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Paying Down The phrase "paying down" refers to any additional payments made on a financial obligation over and above the monthly or other timed payments due on the loan or debt. Typically monies spent toward the debt resolution for the purposes of "paying down" the loan represent extra cash that has come into the possession of the debtor and is applied as a one time lump sum to lower the level of debt. In the instance of a home mortgage, the mortgage contract will call for monthly payments of a specific amount with interest applied. By viewing the statement sent out by the lending agency, the homeowner can view the loan balance at any given point in time. Conventional financial wisdom suggests that homeowners who make at least one additional payment per year, the process referred to as "paying down," will see much faster resolution of their obligation to the mortgage company. More terms explained |
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