DVC Loan Payment Question

[deej696]

So I tried the search function, and couldnt find anything on this.

On the payment section of the member site, there is an option to "Pay toward principle." If, for example, my payment is $200 a month, is it possible to make two $100 payments in the same month using this method and have it count as 1 payment? Not sure if the system is smart enough to do this, but it would be convenient if it did, being that I am paid bi-monthly....

 

[JPS439]

So I tried the search function, and couldnt find anything on this.

On the payment section of the member site, there is an option to "Pay toward principle." If, for example, my payment is $200 a month, is it possible to make two $100 payments in the same month using this method and have it count as 1 payment? Not sure if the system is smart enough to do this, but it would be convenient if it did, being that I am paid bi-monthly....

You can make 2 (or more) principle payments in the same month, but you'll still be responsible for the monthly mortgage payment on either the 1st or 15th of the month.

 

[browniemtb]

JPS is right, you still are responsible for your regular payment and the principle payments would be over and above what is due.

 

[hellerjw]

I think the only automatic draft they will do is for the actual loan payment, either on the 1st or 15th of the month (your choice).

You can make additional payments directly toward principal manually any time you want. I think the only restriction is the system won't let you make a manual payment within 3 days of the loan payment draft date until that draft is processed.