BrettS
Active Member
Has anyone spoke to Mosaic about down payments yet? Spotted this in my contract, which makes me wonder about the ability to make principal-only prepayments:
"To the extent permitted by applicable law, all payments or prepayments will be applied first to our fees, then to costs and expenses payable to us under this Agreement, including any costs or expenses that we incur related to enforcement of this Agreement as further described in Section 10 (“Remedies”) below, then to accrued interest and then to unpaid principal in the inverse order of maturity (last to first)."
I sent them a quick email asking about down payments or principal-only prepayments, and I'll update the thread when they get back to me, but curious if anyone knows right now.
I mean reading that it doesn’t really seem like a problem. As long as you are paying on time then there won’t be any fees or costs or expenses related to enforcement of the agreement. Accrued interest will be paid off each month when you make your normal monthly payment, so anything paid in addition to the normal monthly payment will go to principal.
I think all that is saying is that if you have any outstanding fees or anything on the account then your payments will be applied to those first, but like I said, as long as you’ve been paying on time then there won’t be any fees to apply the payments to.