Does a 30 yr fixed rate mortgage charge interest based on the monthly or yearly balance ?
Written By: admin on August 14, 2009
One Comment
Someone is trying to tell me my mortgage interest is charged off the principal balance of that year and not what the balance is per month? Is this right?
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If you recall when you signed your mortgage papers (or get them out and look at them), there are two interest rates listed. One of the rates is the daily/monthly, the other is the yearly…..questions like these should be questioned BEFORE papers are signed.