I am a relatively new homeowner. I signed up for 2x monthly mortgage payments to be deducted from my checking account. I was surprised on my notice to see they are holding the payment for the 15th as "unapplied" until the 1st of the month. My question is as follows…
1. Can I call up to request that they apply this money immediately rather than hold it?
2. Does it make a difference in terms of reducing the amount of total interest applied to my loan?
they are KITING to your detriment!!!!
State in a certified letter, to apply the payments on the first
and the 15th. And state that you expect retroactive payment
assignations………or…you want them to change how past
payments that were APPLIED wrongly and to apply them correctly.
Math has shown that doing nothing else cuts one’s payments
on a 30 yr mortgage by 7 YEARS.
so, demand politely but demand!
they are KITING to your detriment!!!!
State in a certified letter, to apply the payments on the first
and the 15th. And state that you expect retroactive payment
assignations………or…you want them to change how past
payments that were APPLIED wrongly and to apply them correctly.
Math has shown that doing nothing else cuts one’s payments
on a 30 yr mortgage by 7 YEARS.
so, demand politely but demand!
References :
RE broker