 jasonhtig
Joined: 13 Apr 2009
Posts: 1
1.34 Dollars($)
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 Posted: Mon Apr 13, 2009 8:02 am Post subject: Interest |
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| I own two properties in Texas. I called my lending institution regarding making payments and they told me that the interest is calculated daily, but they only accept one payment per month. This sound illegal or unfair. How is it ok for them to charge interest on a daily balance, but they will only accept one payment per month? I'm making weekly payments to all of my other loans and credit cards, thus bringing my daily balance down every week, thus being charged less interest. I want to do this with my mortgage company, but they won't allow it. They won't even allow bi-weekly payments. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Mon Apr 13, 2009 9:36 am Post subject: |
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you can pay as many payments as you wish each month, but they would have to be full monthly payments. what they're telling you is that they don't have a system that would properly allocate funds if you only send them partial payments periodically.
that's why they're looking for your full payment all at once every month.
as for charging interest every day, that's what every lender for every loan does. that's standard, and entirely appropriate.
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George M. Akerley
Loan Consultant
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