James W. Lombard

James W. Lombard - Mortgage Broker/Mortgage Agent

James W. Lombard – Mortgage Broker, Lender
Lombard Financial Corp
300 Shadow Wood Park Suite 201
Birmingham, Alabama 35244
Phone: 205-987-1100
Fax: 205-987-5155

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One comment on “James W. Lombard
  1. Marco says:

    On compound ineetrst loans, the ineetrst is calculated based on the daily balance. When you make a payment, it first pays off the ineetrst balance and what’s leftover goes toward paying down the principal. The lower the principal gets, the smaller the ineetrst charge (in dollars, same percentage). So anytime you pay early or make extra principal-only payments, it reduces the amount of ineetrst calculated going forward. Check the terms of the loan because some car loans calculate the total ineetrst up front and that amount doesn’t change if you pay early (although an extra payment here and there will mean getting rid of that monthly payment sooner). Also, multiple payments in a month only makes sense if it’s easy for you. If you get paid twice a month, it should be easy to make a payment every time you get a paycheck. If you get paid every two weeks and can afford half a payment each check, even better because that comes out to an extra payment every year. But if you have the money to make the full payment at the beginning of the month, it doesn’t make sense to split it into 2 payments that’s just making it more difficult for yourself.Check to see if your lender accepts partial payments without a fee before making half a payment twice a month.

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