Can a mortgage company change the principle payment of a fixed rate mortgage?
Written By: admin on October 28, 2009
One Comment
I have an escrow account with them also and I know about property taxes and home owners insurance.I know they change but I always thought my principle payment would never change.So why is my mortgage company trying to change my principle payment?
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- October 28, 2009
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The total of Principal and Interest should always be the same on a fixed rate loan. But, with every single payment you should see the amount for interest decrease slightly and the amount for principal increase slightly. Your final payment will be nearly all principal.
excellent luck!