If I didn’t need the money
If I didn’t need the money, I never would’ve worked with these folks. Considering this loan was backed by $100,000 in home equity, the interest rate was too high. In approximately 90 days, I’m going to try and refinance through a reputable credit union. You cannot pay down your principal any extra money paid outside of your auto pay option is applied to a monthly payment. So they get their interest, either way. If you have at least a 680 on your FICO 8 score, go to Credit Union first. Ask if they can do soft credit polls before you agree to anything to get an idea what your interest rate will be. Customer service will tell you you cannot make additional principal payments outside of your normal payment portal.