My Dvc Loan Paid Off Early?!!!

[Macnjac87]

Hi everyone-
Well, I just accessed my loan thru the member website because my payment amount was lower than it should have been last month and guess what- it's paid off!! Yee Haw!!! I took out a 10 year loan with a maturity date of 4/2010 but for some reason it paid off early, I made no extra payments so I don't know why but................... I'm off to call my guide for an add on!!!
Just kidding, wish I could, maybe soon, hmmmmmmmmmmmmmmmmmm

 

[disneybass]

We all know that Disney is a magical place. But, you might want to call your guide to see how your 10 year note paid off in less than 7 years. Just to be on the safe side!! Congratulations!

 

[Mtnman44]

If your loan payment really was based on a 10 yr amoritization and it has not changed, then there are really only a few possibilites:

1) your loan % rate went down but the payments were not adjusted. Possible if it is an adjustable loan rate but your payments have always been the same.
2) somebody made extra payments
3) your payment is higher than the actual amoritized rate.

I would check your loan history, there may have been an error. A ten year structured loan doesn't magically loose three years unless you make higher payments...

 

[Macnjac87]

Ok, Mtnman- you scared me so I called MS- apparently I gave an extra down payment towards the contract (it's all coming back to me - slowly- - we had to give 30% down due to some credit problems but they must have kept the payment based on the original loan amount before the extra down payment. Hey, works for me!!!

 

[nref2882]

Congrats!

 

[jakenjess]

What a great feeling! Congrats!