Check your mortgage interest.
Find a Conversation
Check your mortgage interest.
| Mon, 06-02-2008 - 7:01am |
To all the homeowners out there.
Do you know how the mortgage company or bank is figuring your interest on your home? If you don't then call


Mamajo
I followed my own advice today and called my bank that has a mortgage on this house we are living in. Interesting what they told me. It seems they said that most mortgage interest is figured on the day and the amount owed. Anyway my mortgage is taken out of my checking account on the 1st of the month. I can't do anything about that because that was part of the agreement to get 4.9 interest which is cheap.
She told me after that was taken out then if I wanted to I could transfer even 3.00 over to the loan or mortgage on the house. Then the next month they would figure the interest on whatever my balance was. For fun I ask her how much that 5.00 a month would save me and she said about the same amount in interest almost in the long run or more.
You guys are doing great I just wish I could do more with mine but with this high debt I have I just am trying to pay that off.
Hugs
Mary Ann