Can the purchaser pay extra monies to be applied to the principal balance at any time?
To simplify record keeping, and to avoid additional escrow fees, it is usually best for the Purchaser to make principal payments along with the regular monthly payment. A note should be made on the payment coupon indicating that the overage is to be applied to principal. As long as the account is current and there is no accrued (unpaid) interest, overages will be applied to the principal balance.
