There are two options to make principal only payments. (Excludes first mortgages and VISA Credit Cards)
You can pay an extra amount at the same time you make your regularly scheduled payment. The extra amount paid will automatically be applied to the principal balance. The regular payment and the extra amount must be applied on the same date with this option.
You can make principal only payments at other times as long as your loan is current. Please note, a principal only payment will not advance your due date, and will not take the place of normal monthly payments.
When mailing a check for principal only payments, clearly indicate in the memo section of the check, "PRINCIPAL ONLY" and the account number. Any payment applied as principal and interest, that is not notated "PRINCIPAL ONLY", cannot be reversed and reapplied later.
Please send payment to:
Coastal Federal Credit Union:
PO BOX 58429, Raleigh NC 27658-8429
Please email email@example.com with any questions.