do more homework.
Just my opinion – Your mileage may vary
My parents helped me buy my house in 1996. My credit was bad, of course, so they put the down payment and the house in their name. I paid the house off last April. Yeah!!!
My parents died a few years ago, within 10 months of each other. So here we are a few years later and the house is still in their name. My brother is the executor of their will and yes the will has been, oh darn can’t think of what it’s called right now. I’ve asked my brother about getting the house in my name a couple of times since April and he keeps telling me we’ll get it done. My brother is upstanding and responsible but I’ve noticed that since he became a grandpa for the first time last December he is dragging his feet on a lot of stuff.
So to my question. I recently purchased 3 lots next to my property. I received papers from the county to fill out how much I bought the new lots for. There is also a place to apply for homestead on the property. So, do I go ahead and homestead the new property and can add my house in later when I get it in my name or wait until the house is in my name and do it at the same time. I’m 42, my parents were in their 70’s when they passed away. My taxes are pretty low right now.
Oh and I’m in Texas.