Once you have looked for the obvious, its time to check your bank statements for the most common errors. The interest rate is one of the most important factors in determining how much the loan of your mortgage is going to cost you over its life, and therefore one of the first things to check. Make sure the interest rate listed on the statement is the same as the same rate you expect to be charged. If there has been an interest rate rise or interest rate fall in the period of the statement, make sure the date it has been applied from is correct. Your bank statement should list the rates used during the statement period, as well as the date they were applied from. At this stage you are not checking the interest calculations, just that the bank is reporting the correct interest rate information.
Look out for this type of bank error when you first take out a loan, switch loan types, change from fixed to variable rate or variable to fixed rate, or the bank changes the interest rate for your loan.
Taken from : www.homemoneymanager.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment