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If you already know the full amount of the principal and interest payment before you enter the repayment phase it will help you avoid surprises because the principal and interest payments can cause a significant change to a family budget, and they need to be paid for almost 15 to 20 years.<\/p>
Adam Marlowe, principal market development officer for Georgia\u2019s Own Credit Union said that it is very important for you to understand what you will owe during the repayment period.\u00a0<\/p>
Because one is it will help you better budget down the road, and will also impact some decisions about your repayment.\u00a0<\/p>
If you\u2019re in a rising-rate environment and you have a variable-rate loan, then it would make sense to start paying off your balance early, even before your repayment period begins.\u00a0<\/p>
Another option being you may want to refinance into a fixed-rate loan for greater payment stability.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t