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What is an accelerated mortgage payment?
Rounding it up
Accelerated mortgage payments are a great way to free up some capital that you’re currently committing to monthly payments.
However, accelerated mortgage payments are not headache-free. They may come with prepayment penalties, depending on the type of mortgage contract you have.
These penalties can stack up into the five digits, so ensure you do the calculations and understand all terms before making any decisions.
Dan Bucherer
Dan is a runner and writer living in the Washington, D.C. area, where he currently works for a financial services trade association as the Communications Director.
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