Abnormal mortgage principal vs. inerest payment fluctuation – please help! (details below)?
by Mortgage Rates on Thursday, October 28th, 2010 | 2 Comments
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That is because your loan was set up as an ARM account.. this means, an adjustable rate mortgage. If you didn’t intend on setting up this type of loan, then you might want to contact your lender immediately to figure out what the problem is. The interest is fluctuating and it shouldn’t if you are in a fixed interest 30-year mortgage loan. Best Wishes!
the banks go by the number of days in a month. interested is not caluculated by months but by days, that is why you will find more towards principal in a month with 30 days or 28 days than a 31 day month. also it goes by when you make the payment, if you are due on the first but pay on the 5 you pay more interest for the 4 days.you are not technically late, but u pay for the extra 4 days, the banks love folks who pay after the due date. lol got it. its this way no matter where you live. dont you just love the lenders they always come out on top. lol your first response is incorrect this is what is going on