Problems on Extra Payment to Our Housing Loan

Thu, 01 Jan 1970 07:30:00 +0800

Problems on Extra Payment to Our Housing Loan

MortgageOwner — Sat, 19 Jan 2008 11:57:01 +0800

This Time i really going 2 do sharing wit u guy about what i know on Extra payment on our housing Loan !!

Did u guy really believe the bank will put ur Extra payment to the Right Account ?

Did u guy believe the banker when they show their computer n tell the money u put really can save interest n tenure ?

Any borrower in this forum ever Do Principal Reduction to their loan Account ?

Did any 1 here can share their opinion ?

Did u Really understand your Own Mortgage ?

MortgageOwner — Tue, 15 Jan 2008 13:15:12 +0800

Did u ever get " Amortization Schedule" From your Lender ? Did u Get and Black and white say that u have save how much Interest and Tenure From ur lender After u Dump A big amount of money into ur Loan Account ?

There Are Few types of thing u muz know before Dump a big amount of money into Ur loan Account !!!! Be aware !!

According to Banking Info, both borrower and financial institution have certain rights and duties during the course of the loan. Some of the more important ones include:

RIGHTS

i. Borrower

* Right to have access to all information that would affect your borrowing decision
* Right to be treated professionally, courteously and without prejudice
* Right to be consulted on changes to the terms and conditions of your loan
* Right to have accurate information on a regular basis on your loan account
* Right to enforce legal action in the event of a breach of contract

ii. Financial Institution

* Right to have full relevant disclosure of information on borrower's credit standing
* Right to correct and truthful information on the borrower
* Right to timely repayment of interest/ instalments of the loan
* Right to enforce legal action in the event of default/breach of contract

Do you know UNKNOWINGLY The TRUTH of Personalized Amortization Schedule Could End Up PAYING EXCESS Dollars in Interests to Your Mortgage Lender?

Dear Property Owner and Loan Borrower, did you obtain a Personalized Amortization Schedule from your lender in the following 12 situations?

1. When you received a "Loan Quotation" from your lender?
2. When you received a "Letter of Offer" from your lender?
3. When you received a "Loan Agreement" from your lender?
4. When you received a "Date of First Payment Letter" from your lender?
5. When you received a Monthly, Half Yearly, Yearly "Loan Statement" from your lender?
6. When you received a "Revision of Outstanding Balance Letter" from your lender?
7. When you received a "Revision of Loan Tenor Letter" from your lender?
8. When you received a "Revision of Interest Rate Letter" from your lender?
9. When you received a "Revision of Payment Letter" from your lender?
10. When you received a "Notification Letter" from your lender?
11. When you made a "Partial Prepayment"?
12. When you obtained an "Inquiry For Current Mortgage Information" from your lender?

If you say "NO" to any one of these questions, then please read on because you might have Thrown Away Thousands of Extra Dollars in Interests to Your Mortgage Lender due to UNKNOWINGLY The TRUTH of PERSONALIZED AMORTIZATION SCHEDULE.

Therefore, in order to assist you to understand Personalized Amortization Schedule, I will be covering its Definition, Importance and The Truth of Personalized Amortization Schedule.

I. What Is a Personalized Amortization Schedule?

When a mortgage is originated, the Amount to be borrowed, the Interest Rate and Period are defined in an agreement between the mortgage company and the borrower. With this information the mortgage company calculates the amount of the Payment.

After the payment is calculated, they can then calculate an Personalized Amortization Schedule.

The amortization schedule is simply a schedule of Principal and Interest payment amounts.

II. What Is a Personalized Amortization Schedule So Importance?

According to my 'The TRUTH of Mortgage Reduction' e-book, the following are the Top 10 Reasons why you must obtain a Personalized Amortization Schedule for each of your loan from your lender in the 12 situations as mentioned above.

1. Verify the interest factor used in your mortgage
2. Prepay your mortgage in a more informative way
3. Blended rates may not save you money
4. Helps you compare different loans at a glance
5. Beware of some "Reduced Rate of Return Loans"
6. See your outstanding balance at a glance
7. If you have a declining interest rate mortgage, are you really saving money?
8. The impact of fees or interest adjustments are immediately obvious if you have an amortization schedule in your hands
9. If the Lender uses the exact day method of interest calculation for a monthly payment mortgage you are paying more in interest (as compared to the 360 day year method as mentioned in reason #1 above).
10. You will know if the Lender is making an error on your mortgage or loan!

III. The TRUTH of an Personalized Amortization Schedule

You may tell me that your lender can provide a Personalized Amortization Schedule to you in ALL or ONE of 12 situations as mentioned above.

Great! Let us look at The TRUTH of Personalized Amortization Schedule and what are the COMPONENTS for a complete Personalized Amortization Schedule.

1. Personalized

Firstly, a REAL Personalized Amortization Schedule must be Personalized, it must consists of the following 3 Components.

* Scheduled Prepared For:
* Financier / Financial Institution:
* Schedule Prepared By:

2. Specific

Secondly, a REAL Personalized Amortization Schedule must be Specific, it must consists of the following 7 Components.

* Mortgage Type - Fixed Rate Mortgage, Adjustable Rate Mortgage or Irregular Mortgage
* Loan Type- Normal, Rule Of 78, Fixed Principal, Interest Only Payment, Percent Step, Graduated Payment, Dollar Step, Skipped Payment or Extra Payment
* Basis Year - 360 Days, 364 Days, 365 Days or 365/366 Days
* Compounded Interest - Daily, Weekly, Bi-Weekly, Semi-Monthly, Monthly, Quarterly, Semi-Annually or Annually
* Exact Day - Yes / No
* Payment Frequency - Weekly, Bi-Weekly, Semi-Monthly, Monthly, Quarterly, Semi-Annually or Annually
* Period - Months / Year

3. Accurate

Thirdly, a REAL Personalized Amortization Schedule must be Accurate, it must consists of the following Components.

If YOU have a $250,000 Mortgage amortized for 30 Years with an Interest Rate of 6.00%, Monthly Compounding and the Monthly Payments are $1,498.88.

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Problems on Extra Payment to Our Housing Loan

Problems on Extra Payment to Our Housing Loan

Did u Really understand your Own Mortgage ?