Paying Your Mortgage
When you pay your mortgage, do you:
- Mail it in?
- Pay for it online?
Do you get a receipt from the mortgage holder for the date and time that you paid it?
It may surprise you to know, but, if you mail your payment in, or you pay it online, your mortgage holder may not actually credit it to your account until the very last day, the day it is absolutely due.
Why would they do that?It’s simple, the more days the loan goes at the higher amount, the more interest can be added on.
If they hold your payment till the last day, they can add more interest onto your loan than they could if they credited the payment as soon as it came in.
You have no way of proving that the payment reached them days before they credited it so they get away with it. You want to save interest on your loan?
Take your payment in, hand it to them and get a receipt showing they credited that payment to your account.
In doing that, you will remove any chance of the bank holding your payment and thereby allowing themselves to charge you more money. It may not seem like much, but it does add up and you keep them from being able to practice unscrupulous billing.
