How do you pay extra on your mortgage?

[westjones]

I want to pay extra each month on my mortgage. How do I do that?
Thanks!
DJ

 

[fkj2]

Am sending you either a private message or email (if I can).

 

[DLVisitor]

I'd like to know how to do this too, since I have automatic monthly payments already. Please forward info to me.

 

[Terry S]

Same goes for me. I would love this information as well! I have automatic monthly payments but would love to pay more when the tax money comes in each year or when I just a few extra bucks.

 

[Beth]

Before we paid ours off - I just contacted Member Accounting and indicated the additional $$ I wanted to go to principal each month, and they just increased the monthly ACH debit to my checking account accordingly. If I recall correctly, I believe they had me fax in my request - for their records.

You could also just send in a check (payable to DVD), and specify the contract number, and "apply to principal."

I use Online Bill Payment - and had DVD set up as one of my "payees." I even sent in my final payoff check that way - and experienced no problems.

 

[travelbug]

I also paid down my mortgage early. When I was ready to send in some extra money (amounts would vary), I just made out a check to DVD. I put my account number and "ex. principal" on the memo line. Every once in a while, I called to make sure those extra payments were reflected in my account. When I was ready to pay off the balance, I called and asked what the payoff amount was. Then I sent off the check. All worked smoothly.

 

[Johnnie Fedora]

I also remember reading that you could make additional payments using your credit card. That way you can get miles or bonus points.

I just did a search on myself to answer the above. I will try to post the link here:

http://www.disboards.com/showthread.php?s=&threadid=202607

 

[westjones]

Hey, great idea! Thanks! I can't wait to have it paid off. Then the yearly fees won't seem like anything.
DJ

 

[ReneeQ]

I have made extra principal payments on my loan about five times, mainly when we got tax refunds. I called DVC and had the payment put on my Miles One Visa. Then when the Visa bill came in the next month, I paid it off in full. Got to keep my money a little longer that way. In addition I cashed in some frequent flyer miles from my Miles One Visa at the end of the year for a $300 check. Can't beat that!

I currently have two DVC loans, one for BWV and one for VWL (but one is nearly gone, yeah!). If you have more than one loan with DVC, BE SURE you are CLEAR about which loan you are paying on. They have credited mine wrong twice, though they did fix it after a few phone calls and removed the interest.

The whole phone call to make an extra principal payment takes about 45 seconds.

 

[lrodk]

I send extra payments by check every month. Here's how to do it should you decide to use this option.

Make the check out to "Disney Vacation Club". Include on the check your contract number and also indicate on the check that it is a "Principal Payment". Keep in mind that the contract number is different from your member number. You'll find the contract number(formated as xxxxxxx.xxx) on your copy of the original contract. I include a short letter with all of this information(including my name, member# and address) that I keep stored in my Word Perfect program. I just change the date, print it out and copy the DVC address and contract# off of the letter and on to the check. The address to mail the check to is as follows:

Disney Vacation Club
PO Box 470727
Celebration, Florida 34747-0727

 

[Beth]

FWIW...

One of the first times I sent in an extra payment - it got applied to my "dues" instead of my contract.

If I remember correctly, the rep told me one of the reasons for the confusion was that I had made my check payalbe to Disney Vacation "Club" instead of Disney Vacation "Development."

The "Club" collects the dues, "DVD" holds our mortgages...

Someone please correct me if I'm mistaken...

 

[lrodk]

I checked with two CMs on two different days at the Member Accounting Dept. Both had the same answer regarding extra principal payments. If paying by check, so long as you include your contract number and the notation "Principal Payment" on the check, and you mail it to the address I provided above, it will be applied toward the principle. Also, the check should be made out to "The Disney Vacation Club"(not Disney Vacation Developement). As I stated before, I include a cover letter with the check with all of the details just in case.