What is a mortgage principal?

Answer The mortgage principal is the balance of the mortgage debt excluding interest. It begins as the loan amount and is gradually reduced over the life of the loan through monthly repayments.Significanc... Read More »

Top Q&A For: What is a mortgage principal

What does a mortgage principal reduction mean?

A mortgage principal reduction occurs when the bank decreases your mortgage balance by either selling the mortgage to a different lender or modifying the loan with the existing lender. It can be ve... Read More »

How do I adjust the principal on a mortgage?

Speak with your mortgage company about the appropriate ways extra payments may be made on your principal. Lenders vary in how they apply an extra payment to the principal. Therefore, speaking with ... Read More »

How to Get a Mortgage Principal Adjusted?

Your boss has cut your work hours. Or maybe you've suffered a serious injury that's kept you from working. Maybe your spouse has lost a job, reducing the income coming into your household every mon... Read More »

How do I pay down the mortgage principal on a 20-year loan?

Pay down the principal of your mortgage with each monthly payment. Additional payments will help to reduce the principal further. With each extra monthly payment paid per year on a 20-year mortgage... Read More »