Posted on: 09th May, 2007 06:45 am
I think my mortgage company is giving me the run around. I bought a mobile home in 1997. My loan amount was $51,345. It was at a 10% fixed interest rate. In the past 9 years I have push 3 payments to the back of the line. I asked my mortgage company to give me a copy of my past payments over the last 9 years. I have noticed that most months $0 has went to the principal. I thought that each month aleast a little bit of money went to the princial each month. It looks like only about $125 went to the prinicpal last year. As of today my loan balance is at $49,160.86. Is the correct?
For a fixed rate mortgage a portion of your monthly mortgage payments goes towards reducing your principal balance, what is the total term of your mortgage?
Miller
Miller
Hi Dskyzers,
Please let us know if it is 30 or 15 yr. mortgage so that we can tell if the loan is amortizing correctly or not. There is an frm calculator at Mortgagefit which you can use to see the amortization schedule of your loan for its full term. This is the calculator : http://www.mortgagefit.com/calculators/simple.html
Colin
Please let us know if it is 30 or 15 yr. mortgage so that we can tell if the loan is amortizing correctly or not. There is an frm calculator at Mortgagefit which you can use to see the amortization schedule of your loan for its full term. This is the calculator : http://www.mortgagefit.com/calculators/simple.html
Colin
Hi dskyzers,
Welcome to the forums.
First of all, go through the mortgage not and other loan documents and try to find out if your loan has an interest-only option. Otherwise, how is this possible that payment towards principal is only $125 in the previous year.
Apart from checking what your loan document states, you can also check out your payments till now using our FRM Amortization Calculator.
Take Care
Welcome to the forums.
First of all, go through the mortgage not and other loan documents and try to find out if your loan has an interest-only option. Otherwise, how is this possible that payment towards principal is only $125 in the previous year.
Apart from checking what your loan document states, you can also check out your payments till now using our FRM Amortization Calculator.
Take Care
"I have noticed that most months $0 has went to the principal."
You need to ask (in writing) the mortgage company why no part of your monthly payments went into reduction of principal amount in some months.
They have to provide an explanation on what was the reason because of which such a thing continued for over 9 years.
Thanks
Blue
You need to ask (in writing) the mortgage company why no part of your monthly payments went into reduction of principal amount in some months.
They have to provide an explanation on what was the reason because of which such a thing continued for over 9 years.
Thanks
Blue