Have you ever check your mortgage statement when you received from bank each time??
Do you have the knowledge on mortgage interest computation?
Can you understand the loan statement?
I have a friend name Mr.N, he encounter a problem with his mortgage statement. He actually dumped in few times on big sum which is the extra payment to his housing loan.
His purpose on doing this is to deduct the loan principal and to reduce the interest, However, the bank has not deducted those extra payments and reduce the interest from existing housing loan.
Notice carefully from the statement, he had paid extra payments of $3,000 twice in the same year, but the outstanding balance NOT being reduced.
In order to save on interest with the Extra Payments, are you cross checking the loan statement that bank has done it accordingly???
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