hstraf Posted April 29, 2014 Share Posted April 29, 2014 Hello,I am trying to figure out if it's possible to pre-pay the principle of my mortgage a little bit. I got a big chunk of money, and I'd like to use it to pay down my mortgage principle amount with it.Does anyone know how to say "pre-payment" in French, as it applies to this situation? Or perhaps a simple phrase I can give to our bank that would explain what we want to do?(I went already and the guy looked at me like I was crazy. No matter how hard I tried, I just could not make him understand the concept of wanting to apply a one-time payment to the principle amount of my mortgage.)Thanks! Link to comment Share on other sites More sharing options...
idun Posted April 29, 2014 Share Posted April 29, 2014 It should be indicated in your mortgage contract if you can make such a payment. Mortgage contracts can vary, so unless the person you saw read your contract then I don't see how they could tell you just like that. You will have to get your contract out and read it. Link to comment Share on other sites More sharing options...
hstraf Posted April 29, 2014 Author Share Posted April 29, 2014 I'm sure it does say in the contract. The problem is that the contract is in French (which I can't read), and unless I know how to tell the bank guy what I want to do... neither will he know what to look for in the contract.In other words, I tried my hardest to explain the concept of "early payment of principle" to him. He did not understand. :) Link to comment Share on other sites More sharing options...
NormanH Posted April 29, 2014 Share Posted April 29, 2014 Try"REMBOURSEMENT ANTICIPE PARTIEL"Although I doubt they will let you pay off part of the principle. They will just adjust l’amortissementREMBOURSEMENT ANTICIPEOpération consistant à rembourser du crédit, avant terme, le capital restant dû. Le remboursement anticipé peut-être partiel ou total. Link to comment Share on other sites More sharing options...
idun Posted April 29, 2014 Share Posted April 29, 2014 It is called remboursement anticipé, but even if they let you, and your mortgage may not allow it, they could still charge you to do it. You need someone to translate your mortage documents for you, a scribe or translator. Link to comment Share on other sites More sharing options...
Chancer Posted April 29, 2014 Share Posted April 29, 2014 They cannot stop you but will probably fine or penalise you for doing so, that is certainly the case with early redemption.Thats why the French only move at the end of the 15 year term. Link to comment Share on other sites More sharing options...
EuroTrash Posted April 29, 2014 Share Posted April 29, 2014 As Chancer says; most mortgages have penalties for closing them off early.You might be better off investing the money somewhere where it will earn you interest, rather than using it in a way that will incur you a penalty. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now