Posted on: 03rd Dec, 2012 01:10 am
I made a payment on the first of the month of 200.00. I made another payment on the forth for 200.00. The bank charged me 25.00ish interest on the first payment and another 25.00ish interest on the second payment. Is this correct??
As far as I can understand, rather than applying the second payment toward the mortgage principal, the lender has used it for the next month's payments. Thus, he has charged you the interest.
Hi Xeli!
Welcome to forums!
If you want the second payment to go toward your principal amount, then you should sign such an agreement with your lender. I guess then things will be fine for you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you want the second payment to go toward your principal amount, then you should sign such an agreement with your lender. I guess then things will be fine for you.
Feel free to ask if you've further queries.
Sussane
You can have a talk with your bank. Your bank is in a better position to clarify your doubts.